Should you insure your next trip? Do you really need travel insurance? These are questions I’ve been getting more often due to the recent pandemic and I will take some time in this video to answer those questions about travel insurance. The reason to buy travel insurance can be simply put: Travel Insurance minimizes the financial risks associated with travel.
Does it make sense for you?
For some people it makes financial sense. Others it doesn’t.
How willing are you to take risks? How much if peace of mind worth for you?
If your potential loss is a few hundred dollars in airfare, travel insurance is probably not worth the cost or aggravation. On the other hand, a once-in-a-lifetime $20,000 vacation is worth protecting.
Types of Travel Insurance:
Trip cancellation: Refund if you cancel due to a covered reason. CORONAVIRUS TYPICALLY ISN’T ONE.
Trip interruption: Refund for the rest of your trip if you have to return home
Trip delay: Refund for expenses due to a delay. Usually has to be 6 to 12 hours.
Medical: Emergency medical expenses on the trip. Optional: Medical Transport
Death/Dismemberment:
Baggage: Lost, Stolen, Damaged, Delay
Rental Car
Change Fees
=== Less common types:
Political evacuation: Transport to the nearest safe place
Comprehensive insurance” covers all of the above (plus expenses incurred if your trip is delayed, if you miss your flight, or if your tour company changes your itinerary).
Reimbursement only — you pay first… then submit some paperwork to get your money back.
Travel alot? Look in to Annual policies
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You might enjoy watching more videos from my Travel Advice Series in this Playlist: https://youtu.be/TLOUo7jHKVk?list=PLOVadUHX1B-ISzNV0bH2Ew_kfhOi9K8qc
Sounds like the Chase Sapphire card is the way to go! The bank pesters me about that every year. Maybe next time I will listen! Thanks!
Thanks Chris! I really enjoyed the detailed information. CAB 🙂
Every time I go to Japan, I get International Medical Group coverage for Medical. Unlike other travel medical insurances, this doesn't do the whole pay out front and then reimburse you when you return home. This covers you during your trip. They have several levels of coverage with copay and some without copay and depending on all you choose, along with the duration of your travel, is how much you pay. It is very affordable and has never let me down. Covers you from the common cold to emergency surgery if needed. You can get the info of all the clinics and hospitals where you can use the insurance in the area you'll be visiting through their web site. You can print it out ahead of your trip, or look it up during your trip.
Pandemics are not covered by travel insurance. Thus, it makes sense to get “cancel for no reason” policy. I had to cancel my Japan trip and it was a nightmare. I couldn’t cancel my trip for months since the airlines are besieged. The hotel in Japan needed proof of airline cancellation so my travel agent had to get them on the phone twice. I purchased from Allianz and was very happy to know since all my airfare and hotel were fully refunded, my policy can be refunded in full since I didn’t make a claim. I would advise to get the most comprehensive policy you can afford including “cancel for no reason” in the post pandemic world. That means don’t travel until the pandemic is completely over.
I buy mines to Maui because travel insurance saves me so much from buying car accident coverages with car rentals. I paid 115 that covers a lot of things and car accident coverages vs paying 250 just for the car coverages with Alamos.
When traveling internationally, one should also be aware that several countries now MANDATE minimum health insurance and evacuation coverages. For example, Singapore insists one supply them with proof of at least $30,000 USD in health insurance before allowing the traveler into the country. Despite that, however, U.S. citizens and others still have to endure a 14-day quarantine at a hotel of Singapore's choice and pay ~$1,600 USD for that "privilege." Think ya oughta just stay home.
What is the difference between Traveler’s Check and Travel Insurance? If you let me know , it would be helpful for me Sir?
Very informative!
Though it may not be required to purchase the insurance at the time of the purchase of the trip it will cover your ass in most cases if you do. As a former claim rep for one of the major insurers, a main disqualifier on claims is the purchase date and how it applies to the coverage claimed by the insured.
Always read the policy. As the product you purchased it is upon you to read it. If you have questions call the company. Also, read it before you buy it. ALWAYS!
