Travel insurance is one of those things that seems expensive until you need it. It only takes one instance of getting sick overseas, losing your luggage or a taxi accident in a foreign country to help you realize that it doesn’t hurt to come prepared. A canceled flight or postponed honeymoon is a major downer — particularly if any aspect of your trip is nonrefundable — but a travel insurance policy can get you nearly all of your money back. It does involve an up-front investment, starting at around 4% of the total trip cost. Additionally, think about how much you’re investing in your destination wedding or honeymoon and how much peace of mind is worth to you. In the off chance that an emergency arises, you’ll want someone available 24/7 to answer the phone or reply to your text.
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How does travel insurance work?
- It’s meant to refund non-refundable deposits.
- Cancellation insurance reimburses costs if travel is canceled for medical issues.
- Trip interruption coverage covers unexpected costs in the case of an airline delay.
- You can also insure against damage to wedding attire and jewelry.
- Timing is crucial: buy it when you put down a deposit.
What do policies cover?
- Medical Insurance: If you get sick or injured during your trip, this coverage helps with medical expenses, including hospital stays and doctor visits.
- Baggage and Personal Belongings: Loss, damage or theft of luggage and personal items during the trip are reimbursed.
- Emergency Medical Evacuation: Transportation to a qualified medical facility is covered if you are seriously ill or injured in a location that cannot provide necessary care.
- Cancel for Any Reason (CFAR): This is an add-on to standard insurance that allows you to cancel your trip for any reason, typically offering partial reimbursement.
What do I do next?
- Get Advice: Ask an experienced travel advisor for recommendations.
- Select Coverage: Work with an advisor to evaluate risks and decide on the right coverage for your trip.
- Evaluate Options: Add-ons like CFAR, rental car coverage or even extreme sports coverage can be added to base premium.
- Answer Questions: Providers require basic details, including your destination, age and total trip cost.
- Purchase Insurance: Once you’ve selected coverage, an advisor can add a policy to your itinerary in just a few minutes.
- Keep paperwork: Save receipts for any unplanned hotel stays, new flights and meals that will support your claim.
