Travel Insurance…Get in the Know Before You Go
Spring has Sprung & Travel Season is Spring has Sprung & Travel Season is Upon Us! Upon Us! Get in the KNOW before you GO! Get in the KNOW before you GO!
You ask, do I really need to buy travel insurance and is it worth it? The answer is YES. Many people traveling abroad for vacation, family visits or business trips debate this question. There are many prevalent myths about travel insurance including that it is a waste of money and that they don’t believe they need it. Though not mandatory, travel insurance can save you from losing your money due to non refundable prepaid costs. There are many different types of travel insurance available and it is critical to understand them so that you can make the right choice. Please consider the following types of insurance plans when you are planning your next vacation.
TRIP CANCELLATION: Trip cancellation is the main component of a travel insurance package. It reimburses you for the prepaid, nonrefundable costs of your trip, if you have to cancel for a covered reason. The coverage begins the day after the purchase and continues until you cancel or depart on your trip.
TRIP INTERRUPTION: Trip interruption covers you if something unforeseen happens once you are on your trip. For example, if you need to return home due to the death of a close relative, it will help pay the extra costs incurred to the cost of an additional airline ticket would be covered.
EMERGENCY MEDICAL: Emergency Medical pays the expenses should you get sick or injured while on your trip. It’s important to note that your regular health insurance may not cover you out of the country or you could be subject to limited coverage’s or higher out of pocket expenses.
EMERGENCY MEDICAL EVACUATION: Emergency Medical Evacuation will transport you to the nearest medical facility, if you are sick or get injured while on your trip. Once you receive care and are able to travel it will transport you home and may even pay the cost under the “Repatriation” benefit.
REPATRIATION OF REMAINS: Repatriation of remains pays to send your remains home, God forbid, you should pass away while on your trip. Now that makes for a bad vacation!
BAGGAGE: Baggage coverage varies by policy. Some policies cover lost checked and baggage delay. Some will reimburse you for the value of the items that were lost up to the stated value.
ACCIDENTAL DEATH & DISMEMBERMENT: Accidental death and dismemberment covers you in the event that you passed away in an accident or lost one or two limbs in an accident.
OTHER: Other benefits can include coverage for travel delay, emergency cash transfer, assistance services, concierge services, ID theft protection, rental car coverage and flight accident insurance.
COSTS: An example: A 10-day trip to the United Kingdom for 2 people, aged 60, with total cost of trip $8,000. A standard travel Insurance plan will cost $482 or $656 for a deluxe plan. This cost is for both travelers and must be purchased within 20 days of initial trip deposit. Not a lot of money for peace of mind and a worry free vacation! Call us for more information.
Have a planned vacation coming up? Go to www.oweninsurancegroup.net and click on the products and services tab, then click on “Travel Insurance”. You can obtain a “No Cost” quote to see just how affordable travel insurance really is!