Travel Insurance

Travel Insurance Frequently Asked Questions By Consumers

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On Travel Insurance Frequently Asked Questions By Consumers Was UPDATED On October 19th, 2018

A Little TIDBIT About “Travel Insurance”

So, here we are again, another summer season around the corner and you’re contemplating your next summer vacation with the family or perhaps simply a romantic getaway, with just you and your significant other.

  • You can’t decide whether to put down money for a tour, a cruise or simply another big vacation
  • Well, here are a couple of things to think about in today’s world of travel concerns
  • The world is an ever-changing place
  • Some for the better and some not so
  • With terrorism on the rise and the “Zika-virus” in the headlines, you might wonder (What If I decide afterward not to go, can I get my money back?)
  • Well, have you ever considered travel insurance?
  • As most of us probably not but perhaps now is a good time to consider it and include travel insurance as part of your trip/vacation

In this article, we will discuss and cover Travel Insurance Frequently Asked Questions By Consumers.

Kinds Of Insurance Policies

What are frequently asked questions by consumers?

Whether and what kind of polices to buy depends on your individual needs and situation.

  • Most travel insurance policies offer trip cancellation/interruption insurance
  • Insurance companies can reimburse you for non-refundable prepaid travel expenses if you cancel or interrupt your trip
  • Most also offer medical and medical evacuation coverage
  • Insurers can reimburse you for emergency expenses if you get sick or injured on your trip (Your domestic health insurance probably won’t cover you abroad)
  • But does it apply to today’s concerns?
  • After last fall’s attack in Paris, folks who had planned trips there didn’t want to go and people were able to cancel their trips
  • You typically can do so if there is a terrorist event at your destination within 30 days of your arrival date
  • Pregnant women understandably fear traveling to places where the mosquito-borne “Zika-virus” has been reported

Let’s say you became pregnant after you bought your policy, the pregnancy can be a covered reason to cancel your trip in most cases.

The Cost Of Travel Insurance

The cost of travel insurance can range between 5 and 8 percent of your trip cost and is available through your travel agent or directly from a provider.

  • Just keep in mind that policies come with exclusions and exceptions, many of which can be remedied by buying early
  • To secure some time-sensitive benefits, such as a waiver for a pre-existing medical condition, you typically need to purchase travel insurance within 14 days of making your initial trip payment
  • It is always recommended buying insurance at the time you book your trip
  • What if you just changed your mind?
  • Some carriers offer (cancel-for-any- reason) policies, but they can cost as much as 20 percent more of your trip cost
  • If you’re the type that travels frequently, perhaps you should consider an annual travel policy, which covers you for however many trips you take in a year, domestically and internationally
  • Like an automobile, home and health insurance do your due diligence and check around with different insurance companies
  • This can easily be done online to see which policy best fits your travel needs

Happy and safe travels to all.

The Author Of Travel Insurance

What is the cost of travel insurance?

Alex Carlucci is the author of Travel Insurance and a professional real estate investor. Alex is a senior loan officer and an associate contributing editor and writer for Gustan Cho Associates.

Alex is also an expert in all areas of renting out investment properties. Mr. Carlucci recently purchased a condominium in Panama City, Florida. It has rather difficult financing due to being a condotel. Most banks do not lend on non-warrantable and condotel loans because they are not able to sell the loans they originate to the secondary market.