To Buy or Not to Buy? That is the Question!
We are living in some challenging times, to say the least. Maybe you routinely skip over that box asking you if you wanted to protect your trip with travel insurance, however, it may be time to give it a second look. With the uncertainty that is facing much of the world with COVID – 19, travel insurance is quickly becoming a hot commodity. Read on to find out what to look for, and what to avoid in good coverage.
Read That Fine Print
There is always plenty to read in the fine print of any insurance policy, travel insurance is no different. Now we all know that insurance companies do not remain profitable by paying out claims, but you want to stay away from companies with highly restrictive underwriting. How do you do that? It’s pretty simple really. Look for companies with more lenient reimbursement policies. Here are some things you will want to see:
- Cancel for Any Reason
- Personal or Family Illness
- Trip Cancellation or Disruption
- Emergency Medical Care / Transportation
These are just a few of the many circumstances that may be listed under your coverage, but do make sure you read the policy to make sure it will suit your travel needs. For example, you deciding to cancel your trip a week out because you feel like the weather may be bad is not trip cancellation. If a tour operator or an airline has canceled – that is trip cancellation. See the difference? BUT, if you have a Cancel for Any Reason policy, you are good to go. Cancel for any reason policies are going to be about 40% more expensive, but well worth the cost and peace of mind in today’s current climate. They do exactly what they say – reimburse you regardless of the reason. These policies can reimburse you up to 75% of travel costs. Cheaper policies won’t cover travel plans if you cancel by choice (even if the choice was a good one) again, these are things you will need to consider before you buy. You will get what you pay for.
Does Travel Insurance Cover COVID – 19 Issues?
Well, it can. Many travel insurance companies are altering their coverage parameters in this unprecedented time. But buyer beware, COVID – 19 related travel issues generally will not fall under the “unforeseen circumstance” umbrella anymore. Once the disease became so widespread that it evolved into a pandemic, it was no longer unforeseen. That doesn’t mean that it won’t be covered, but it does mean you need to understand the policy you are buying, the time frames for cancellation and cancellation reasons. Make sure you are asking the right questions about coverage so you don’t encounter any issues should you need to cancel a trip, despite the reason.
Corporate and Group Travel Partners
If your job involves a lot of group travel execution, this is a great time to reach out to some of your travel partners to recommend some good travel insurance. People that work in the travel and transportation industry will generally know reputable carriers. Turn to your travel and transportation industry leaders to see if they currently partner with a company that can cover your individual, group or executive travel plans. Who better to trust than people you already partner with?
The travel landscape is radically changing. Whether it’s that vacation you’ve been waiting for all year, or resuming those business trips that have been put on hold, travel insurance may just be the little bit of security that we are all looking for right now.
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