Travel Insurance – Do you need it?

​Are you thinking of traveling this winter and have saved for months and years for your dream trip?  Did you think of buying Travel Insurance to cover your investment?  A majority of people do not believe the cost of travel insurance is worth paying for it.  Do you know anyone who had to cancel a trip and lost all of their hard earned money since they did not have travel insurance? 

I can tell you stories of mine and other colleague's clients who were thankful for having purchased travel insurance for their vacation.  One client was just beginning their vacation when his wife became ill and had to be hospitalized.  They were unfortunately not able to embark on their cruise since the wife was in the hospital for most of the week.   Since they had purchased travel insurance, the insurance company helped them to coordinate care and get her back home as soon as she was well enough to fly.  When they returned home, they filed all the necessary paperwork to have all of their out of pocket expenses for the cancellation and change fees reimbursed. 

In another case, I had a client who had a medical emergency that came on suddenly, and they were scheduled to go on a big trip within two months.  Since they had purchased the travel insurance when they initially put the deposit on the vacation, they received 100% of the cost of the trip back.  Some people want to weight the cost of the trip to determine if buying travel insurance is worth the investment.  Thinking of these questions when you are planning a vacation will help you make an informed decision as to whether purchasing travel insurance is best for you.

Some points to think about when deciding what policy to purchase is what will be covered under the policy.  Many have basic coverage and what you think may be covered may not be.  Preexisting conditions are one of them.  Most basic travel insurance policies that are offered by the airlines, cruise lines or tour operators do not cover preexisting medical conditions. It is important to understand inclusions and limitations within a travel insurance policy. Before purchasing any insurance policy, you need to look at what covered in the plan and does this meet your needs.  Buying the travel insurance policy directly from an insurance company such as Allianz Global Assistance or Travel Insured, you get more coverage for less money.  Most travelers never have to use their travel insurance that they purchased but if you do are you covered?  If you have questions about travel insurance, please call or email me and I can help you make an informed decision.