The topic of travel insurance seems to be a popular one these days. Hurricane season is entering its peak time, there have been labor disputes and some civil unrest around the world, and as always, people are wondering whether buying insurance for their travels is a good investment, or an unnecessary expense. Obviously, it’s pretty clear which side of that argument we come down on — travel insurance, after all, is what we do. So I thought today we’d share a few recent news items that talk about the subject of travel insurance and its relative value.
- FOXBusiness tackles the subject of medical care overseas. The major takeaway here? Don’t assume anything when it comes to your health. Make sure to check with your medical insurance provider before you plan your trip, so you can find out how much — if at all — your benefits extend beyond U.S. soil. Travel insurance can supplement your regular insurance to make up any difference, or stand alone as medical coverage if your benefits are valid in the US only. Also, Medicare recipients, take note: Medicare does not provide any benefits at all if you’re traveling outside the country, so travel insurance is most certainly a good investment for you.
AARP talks about the importance of understanding exactly what you need and comparing plans to find the best fit for you. One of the great points they raise is that it’s generally a good idea to be sure your travel insurance policy will cover you in the case of an unexpected financial default by one of your travel suppliers — if , say, your cruise line suddenly goes belly-up, you’ll want to be able to recoup those losses. Insurance offered by the cruise line itself or as an add-on through booking sites, for example, often will not cover financial default. That’s one of the reasons it’s wise to buy your travel insurance from a third party like InsureMyTrip, as recommended by both AARP and Consumer Reports.
This video clip from ABC 7 highlights some of the key arguments on both sides of the travel insurance debate. I think the major takeaway here is that, regardless of what you decide to do about insuring your trip, this is definitely a time when you’ll need to be able to make an informed decision.