LbL❤️
I've bought Travel Insurance, twice. One was to Maui, HW in 2017 my wife on that trip had to get tended to because she had a bad ankle sprain while snorkeling. Allianz re-imbursed her Dr. Bill(s). And the extra Hotel coverage because she could not travel back to Cali. My final take is if you are over 50, do it. Of course yes, if you are under 50 no.
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Excellent video packed with info. Thank you
How much is life insurance?
Its What We need to know about travel insurance
thank you
Hi I love your video you are so informative and explain things in simple terms! I am still a bit confused though only because I am moving to Colombia (for 6 months), in a month, and I'm wondering if I should get both travel insurance and International medical insurance? I don't know if one is sufficient…I checked and my credit card doesn't cover travel insurance 🙁
What kind of companies do you guys use to get your travel insurance to cover lost or stolen bags, for example? Also for doctors visits in another country do you use the same companies? I'm looking for something affordable♡
can't thank you enough…I was about to buy travel insurance and realized my chase sapphire had the perks I needed.
Like any insurance agency, they are happy to take your money but will find ways to keep it if you need it back. I found out the hard way.
What travel insurance that covers Covid in Mexico
So it looks like priceline travel insurance says “Minimum amount of Trip Cancellation and Trip Interruption coverage is $300.” But airline tickets were only $117 each. So will they cover if we have to cancel our trip? Also what are acceptable reasons to cancel?
Having to get some soon . Great Video.
I HAVE FILED A CLAIM with Safety wings/World Trips and what they did – they only found unreasonable excuses not to pay me! I got hospitalised in Thailand with Spontaneous Pneumothorax, the doctors told me its regular INSURED EMERGENCY CASE! MAP from Safety Wings tried to BARGAIN the hospital for too long NOT TO PAY THE FULL PRICE OF MY TREATMENTt, so I had to pay all bills beforehand by myself because all their bargaining postponed my urgent treatment while I WAS IN A SEVERE PAIN!! The Pakistani guy is their so-called medical audit professional, after my doctor talked to him he said "He is not a doctor, he has no medical knowledge!"
By now I still didn't get payed! They offer money to my hospital directly (half price) and now rejecting to pay me anything??? Easy target! Just find a stupid excuses!
PLEASE NEVER TRYST THIS COMPANY! THET ARE FRAUDS NOT THE INSURANCE COMPANY!
Wow you are very thourough, excellent.
"better country"? should be illegal to say trash like that.
To use terms such as 'third world' and 'civilized' shows how little you understand travel.
Oh man… i got ripped off by one insurance company traveling to the States and never got reimbursed although i submitted all the forms and receipts.
Very informative
Thank you for Sharing
EASYJET TRAVEL INSURANCE ARE A BUNCH OF CROOKS.. NO REFUND DUE TO ILLNESS CANCELLATION..BEWARE..DONT WASTE YOUR MONEY (I LOST £800)
Generali Insurance is a SCAM, When you have issues, they will never call you, nor will you be able to contact them, Be very careful with these companies. I had a Dental Issue that happen while in Brazil. I called the GeneralI company in Sao Paulo BR, but they had no clue of me, the Generli in the US called me once that was because my Daugther had to call them and email them. They call once but never email or called again. I was on a 16-day trip, and the incident happen about 5 days into the trip. Made me wonder what if this would have been a serious medical issue, I would have been FUK! I would not recommend Generali, YOU WILL BE SORRY!!!!, Check your own insurance provider before you buy travel insurance. You will find yourself paying out of your own pocket. Technically It can be classified as a SCAM!
Why does the US travel Ins cost like 6 times more than any other country. UK 2 week coverage is like $100 per person . USA is such a rip off
Great video and thank you for posting. I'm traveling domestically next month with one layover. I purchased travel insurance just to be on the safe side my flight gets cancelled or delayed and I have to sleep in a hotel instead of the airport. It was decently priced for my ticket ($50). However, I heard it's difficult to get reimbursed if you have a claim. They look for any avenue to get out of paying. I hope not. Actually, I hope I don't get stranded and have to use it.
Thxs. This helped
I am Indian passport holder travelling to UK and Europe from Singapore.
Can I buy travel insurance in India or do I have to buy it in Singapore itself
The first video I watched on the topic, and the last I'll need. Thanks so much for the information!