Do You need Travel Insurance?
-- If you can afford to lose the money, skip the insurance. If you only have a few hundred dollars at risk, you can afford to ‘self-insure’ this risk. If you are planning the three, five or perhaps ten thousand dollar vacation... Get the insurance.
What is Travel Insurance ?
Simply put Travel Insurance is protection for your travel investment.
A travel insurance plan is a limited term insurance policy which includes a package of benefits intended to protect you, your travel investment and your belongings.
At Latitudes Travel we firmly believe in Travel insurance and it is offered to every client. We know you work hard to afford a vacation, and we don't want you to lose your investment because you are not protected with travel insurance.
The One situation when you should always buy insurance
When you leave your home country, your health insurance may or may not travel with you. Most all USA health insurance plans do not cover you for care outside of the USA.
Whenever you are traveling abroad, buy either a travel medical plan or Travel Insurance plan that includes medical emergencies. As you evaluate medical coverages you should always opt to have emergency medical and evacuation coverage.
At a minimum, a good plan will provide benefits for:
- Trip Cancellation to reimburse your non-refundable travel arrangements should you have to cancel your trip for a covered reason prior to departure. Depending on the policy the reason can be important. So selecting the right policy is important.
- Trip Interruption to reimburse your unused travel arrangements should you have to interrupt or return home early from your trip for a covered reason.
- Missed Connection to cover additional expenses that you must pay to make alternate travel arrangements when a flight connection is missed due to reasons such as bad weather or mechanical issues.
- Travel Delay Benefits to cover your out-of-pocket expenses for meals and accommodations when you are unexpectedly delayed due to flight delays or cancellations or for other similar covered reasons. Generally, you must be delayed for a specified amount of time, such as 6 or 8 hours or more.
- Medical Expense/Emergency Assistance to cover medical expenses and emergency transportation for a serious illness or injury that occurs while you are traveling.
- Baggage Loss and Baggage Delay to cover loss or damage to your baggage or personal items or the cost of buying toiletries or personal articles if your baggage is delayed for a specified amount of time, such as 8 or 12 hours or more.
- Additional benefits that may be included in the "Better" or "Best" plans generally include enhancements to provide more covered reasons if you have to cancel or interrupt your planned trip.
Many of the "Best" plans also include a Cancel For Any Reason Benefit which allows you to cancel your trip, generally two days or more before scheduled departure, for any reason whatsoever and receive a benefit for most of your non-refundable trip cost. This is by far the best way to go and it generally doesn't cost much more.
Do You Really Need The Cancel For Any Reason Travel Insurance?
Without this important clause remember not every possible reason is covered. For example, the fear of traveling or a change of mind or other similar discretionary reasons. The Cancel For Any Reason policy gives the traveler 100% freedom to cancel a trip for a non-covered reason, generally 2 days or more before the scheduled departure date, and be reimbursed for a percentage of the cancellation penalty amount (such as 50% 75% maybe 80%). Of course, if a trip is cancelled for a covered reason, then reimbursement would be at 100% of the cancellation penalty amount under the Trip Cancellation Benefit.
Many people only think of themselves when deciding to purchase travel insurance and this can be a costly mistake. For example it is not uncommon for younger people to assume that because they are healthy, travel insurance is not needed. But what about parents, grandparents, children, grandchildren, aunts and uncles? Remember travel insurance covers you if something happens to you or to any of these people, causing you to cancel your trip.
Also you may be healthy now but all too often injuries from an active lifestyle can suddenly appear, like a broken foot from playing softball or volleyball, losing your job, death of a friend or family member. Insurance can also help you cover extra costs of getting home if you unfortunately get injured while on vacation.