Travel insurance is in high demand, and companies are adding new types of coverage to adapt - so be extra sure to read the fine print before purchasing. The pandemic has spurred widespread changes to the travel insurance landscape. Ask a lot of questions, and always read the fine print to see what's covered (e.g., how they define "travel partner" or "family member" - your great-aunt might not qualify). Certain companies and policies have different levels of coverage based on whether you book the car rental, hotel, or flight directly or through a travel agent. Policies can differ, even within the same company. But be warned - these are only guidelines. Types of Coverageįor each type of insurance, I've outlined some of the key legalese. Many major insurance companies are accessible by phone 24 hours a day - handy if you have problems in distant time zones. Either way, if you have a problem, it’s wise to contact your insurance company immediately to ask them how to proceed. (If your trip gets canceled, don't expect insurers to refund policy premiums.) With medical coverage, you may be able to arrange to have expensive hospital or doctor bills paid directly. Note that some travel insurance, especially trip-cancellation coverage, is reimbursement-only: You’ll pay out-of-pocket for your expenses, then submit the paperwork to your insurer to recoup your money. While travel agents can give you information and advice, they are not insurance agents - always direct any specific questions to the insurance provider. Travel agents recommend that you get travel insurance (because they get a commission when you buy it, and because they can be held liable for your losses if they don’t explain insurance options to you). Age is one of the biggest factors affecting the price: Rates go up dramatically for every decade over 50, while coverage is generally inexpensive or even free for children (under 18). A policy that covers nonemergency cancellations can cost from 20 to 50 percent of the trip. Most standard insurance covering emergency health care and cancellations runs about 5–10 percent of the total trip. This can be a real plus if you want to avoid out-of-pocket expenses. That means they pay first and don't ask questions about your other insurance. Companies such as Travelex and Travel Guard offer comprehensive packages that serve as your primary coverage they'll take care of your expenses regardless of what other insurance you might have (for instance, if you have health insurance through your job). "Comprehensive insurance" covers all of the above (plus expenses incurred if your trip is delayed, if you miss your flight, or if your tour company changes your itinerary). Is your main concern getting your money back for a canceled trip or lost baggage? Treatment or evacuation if you fall ill during your travels? Is there a possibility that your job or family situation will impact future plans? As you weigh options, consider the relative importance to you of each type of coverage. The various types are usually sold in some combination - rather than buying only baggage, medical, or cancellation insurance, you’ll usually purchase a package that includes most or all of them. Supplemental policies can be added to cover specific concerns, such as identity theft or political evacuation. The insurance menu includes five main courses: trip cancellation and interruption, medical, evacuation, baggage, and flight insurance. Take these considerations into account, understand your options, and make an informed decision for your trip. It's important to note that most policies won't cover you if you change your plans to reduce your risk of contracting COVID-19. Deciding whether to invest in travel insurance has always been a tricky decision, and of course the coronavirus pandemic has made that choice even more complicated.Įach traveler's potential loss varies, depending on how much of your trip is prepaid, the refundability of the air ticket you purchased, your state of health, the value of your luggage, where you're traveling, the financial health of your tour company and airline, and what coverage you already have (through your medical insurance, homeowners or renters insurance, and/or credit cards). How willing are you to take risks? That’s up to you. What are the chances you’ll need it? Hard to say. Travel insurance can minimize the considerable financial risks of traveling: accidents, illness, missed flights, canceled tours, lost baggage, theft, terrorism, travel-company bankruptcies, emergency evacuation, and getting your body home if you die.
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