Types of Trip Insurance
There are two main types of vacation insurance available. The first, and most commonly purchased, is a trip cancellation policy, protecting the buyer from various disasters, both personal and impersonal, which may affect a given trip. Different carriers offer coverage which include canceling a trip due to burglary of one's residence within ten days of departure, to departures delayed by natural disasters.
Most of these policies also include an allotment to cover delayed or lost luggage en route.
As many tour providers are requiring an increased portion of the payment well in advance of the travel date, trip cancellation insurance can be a valuable protection. Some, like Travel Guard, offer "cancel for any reason" insurance. You'll pay more for it, but almost any reason can generate a refund, including loss of a job or illness of a near relative that requires you to stay home.
It is also an excellent idea to verify, before paying anything, that a given cruise line or tour provider can be covered by travel insurance. Some, especially those requiring full payment many months in advance of departure, or who are known to use high-pressure sales tactics, may be excluded by most travel insurance providers. And don't take the travel provider's word on this - check it out independently before making that non-refundable deposit.
Also, remember that trip cancellation insurance will cover only what you cannot get refunded from your carrier or tour operator - you still will need to make the attempt to obtain a refund. Keep good records of phone calls and any correspondence between you and your travel provider. Trip cancellation insurance will usually not cover fees to merely change a ticket date, which can be substantial as more airlines are increasing these fees, often to $200 or more per leg.
The second type of vacation insurance is medical, providing for treatment abroad and even full medical evacuation if necessary. While European travelers often forego this coverage, trusting that the standard of medicine is high enough in most European countries to handle any likely problems, travelers to less developed countries often readily purchase this option. Usually, the coverage includes all medical treatment, medical evacuation by special plane or helicopter if necessary, and may also include the transport of a family member in attendance with the stricken person.
Janet Kroll, who leads small-group tours to Greece, points out that U.S. retirees should remember that Medicare does not pay for treatment abroad, even in emergencies, and many "Medigap" policies also omit this coverage. Traveler's medical insurance policies should be considered an absolute necessity if you do not have private insurance - and even then, check your policy to make sure you're covered outside the United States.
Many companies combine both trip cancellation insurance and medical coverage in one all-encompassing policy, and this is generally the best deal for travelers.
What does it cost? Coverage costs vary from provider to provider. Generally, trip insurance alone will cost about 5% of the total trip cost. For example, for a package tour costing $2500, you should be able to find trip insurance for about $125. Older travelers will pay more for the same coverage, or less coverage, than younger travelers. The coverage rate will generally cover a 15- or 30-day period.
What's NOT Included Medical trip insurance is not a license to be reckless. Most basic policies exclude dangerous or potentially dangerous activities, including many sports or pre-existing medical conditions. But compare providers - each one has different policies on what's covered, and sometimes riders can be purchased to include an otherwise-excluded activity or condition.
Buy Travel Insurance Direct: Travel Guard Travel Insurance.
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