Our Ultimate Travel Insurance Guide
After saving for a while, you’ve just paid $4,000 for your long-awaited trip to Africa. Whew chile! You know you should probably buy travel insurance, too, but your finger hesitates over the “buy now” button.
“Is travel insurance really worth it?” you wonder. “I could spend that money on a nice dinner, clothes, or another LV Bag…Why should I buy travel insurance? What does it even do for me?”
We’re so glad you asked. Travel insurance is always worth the cost, because its actual value is much higher than its price tag. Because you can’t risk losing money on an emergency trip cancellation.
Life be life-ing and sometimes things happen at the absolute worst time.
What Is Travel Insurance? Travel insurance is a plan you purchase that protects you from certain financial risks and losses that can occur while traveling. These losses can be minor, like a delayed suitcase, or significant, like a last-minute trip cancellation or a medical emergency overseas. It’s essential to buy travel insurance for every trip because you never know what might happen when you’re far from home!
What doesn’t travel insurance cover?
Travel insurance usually doesn’t cover:
- Pre-existing medical conditions (unless declared and agreed by insurer)
- Accidents or injuries caused by reckless behavior, including alcohol or drug use
- Traveling to high-risk countries or areas that your government advises against
- Losses due to known events or forecasted weather conditions.
Should I Purchase Travel Insurance Before or After Booking?
Though you can buy travel insurance before you book your flight, it’s better to wait until after you reserve your seat on the plane. This way, you’ll know your ticket price and can make sure your travel insurance will cover the full cost of the ticket in case you need to file a claim later. Typically, the more information you have about your trip and your estimated expenses, the easier it will be to buy coverage that best suits your needs.
Can I buy travel insurance after I’ve booked my trip?
Yes, you can purchase travel insurance after booking your trip, but it’s generally best to purchase it soon after booking. Some benefits, like pre-existing medical condition waivers and cancel for any reason coverage, are only available within a short window after you make your initial trip deposit.
When Is It Too Late to Buy Travel Insurance?
In general, you can buy coverage any time before the date of your trip. That said, it’s always best to buy coverage as soon as you make your reservations. The sooner you buy travel insurance, the sooner you’ll be protected and the more benefits you may be eligible to receive.
Is travel insurance refundable?
Generally, travel insurance policies are not refundable after a specific period, often 10-15 days after purchase. If you cancel your trip for a covered reason, you’ll be reimbursed for the pre-paid, non-refundable trip costs under the trip cancellation benefit of your travel insurance policy.
Does travel insurance cover COVID-19 related issues?
Several travel insurance companies have begun to offer coverage for COVID-19 related issues, but it varies widely by policy and provider. Policies may cover medical expenses if you become ill with the virus while traveling, trip cancellation if you contract the virus before departure, or quarantine-related costs. Always check with your insurer for details.
What’s the difference between single-trip and annual travel insurance?
Single-trip travel insurance covers you for one specific trip, whereas annual travel insurance covers multiple trips within a one-year period. If you’re a frequent traveler for work or fun, there’s no reason to purchase travel insurance each time you take a trip. Instead, an annual travel insurance plan covers an entire year of trips. If you take several trips annually, especially to destinations overseas, an annual travel insurance plan could be a worthwhile option.
What is “Cancel for Any Reason” (CFAR) coverage?
Cancel for any reason is an optional add-on benefit of travel insurance that lets you cancel travel plans for reasons other than those listed as “covered reasons” on a policy. So even if your reason for canceling isn’t included in your comprehensive plan, CFAR allows you to bypass that list, giving you greater flexibility when making travel decisions. It’s offered as a part of certain comprehensive plans, is time-sensitive, and has other eligibility requirements.
How much does travel insurance cost?
The cost of travel insurance varies based on factors like the cost and length of your trip, your destination, your age, and the specific coverage you choose. A typical plan might cost 5% to 10% of your total pre-paid, non-refundable trip cost. Always compare quotes from multiple providers to get the best deal.
Ready to purchase travel insurance for your next trip?
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