Understanding Travel Insurance
Travel insurance, it is one thing that can be really confusing, yet feel really important. But do you really need travel insurance? Well, with all of the new things affecting travel now a days, investing in addition coverage for your trip might not only save your trip but also your money.
Interested in this topic, because I love to travel, but not knowing much about it I decided to do a little research and I found some great information out there that I thought I would pass on to all of you. So let’s get to educating everyone on the when, whys and hows of travel insurance.
When Should You Consider Travel Insurance
Jean Chatzky, a financial adviser and Today Show financial editor says, you should consider travel insurance “when paying for the trip again would be a real hardship. So if this is a once in a life time trip or just a trip that costs more money then usual then by all means [purchase travel insurance].”Planning a destination wedding and getting the chance to get married abroad is a once in a life time experience, it falls under the category Jean Chatzky is speaking about here. She also adds that if you think you are getting older, or have aging parents or grandparents attending the wedding, and feel that you might not be able to make the trip for health reasons then you need to get a specific type of policy.
Travel Insurance Comparison: Understanding The Different Travel Insurance Plans Out There
The best way to start out buying travel insurance is by comparison shopping. A great website to consider starting out at is Insuremytrip.com. It’s kind of like the Kayak.com of travel insurance says Kate Maxwell, senior editor of Conde Nast Traveler Magazine. Insuremytrip.com allows you to review and compare travel insurance prices and policies. Go to the plan you like the best and shop directly from the travel insurance companies themselves.But don’t just read the fine print. Arm yourself with a list of questions, call the travel insurance companies, and make sure they are really offering what you want because travel insurance policies are riddled with exclusions.
It’s important to recommend that you know your credit card coverage because you just may be covered in some circumstances with your existing credit cards policies. Again you have to read the fine print. Jean Chatzky advises, “if you have something like American Express Platinum you are covered for many more things then if you have a plain vanilla credit card. Generally the credit cards are gonna kick in to fly you home and things like that, but they are not gonna kick in if you are unable to go on a trip.” She suggests considering a cancel-for-any-reason offers for high-priced trips. It could cost a little bit more but it may be worth it. Plus these are policies that have far fewer exclusions. The more expensive the cost of the trip in general the more you are gonna want to kick in that 6 or 7% to get one of those more comprehensive policies
How Much More Are You Looking At When Buying Travel Insurance
“When buying a basic policy you are looking at 3 or 4% [of the total trip cost]. But if you are looking for a policy that will allow you to cancel for any reason you are looking at twice that,” says Jean Chatzky.
Travel Insurance “Got Ya’s” and Whether You Should Buy A Health Insurance Policy Too
Kate Maxwell says that is it really important to read the fine print before committing to a supplemental policy. One common insurance “got ya” is a policy may not cover you because of a preexisting medical conditions, and one of those conditions may be pregnancy. Also if you are planning on doing a risky sport like scuba diving or skiing you might not be covered either. But that’s not all, some policies my have exclusions based on the weather as well. For example, some policies will cover natural disasters, but some will not.
Speaking of medical conditions, it’s also important to look into health insurance plans before your trip. If you are going over seas for a trip make sure you know what things your health insurance policy covers. Your personal health insurance is likely to cover you domestically, so if you live in the States and are traveling in the States, your insurance policy more than likely will cover you. But that same policy may not be able to cover you internationally and some insurance policies won’t. So really do make sure where you stand with your health insurance policy before you go. There are specific travel health insurance policies you can buy for the health care coverage.
One Last Note, Insuring Your Valuables
Last but not least, it is recommended that you leave all your valuables at home. Plus you should “take all but one or two credit cards out of your wallet as you go as well, because if your wallet gets stolen you don’t want to have to ruin a whole day of your vacation calling and canceling those cards,” says Jean Chatzky. But won’t your insurance policy cover your valuables if they do get lost or stolen? Your home owner insurance policy, your auto insurance policy and your own health care policy may kick for some of those things but you want to know what you’ve got before you buy extra. All of these are very important and helpful tips to make your wedding day and the start of your marriage a smooth and well cared for one.
I hope this article was helpful and cleared up some of the fog surrounding travel insurance. The information in this article came from information I found from the Today Show. If you have any questions or have some personal experience with travel insurance, feel free to leave a comment below.