In recognition of National Insurance Awareness Day (June 28), it’s a great time to discuss the value of having a carefree travel experience. Many companies and credit card providers offer travel insurance as a perk for employees or cardholders. Today, we’ll review whether this coverage is sufficient and why having additional insurance can be beneficial.
Many companies now offer more fringe benefits to attract top talent, and travel insurance is one of them. However, the coverage provided can vary considerably, and, like with any insurance policy, you’ll need to determine exactly what you’re covered for.
Here are some major things to look for in your travel insurance policy:
- For how long and for how much am I covered?
- How quickly and easily can I contact my insurer if I’m injured?
- What exactly am I covered for? (e.g., hospital stays, rescue services, prescription medications, repatriation)
- What are the exclusions?
Since every employer and trip is different, it’s important to verify whether the provided insurance meets your needs. For example, if you go on a 30-day trip and your work travel insurance only covers 15 days, you can purchase additional coverage before your trip for the remaining 15 days.
If you have travel insurance from another provider, always check whether they allow their coverage to be topped up by another company, as they may invalidate or limit your coverage if you don’t extend or top-up directly with them. Getting additional insurance is not uncommon; in fact, it’s a must if your employer benefits don’t cover your needs for the full duration of your trip, ensuring safety while abroad.
These days, almost everyone has a travel rewards credit card, often due to the travel benefits they offer, which sometimes include travel medical insurance. However, credit cards vary greatly in terms of the benefits they provide, and not all cards offer the same level of coverage. It’s important to review your credit card’s travel insurance coverage and assess the specifics to ensure the protection is sufficient and meets your trip’s requirements.
Key questions to ask:
- Do I need to book with a specific travel agency to qualify for benefits?
- Does it cover only me, or is my family included?
- Besides travel medical insurance, what else am I insured for?
- Do I need to book all my travel on the card to qualify?
- Am I covered for risky sports and activities?
- How long and how much am I covered for?
Travel benefit cards that offer superior insurance coverage often come with a fee. So, if you don’t travel frequently or aren’t a regular card user, purchasing separate travel insurance might be more practical. This allows you to use the card’s benefits as additional coverage.
In the unpredictable world of travel, the value of a specific insurance policy shines through during difficult moments we all hope to avoid, such as discovering your luggage hasn’t arrived or was damaged. This is where baggage insurance becomes more than just an added benefit—it can change the tone of the journey.
Although US Air Passenger Protection Rights require airlines to compensate passengers for delays and damaged baggage up to approximately $2,350, these claims often involve complicated procedures and may not result in compensation. Moreover, most free insurance plans fail to cover baggage issues, delays, or theft of personal belongings, making baggage insurance a valuable asset when traveling.
Travel medical insurance is often the insurance most companies and credit card providers offer. However, as we’ve discussed, only some of these plans offer comprehensive coverage, and they typically don’t allow you to customize plans tailored to your travel needs and circumstances.
For example, some cards may have different pre-existing condition coverage periods depending on your age. Understanding what you’re covered for and finding insurance that protects you in an emergency is essential.
Our Emergency Medical Travel Insurance is designed with travel flexibility in mind, so travelers can customize their plans based on their needs.
It’s also important for Americans to understand the limitations of rural health plans, especially when traveling across states or internationally. While some coverage may be provided, it’s often minimal and only covers specific medical services.
Emergency medical insurance is a must if you plan to buy just one type of coverage while traveling.
Whether it’s a stress-free beach vacation or a bucket-list family trip, looking forward to a getaway is always part of the fun. However, if there’s one certainty in travel, it’s the unpredictability. Even the most well-planned trips can face unforeseen challenges that lead to cancellations or interruptions. A lot of money goes into planning a trip, so having trip cancellation and interruption insurance can save the day and reimburse some expenses, which most free plans do not cover.
In conclusion, while it’s always appealing to find affordable travel insurance options, the free coverage provided by employers or credit cards often doesn’t provide the complete protection you need. Hopefully, this information was helpful—be sure to consult with your local broker to review the fine print of your policy to ensure your holiday is a success and meets your needs!