I always buy travel insurance and usually use InsureMyTrip broker and usually select an IMG plan, but recently after I updated the total trip costs for an upcoming trip, IMG increased my premium update to more than 10% of my total trip cost ! which I have not experienced before. When I look at new plans I could buy now using my new updated total trip cost, I can find the same coverage for half the updated premium cost that IMG is asking for now. Would appreciate some recommendations from savvy travelers on what travel insurance you use and whether you update trip costs as they accrue (prior to trip) or just estimate best you can when you buy the initial plan. Thanks!
Posted by
Citizen of the World
3962 posts
You may not realize ( I didn’t until I asked) is that it’s possible to insure only the portion of your trip expenses that are nonrefundable or costs you’re likely to have to absorb if you have to cancel before or during the trip due to a medical emergency.
This generally includes the cost of nonrefundable flights, prepaid train tickets, prepaid museum/attraction admissions and any nonrefundable hotel reservations. If you buy changeable/refundable flight tickets you don’t need to insure them. If you make cancellable hotel reservations, you don’t need to insure those either. You probably are budgeting for restaurants and meals but you don’t need to insure for this expense which will not be incurred if your trip is cut short.
So, while the completed trip may actually cost $10,000 you have the option of insuring it up to $4,000, for example.
This really cuts the cost of Travel Insurance.
The company I buy policies from is Generali at www.GeneraliTravelinsurance.com.
Posted by
New England
12157 posts
We always use Travel Guard. Our claims( up to $20,000) have all been paid in full within a month.
Posted by
Chicagoland
2429 posts
Keep in mind travel health insurance rates are based on several things including your age and where you care traveling.
You should only include those items that are nonrefundable in your total trip cost if you are planning on getting cancellation coverage.
You may already have trip delay, interruption or cancellation insurance if you are using a travel credit card and you meet the requirements. For instance, American Express Platinum offers up to $10,000 of coverage per trip if you pay for the nonrefundable tour/cruise/hotels/air/... with your card AND you pay for your airfare (roundtrip or open jaw) on the card. Then you would only need to purchase travel health and evacuation insurance. Chase Sapphire is not as rigid. You'll need to read your card's policy.
I use Insure My Trip and they have been very responsive helping me keep our insurance premium low.
Posted by
Maryland
1205 posts
It also depends on what you are "insuring"... ie. Nonrefundable travel expenses, or Medical/Evacuation coverage. There are also annual plans as well as trip by trip plans. My credit card company offers an annual plan that is maybe 1% of what a single trip to Europe might cost. Keep shopping around.