Buy My Own Travel Insurance
If your company offers travel insurance as part of its package, you can usually buy it up to 12 months in advance. That gives you protection should you need to cancel or cut short your trip for a covered reason like bad weather, airline strikes, terrorism, bankruptcy of the tour operator, jury duty or fire or flood damage to your home. The most common coverage is trip cancellation; however, some packages offer comprehensive medical and baggage insurance as well.
You can also get standalone travel insurance policies, which are generally good for up to a year. If you purchase a policy with cancellation coverage, be sure to read the fine print; most insurers require a 30-day notification period to cancel your policy and don’t refund any fees. Also, some policies may exclude pre-existing medical conditions or age limits, so be sure to review the policy carefully before buying.
Whether or not you should Buy travel insurance depends on the type of trip you’re planning and your personal risk tolerance. For example, if you’re traveling to an area that has spotty health-care systems, a travel-insurance plan with medical coverage is worth the investment. But if you’re planning a leisure vacation to a sunny locale and you have great health insurance, a good umbrella policy might be a better option.
Can I Buy My Own Travel Insurance?
A friend of mine once fell and broke his arm on a hike in the Swiss Alps. His medical bills totaled thousands of dollars. If he had purchased travel insurance, his expenses would have been reimbursed.
While many people think of travel insurance as a way to protect against trip cancellations and lost luggage, it’s important to consider the risk of getting sick or injured on vacation. The cost and hassle of seeking treatment abroad could easily derail your plans and leave you out a lot of money.
Another major consideration is how much a particular insurer is rated and its financial stability. A high rating from a credible rating agency can give you confidence that an insurer will pay claims. You can also research a company by visiting its website, checking online reviews and looking up the company’s ratings in business publications.
One emerging trend in travel insurance is that it’s becoming more customizable. Some companies, such as American Express, allow you to create a policy that meets your specific needs. For example, you can choose the amount of coverage you want for lost or delayed luggage, and you can choose between a standard package or a premium version that includes a higher limit.
Some travel-insurance plans are primary; they’ll cover your expenses regardless of other insurance policies you might have, including health and homeowner’s insurance. Others are secondary, meaning they’ll cover only what your other policies don’t. It’s wise to have a heart-to-heart talk with your health and other insurance companies before you decide on which type of travel insurance is best for you.
