All About Travel Insurance

Travel insurance protects you from both medical and non-medical emergencies and shouldn’t be avoided. If something happens to you and you don’t have insurance, it can cost thousands of dollars in out-of-pocket expenses. The up-front costs may not be too appealing to you, but those medical or travel costs will be devastating knowing you could've prevented it.

Travel insurance should be purchased with EVERY trip, not just for expensive vacations overseas. You never know what will happen before, during, or after your trip.

Here are some reasons you SHOULD get the travel insurance:

  1. If your flight gets canceled or delayed, you won't lose all the money you've already spent on it. Most travel suppliers offer minimal to no refunds for last minute cancellations, whether it's your fault, their fault, or mother nature's fault. Trip cancellation benefits can reimburse you for prepaid, nonrefundable trip costs when you must cancel for a covered reason. Once you get your money back, you can rebook your vacation for another time. If you opt for travel insurance with travel delay benefits, they can reimburse you for additional accommodation, meals or travel expenses and lost prepaid expenses due to a covered departure delay. You’ll be much happier if you have insurance that can reimburse you for your airport lunch or unexpected extra night in the hotel. Only 80% of US flights arrive on time.

  2. Accidents happen - no matter where you are. If any of you experience a broken bone, heart attack, trauma, or need to be evacuated by a medical response team for any reason, the travel insurance company may be able to arrange payment in advance for covered emergency medical care since your typical health insurance most likely won't cover any out of country mishaps.

  3. If your luggage, passport, wallet, or any of your other belongings gets stolen, lost, or damaged at any time during your trip, you may be able to get the price or cash value reimbursed, repaired, or replaced based on the limits in your insurance policy’s letter of confirmation.

Once you book your trip and put down your initial deposit, you should purchase travel insurance. It will cost about 5-6% of your trip costs. In order to purchase travel insurance, you can visit your favorite insurance company, do a Google search, or ask your travel agent if you're working with one.

It's a simple process that will just require you to answer a few questions, like where you're going and when, how much your trip costs, how old are you and where do you live. Be sure to read through each policy to find one best for you and your specific trip, noting that it will cover everything you need it to to give you peace of mind.

After you've selected your policy, read through all the fine print and make sure it doesn't leave something out that you specifically want to be covered. Print out a copy to take with you on your trip in case you need to reference it.

Many plans have exclusions for pre-existing medical conditions that you may have before your trip that could cause you to create a claim during your trip. These could also be waived. Make sure to read any exclusions in your policy.

When comparing travel insurance companies, you want to make sure your insurance company has the financial backing to pay its claims. If you don't have time to read a company’s annual report, take a look at the company's ratings from independent rating agencies like A.M. Best, S&P and Moody’s.



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