Insurance Update

Real life sometimes wreaks havoc on your vacation plans, Lost luggage, canceled flights, inclement weather, or family emergencies can cancel the most well-planned vacation.

The Sept. 11 terrorist attacks resulted in a 10-percent increase of Americans who buy travel insurance–making the total number of Americans who purchase travel insurance about 30 percent, according to the U.S. Travel Insurance Association.

The average cost of travel insurance is 4 to 8 percent of your total trip according to Cost Helper.com. The cost of travel insurance depends on what type of coverage you get.

High End Coverage

The higher end of travel insurance pays for the option to cancel your trip for any reason. Some travel insurance companies add the “cancel for any reason” option at an additional cost.

Premium coverage allows you to cancel your trip for any reason and still be reimbursed your travel costs. People who purchase this Cadillac plan like to cover for the unexpected.

Standard Coverage

Travel insurance typically covers medical expenses should you require medical help during your stay. Travelers who purchase medical coverage like the peace of mind of knowing that they can seek medical attention in a far away destination without having out of pocket expenses, according to the U.S. Traveler Insurance Association. Standard coverage costs 4 to 5 percent of the entire cost of your trip.

Other Benefits

Travel insurance offers coverage for lost or stolen baggage, medical evacuation costs, and financial protection should your trip be interrupted, A little known gem called “excess valuation” available from airlines provides an additional $5,000 coverage should the airlines lose your bags. That’s better than the $9.07 per pound they offer with a limit of 40 pounds.Cruise Travel

Seventy percent of cruise travelers buy travel insurance, according to the MSNBC travel article, “9 Reasons to Buy Travel Insurance”. One reason is because unlike traveling in the U.S., where your health insurance typically covers medical emergencies in another state–cruise travel on a foreign flagged ship is not always covered by your U.S. health insurance.

Considerations

Buying travel insurance is a personal decision. When spending $20,000 on a 30-day luxury cruise, you have to ask yourself if it’s worth it to blow the $20,000 should a real-life emergency intercede. Or is it worth it to protect your investment for a cost of anywhere from $800 to $1,600? With travel insurance, you’re not only protecting your monetary investment. You’re also investing in your peace of mind.

Random Posts

• Dental Insurance Benefits
  Maintaining the health of your teeth and gums is important to your overall health. Visits to the dentist can be inexpensive or can become costly depending on your services. Having dental insura...
• Individual Health and Dental Insurance
  If you work for a large employer, you may have the option of participating in a group health or dental plan. These plans can be helpful, but if you do not have access to one, you can always buy the co...
• Private Insurance Plans
  Since the Government has determined that the promise to remove the tax lien to mutual private health will no longer be held. It is worth remembering that this proposal was launched in the middle of e...
• Auto & Home Insurance Comparison
  Auto and home insurance are both common products in the insurance industry. Auto insurance is purchased to provide liability and personal protections for car-related events. Home insurance provides be...
• Buy Life Insurance for Children
  It is often in the best interest of your children if you buy a life insurance policy when they are still young. This kind of coverage can ensure protection as the child grows. It can mainly red...