In this class we discuss considerations when choosing the best travel insurance and the importance of protecting yourself and your investments while traveling. We discuss various factors to consider when selecting a travel insurance plan to ensure it meets your specific needs and provides adequate coverage.

Key Takeaways and Next Steps

Assess your travel needs and priorities to determine the type of coverage that best suits your trip. Consider factors such as destination, trip duration, activities planned, and any pre-existing medical conditions to tailor your insurance plan accordingly.
Evaluate the coverage options offered by different travel insurance providers, including trip cancellation/interruption, emergency medical coverage, baggage loss/delay, and travel assistance services. Choose a plan that offers comprehensive coverage for potential risks and contingencies you may encounter during your travels.
Review policy details, terms, and exclusions carefully to understand what is covered and what is not covered by your travel insurance plan. Pay attention to limitations, deductibles, and maximum coverage limits to ensure you have realistic expectations of your insurance benefits.
Compare quotes and premiums from multiple insurance providers to find the best value for your money. Consider factors such as coverage limits, deductibles, and additional benefits offered to make an informed decision that balances affordability with comprehensive coverage.
Keep your travel insurance policy information handy while traveling and familiarize yourself with the claims process in case you need to file a claim. Save emergency contact numbers and relevant documentation in a secure location to expedite the claims process in the event of an emergency or unforeseen circumstance.

Additional Notes

Travel Insurance policy is to reimburse travelers for their insured prepaid and non-refundable trip costs if they have to cancel their trip due to a covered reason
Cancel For Any Reason - CFAR; an optional CFAR upgrade when purchasing your policy.
A CFAR policy allows you to call off your trip for any reason.
Typically you will receive a reimbursement of 50%-75% of your trip costs.
Travel insurance policies generally fall into one of three tiers:
basic trip cx / lost baggage / deductible may apply
Middle-tier adds health insurance to above
comprehensive usually higher limits of coverage
Medicare doesn't cover outside of the US except 3 expectations which are very specific and not typical for foreign travel
Medicare coverage outside the United States is limited.
Premiums depend on a number of factors:
the cost & length of your trip
the number of travelers you need to insure
how old you are

Cautions

Check with your insurance professional for expert advice for your personal situation
Typically best to buy coverage only within your household. Friends traveling together and families residing in different states should probably buy separate policies
Health coverage and pre-existing conditions - be extra careful to make sure you will have coverage
Most experts advise TI is generally 4-11% of your overall trip costs
Some websites for comparison shopping include:
SquareMouth
travel insurance
insuremytrip
Insubuy
Your credit card may provide some of these coverages if you purchase the product through the credit card. Your provider may also provide some coverage options, and clubs (i.e. Costco) may also give you choices for TI.