Travel Insurance: Keep Your Money, Even If You Can’t Keep Your Plans

When given a choice, most of us would opt out of paying for travel insurance. Who wants to spend money to guard against something that most likely won’t happen? Most of us, though, have experienced instances when our plans have gone awry, making us feel like a member of the Griswold family from National Lampoon’s Vacation. That’s when we realize buying travel insurance would have been a wise move. If you do have to cancel your vacation plans, whether the reason is illness, death of a family member, work responsibilities, or some other unanticipated event, the cost of your vacation rental and other related travel expenses may not be refundable. Cancellation charges are generally based on the length of time before departure that you cancel your reservations. If you cancel a month or more in advance of your departure date, they typically range from 30 to 50 percent of the total price of your trip. If you must cancel on your departure date, or must cancel part of the trip after starting it, you may be charged the full cost of the vacation. Buying travel insurance means that the cost of your trip will be refunded, regardless of when or why you cancel it. The price of travel insurance is usually about seven percent of the cost of your rental housing. Coverage typically includes other charges such as cleaning fees, reservation fees, and state and local taxes as well. Travel insurance is available through your rental company or travel representative. Online brokers, such as www.InsureMyTrip.com, offer additional options. Before you buy, talk to an insurer sales representative, get a copy of the policy, and ask if your specific concerns are covered. For medical policies, be sure to ask about coverage for pre-existing conditions. Plan smart for your next beach vacation with the help of our links –  and consider buying travel insurance to protect your investment in case you have to cancel your trip.

Travel Insurance Buying Tips

– Buy when you book your trip. Some plans can be bought after departure, but comprehensive plans that include medical coverage usually cannot. Once you recognize the need for medical attention, it will be too late. – Make sure you need travel insurance. Your homeowner’s policy or regular health insurance plan may already have you covered. Or you may have some coverage through a credit card. Also, some hotels, airlines, and others let you cancel without penalty even a few hours before your scheduled arrival. – Consider buying one of the “cancel for any reason” plans. These cover everything from changing your mind about wanting to take the trip to getting a better travel deal elsewhere. However, these plans are expensive and can cost up to 50 percent more than traditional travel insurance, – Know the difference between insurance and a waiver. With a waiver, you don’t get your money back – you just get to rebook at a later date with no penalty. – Consider buying evacuation coverage for an unexpected flight home due to injury or illness. If you need an air ambulance medical evacuation, you can be out thousands of dollars, even for a domestic flight. – Keep receipts to document hotel and restaurant expenses due to a travel delay, and have a doctor’s notes and/or bills for any medical care. – Finally, relax and look forward to your trip, knowing that you won’t lose your vacation dollars due to unforeseen circumstances!

Published on Monday, September 12, 2016