Travel insurance: What it covers, what it doesn’t

Is it a good idea to have travel insurance? It really depends on some of your needs and it depends on where you’re going and also how you’re feeling how healthy you are.

What you need to do is ask yourself some key questions: Are you traveling outside the country? That usually means it’s probably a big ticket trip. So that’s something to consider; Is there a good chance that you’re going to need to cancel? Maybe there are some relatives that are having health conditions back home. You want to make sure that you’re there to be there for them or can you afford to lose the money you pay for it? That’s probably a big one. Those are things you need to consider.

If I decide I do want travel insurance, what should I look for in a plan?

When looking at what some of the biggest claims are, we talk to folks at square math, which is an online aggregate, a looking at a bunch of different types of insurance plan. Medical nearly 1/3 of claims are for medical reasons, trip cancellations. Another big issue and then some of the other things that people a one coverage for loss or delayed baggage and, the travel delays, those also can be covered depending on the type of coverage you look for, and the costs can vary widely. It’s usually about 4% to 10% of the cost of the trip. So if the average cost of the occasion is $2,500 and you have to pay $250 for that insurance just for that piece of mind, for some people, it may be worth it.

About mentioned above, the variation in cost from 4% to 10%, is this a situation where you get what you pay for?

That is exactly right. One of the key things to look for the most important thing, it’s what the exclusions are. You want to make sure that if it does cover medical conditions that it also cover preexisting conditions, if you have one, you also want to make sure you don’t pay for something you don’t need. You may already have coverage with certain insurance coverages that you already have, namely how you pay for your trip.

If you pay for a credit card with a travel credit card, many of them already cover lost baggage, delay, some of them do cover that you want to look for that.

You also want to look at what happens with different types of insurance carriers, go online, do some comparison shopping.

And then the other thing to consider is when you’re going to buy this policy, do it as soon as you book your trip, that’s the best bet because you’re going to be able to have your pick of a lot of different types of coverage. If you wait to very close to leaving on your trip, you may not be able to get exactly and they may charge you more.

One tip I will give people as if you’re going through this because i’ve dealt with this myself. If you’re going through this, if you think there could be a chance that you end up cancelling.

Even before you buy insurance, make sure you buy directly from the airline and directly from the hotel. If you’re in a situation where you may have to cancel a trip, make sure you’re not using the third part.

Also, if you’re looking at the cost of a trip and versus travel insurance, maybe paying that extra for a fully refundable ticket. Make sense? Again, you have to really know your families needs to decide whether or not you need to get the travel insurance and the type of travel you want to do.

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