Travel Insurance, do I need it?
The definite answer is YES! Think about it, you have spent quite a bit of money to go on vacation to the tropical island of your dreams, the airfare is non-refundable, the cost of the resort is non-refundable. Your total trip cost quite a few thousand dollars; can you afford to lose that type of investment if something happens? What could go wrong you ask? P-L-E-N-T-Y! You are in a car accident on the way to the airport to catch your flight, your bags are lost or stolen, your flight has been cancelled and you are going to miss the start of your cruise, you have a medical emergency in a foreign country, your wallet and passport are stolen, there is a hurricane toward the end of your trip and you need to extend your stay until you can get a flight out. Need some more reasons – you or someone traveling with you gets very ill just prior to your trip departure date, you get a parasite from some food you at the local market in Marrakesh and the doctor had to be called to your room to attend you and your health insurance won’t cover the $250 visit.
There are plenty of reason to purchase travel insurance but he two most important are that Travel insurance helps protect you from financial loss from non-refundable pre-payments and medical expenses that may not be covered by your own health insurance.
What does Travel Insurance Cover?
While coverage varies from travel insurance carrier to carrier most generally offer the following:
Trip Cancellation and Interruption – This covers the non-refundable trip costs if you can’t travel due to unforeseen circumstances such as illness or financial default of the travel carrier. It also covers you if you become sick during your trip and have to return home.
Trip Delay – Provides coverage if your trip is delayed for a reason such as your flight is cancelled.
Lost or Stolen Baggage – Provides a nominal amount of coverage if your bags are lost or stolen.
Emergency Accident or Sickness – Provides coverage for an emergency accident or sickness where you need medical attention.
Emergency Evacuation and Repatriation of Remains – This coverage is for when a traveler require immediate care that goes beyond what’s available in your destination. Trip insurance may also cover the repatriation of remains if a death occurs during an insured vacation.
How Much Does Travel Insurance Cost?
Most travel insurance policies are designed for a variety of travel needs, but since many provisions make up these general clauses, the best thing to do is discuss it with your Travel Agent, call the carrier for specifics and always read the fine print!
You can generally figure that Travel Insurance will cost between 4% and 8% of your trip, but keep in mind that the cost of travel insurance is dependent upon a number of factors such as destination, length of the trip, traveler’s ages, cost of the trip etc. Your LBAC Travel Planner will provide you a quote for your trip and an overview of coverage.