Thursday, July 14, 2016

When Should You Buy Travel Protection?

(Originally published in The Table Less Traveled Newsletter, April 2016)

As a general rule I forego the optional protection & insurance that comes with electronics, car rentals, etc. However, while traveling abroad I don't skimp on my travel protections.  And there's good reason.

Check out this Huffington Post article about what you should know about travel protection. Note there are different premiums and benefits for the following coverage:

  • Emergency Medical Assistance
  • Trip Cancellation & Interruption
  • Baggage Delay/Loss

Many travel protection packages are comprehensive and include coverage for each of the three above categories which can make a bi difference in your premium.  for example, notice that on our optional group protection plans a full coverage plan for a $5,000 trip has a $319 premium, in contrast to a plan without Trip Cancellation & Interruption (using a $0 trip cost) which has a $21 premium.

When evaluating travel protection you should take the following steps:

  1. Identify your costs - Including the non-refundable trip costs as well as the value of items you are packing (like electronics, etc.).
  2. Determine what coverage you already have - Contact your existing health insurance provider, credit card company, and homeowners/rental insurance provider to find out what is currently covered while you're traveling overseas (including pre-existing medical conditions and medical evacuation).
  3. Compare plans & read the fine print!!! - The coverage you need varies from your neighbor. For example, your neighbor might be sky-diving and need coverage for extreme sports while you may have concerns about work or family life that could necessitate cancelling your trip last minute. Not all plans cover both and it's critical to know what yours does - including definitions of "reasons for cancellation", "travel partners", and activities where medical is covered in the event of an accident.
At The Table Less Traveled we prefer working with Travel Insured, which has over 25 years in the travel protection industry. We offer optional group plans on our small group tours and individual coverage when journeying on custom itineraries. It's easy to get a quote online in minutes or call us for a custom quote.

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