Travel insurance protects against multiple travel-related risks. Read all you need to know about how to get travel insurance & protect yourself today.
Traveling was largely put on hold starting early 2020 and lasting into the spring of 2021. COVID-19-related travel bans & restrictions are lightening up in the U.S. due to the efficacy of vaccinations and significant decrease in daily reported cases of the virus. As plans for traveling increase so too does the need to get travel insurance to protect you from various travel-related financial risks.
Top U.S. companies provide travel insurance in 2021. Finding those companies and conducting rate-comparison research helps you get the best deals on travel insurance available. Travel insurance also has multiple more benefits in addition to financial protection. Read ahead to learn all you need to know about how to get travel insurance and protect yourself while traveling today.
Travel Insurance 101
Travel and travel insurance have both changed in recent times. Even if you are an experienced traveler familiar with basic travel insurance terms and rates it is worth reading ahead to gain important new knowledge about how travel insurance policies have adapted to challenging and changing times
Travel insurance covers against risks and losses, which occur during your travels. Travel insurances also cover trip cancelations under specific circumstances. As with all insurance policies, various conditions and prior knowledge of potentially dangerous events/situations apply to individual coverage decisions your insurance company makes on a case-by-case basis. Overall, travel insurance protects you from a wide range of adverse scenarios, with primary scenarios commonly involving financial loss, lost luggage/possessions, and medical emergencies.
Benefits of Travel Insurance During Modern Times
Benefits of travel insurance are multiple and range from money-back guarantees to the provision of medical services during emergencies when traveling. Perhaps the primary pre-travel benefit of travel insurance is its general affordability. Policies cost a fraction of your total trip costs and are easy to find and obtain.
Specific benefits pursuant to traveling during modern times include protection against trips canceled due to COVID-19. Loss of property due to theft is also covered under qualifying conditions. Some policies cover theft due to hacking (cyber-crime), and the resulting loss of personal information, which is especially and increasingly prominent in the modern world today.
Medical emergencies when traveling overseas are commonly quite expensive. Travel insurance benefits you by covering emergency medical expenses your regular insurance and/or credit card protection polices do not. Peace of mind is a huge benefit of travel insurance. Knowing you and your family are protected against multiple risks & adverse scenarios offers peace of mind and an ability to relax/enjoy your trip without extra worries. Travel insurance also benefits travelers by protecting against loss due to last-minute emergencies. A honeymoon trip is commonly expensive and last-minute cancellations are generally not refunded, even if caused by medical or serious family emergencies. In fact, travel insurance offers so many protective benefits the U.S. Department of State (Bureau of Consular Affairs) recommends purchasing it for every trip.
Travel Insurance - What It Covers
Certain basic elements of travel insurance are important to understand when choosing your policy and insurance provider today. Travel insurance is highly beneficial and protects you/your family from multiple adverse scenarios, but its coverage activates when qualifying conditions are met. A major point of consideration is the fact most travel insurance policies only cover against unforeseeable events, and not ones you could have prevented due to prior knowledge and/or common sense.
For example, purchasing a ticket to Nassau in the Bahamas after an official hurricane warning was issued for the islands by the National Weather Service will likely negate your coverage. Certain travel insurance policies now implement elements of COVID-19 coverage but getting sick from the virus when traveling to Europe during a travel ban will cause insurance adjusters to deny certain medical coverages. Unforeseeable events are different, however, and although each insurance provider drafts different policies, most cover basic situations such as:
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Vehicle damage due to an accident (conditions pending).
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Hijacking/theft.
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Military deployment.
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Document loss/theft.
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Civil unrest.
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Unforeseeable weather events or acts of God.
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Routine carrier delays/cancelations.
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Loss of employment.
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Acts of terrorism.
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Changes to vaccination/medical policies of destination country/nation.
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Pre-trip COVID-19 diagnosis.
Average Rates
Average rates for travel insurance vary per company and based on the value of each trip. Policy features outside those normally provided might be available at additional charges as well. The average rates charged for travel insurance range between four and ten percent of the total value of your trip. For example, a trip costing $5,000 in total would require between $250 and $500 in travel insurance coverage depending on company rates and additional coverage(s) purchased. A $20,000 trip would require approximately $800 to $2,000 in travel insurance to cover it.
Rates for travel insurance are also impacted by the number and age of the travelers, length of the trip and what type of coverage you purchase. Travelers 65+ years of age tend to pay more, whereas certain minors might be added to polices at no charge. Basic, cancel-for-any-reason and rental-car-collision policies are available, each at varied rates. Adding medical coverages beyond those included in your base policy/plan will increase the price you pay for travel insurance.
Top Companies
Squaremouth.com and TravelInsurance.com are two popular websites dedicated to helping you compare rates and find the best travel insurance company/rates for your trip. Most travel insurance companies provide specific pricing via direct quotes only. This is due to the wide variety of trip costs and policy/coverage needs pursuant to each individual consumer. Still, some travel insurance providers stand above the other for excellent customer service and experience in the industry. A few of the top travel insurance companies for 2021 include: