Worry Less, Travel More: The Benefits of Travel Insurance

Worry Less, Travel More: The Benefits of Travel Insurance

Spring Break is a popular time for families to schedule enjoyable getaways, allowing them to take a break from their usual routine. Prior to organizing your trip, there are a few essential factors that you should take into consideration.

From the start you should always use reliable airlines when booking reservations, especially when traveling for vacation. By reliable, I mean airlines that do their best to take care of you if your flight is delayed or canceled. While relying on reputable companies helps protect you when the inevitable happens, I also recommend getting travel insurance.

What is Travel Insurance?

Travel insurance protects you financially against unexpected events like flight cancellations and medical emergencies. You may see travel insurance as an unnecessary expense, but with so many flights being canceled by even the best airlines or if you experience unexpected events like sickness or injury, spending that money could be well worth it. There are three types of insurance, single trip, annual, and group. Find out which one may be best for you.

Single Trip Travel Insurance

A single trip travel insurance policy covers you for an individual trip. Coverage generally starts when you leave home and ends when you return. If you travel with family or coworkers, a policy can cover up to ten people through group coverage which is discussed below.

This kind of policy can include or exclude trip cancellation coverage which reimburses the traveler for trip expenses when they cancel a trip for a covered reason like illness or an accident. A typical comprehensive cancellation-type policy covers trip expenses, medical emergencies, travel delay costs, and lost or damaged luggage costs.

The cost of a single trip policy with trip cancellation coverage varies with the traveler's age, the trip duration, and the total trip cost. Prices typically run between 4% and 10% of the entire trip cost.

You can also get a single trip policy that doesn’t cover cancellation. It would only cover things like medical expenses, travel delay costs, and luggage loss or damage. These policies cost a little less.

Annual Insurance

Frequent travelers might consider annual travel insurance that covers travelers who take multiple short trips throughout the year. You choose a specific start date, usually the departure date for the first trip and are covered from that date for one year. However, there are limits on how long each trip can be and how many trips are covered.

The main thing to understand about annual insurance is it does not cover cancellation costs. Instead, it covers emergency medical expenses and medical evacuation coverage to get you home if something happens.

Group Coverage

Just like with a single trip policy for an individual, people traveling together, whether for business or pleasure, can purchase a group policy for up to ten travelers. Group policies cover cancellations, medical emergencies, travel delays, and luggage.

Group policies might save you money because the cost doesn't consider the ages of the individual travelers.

Securing my travels is something I have done for years. I highly recommend travel insurance, especially with today's uncertain flight situation. Insuring your flight, hotel reservations, car rental, and luggage can make or break a trip. With travel insurance you can have peace of mind, and enjoy your vacation.