Sorry if this is the wrong spot for this, but anyway, I'm going numb reading about travel insurance. Anyone have suggestions on plans they've used? Tips for cutting thru the excess of overwhelming info? Thank you!
For some travelers, insurance is a good deal; for others, it’s not.
What are the chances you’ll need it? How willing are you to take
risks? How much is peace of mind worth to you? Take these
considerations into account, understand your options, and make an
informed decision for your trip.
Keep in mind that insurance companies offer products in expectation of earning a profit in return for accepting some risk. I should add, READ THE FINE PRINT.
SquareMouth and Insure My Trip have pretty easy 'compare policies' tools on their sites. I buy insurance for each trip, but I'm pretty sure I've never used the same company twice.
Kiplinger's Personal Finance magazine, June 2016 issue page 37.
i collected on a travel insurance policy because of bad weather. We were stranded in Denver when the second flight of our trip was cancelled due to a Midwestern blizzard. Allianz reimbursed me (up to the limits of the policy) for expenses related to securing alternate transpirtation. Had I purchased those tickets with a credit card, I wouldnt have purchased Travel Insurance because it was redundant. Read the fine print in your Credit Card Agreements; you probably will find adequate coverage, especially if it is an airline mileage card. Be aware that unlike our health insurance, Travel Insurance won't cover losses related to medical conditions pre-existing the purchase of your travel. Generally speaking, you have to prove you did not have the medical condition giving rise to the claim prior to purchasing your travel. Customarily, insurance claims require you have to submit 5 - 10 years of your medical history with your claim. Do not sign a blank medical release of records. If your medical records contain a diagnosis code arguably related to the diagnosis code(s)on the medical bills incurred while traveling or cited as the reason you couldn't make the trip, your claim will be denied. As was previously alluded to, insurance companies are in the business of making money NOT paying claims. They write the policies based on odds (underwriting) that you won't qualify for coverage. When your fact scenario fits the explicit policy language, and you have not failed to mitigate your damages, your properly documented claim will be Paid.
Download and SAVE the Credit Cardholder Agreement for the card you used to pay for your trip. Read the terms and limitations; if the coverage exceeds what you are charging to your card, you probably are wasting money on Travel Insurance. Also note if your Credit Cardholder Agreement provides emergency medical assistance. Every Card is a little different; if you have above average credit, you've probably been offered a Card with plenty of coverage. I read all my card holder agreements before deciding which ones to use for travel related purchases. While RS's cash discount was tempting, I would have had to buy a Travel Policy with the money saved by paying cash.
On both of our European trips, I have purchased trip insurance for roughly the total amount of the airfares, non-cancellable lodging and whatever trains and day tours I've had to buy in advance. This was done through our insurance company, and it cost roughly $125 per $5000 of advance purchases. My parents are in their nineties and in ill health, and an unexpected hospital stay (or worse) for either of them would curtail our plans. The insurance covers that--I confirmed it in the fine print and by phone. Haven't used it yet, but it is no doubt a relative peace of mind thing.