This is a question we get in the Travel Insurance Call center on a regular basis.
Travel Insurance is no different than other types of insurance; it all boils down risk tolerance. Many people feel they don’t need travel insurance and self-insure their trip. Others (about 30% of all travelers today) feel they can’t afford to lose their non-refundable vacation investment should an unforeseen event cause their trip to be cancelled or absorb the high cost of medical transportation should a serious illness or injury occur during their trip. Those travelers are glad to pay an additional 5% to 8% of their trip cost for a little peace of mind.
Trip cancellation and interruption protection insures against unforeseen events. We recommend travel insurance is purchased sooner rather than later once a person has their non-refundable trip investment dollars at risk. This could help make the claims process go much more smoothly should a cancellation claim be filed for a medical reason.
Many plans offer additional benefits for purchasing early as well. A waiver of the pre-existing medical conditions exclusion clause and Bankruptcy protection of the Travel Supplier are common additional benefits if the insurance is purchased within a couple of weeks of making the initial trip payment or deposit. Qualifying for this pre-existing medical condition waiver could be very important as pre-existing medical conditions not only apply to the insured traveler but may also apply to non-traveling family members as well.
Comprehensive protection against natural disasters and weather-related events like hurricanes, floods, volcanoes, earthquakes, and snowstorms are popular options s as well.
Some of the covered cancellation reasons can include:
If you would like information on a specific travel insurance topic or have questions regarding travel insurance in general, please e-mail us firstname.lastname@example.org or call 866-979-6753.