Here's Why Buying Travel Insurance for Your Next Trip Is SO Important
The question is a good one: Should you buy travel insurance, or test your luck?
Well, it’s important to remember that whether you're a globetrotter or take just a few trips here and there, anything can happen during your travels, from canceled flights and getting sick or injured, to losing your valuables, or worse - having them stolen. Natural disasters can also affect your trip.
So for many it makes sense to purchase travel insurance to have that peace of mind while on the road.
Before buying travel insurance, though, check any existing policies you currently have, including your medical insurance, auto, life (and even your credit cards) to see if you already have coverage. Coverage prices vary and are based on numerous factors, but for a standard policy, expect to pay 5 to 7% of the cost of the trip (so if your trip costs $2,000, you’ll roughly be paying around $100).
For more detailed information about travel insurance, check out Rick Steves' recent piece by clicking here.
Here's a roundup of some of the best travel insurance companies on the market - and remember to always read the fine print on any policy you purchase!
Allianz Global Assistance
Allianz Travel Insurance, part of Allianz Global Assistance, insures more than 21 million travelers per year. Named best insurance provider by Travel Weekly's Readers' Choice Awards, the company's most popular policy is the OneTrip Prime Plan, which include comprehensive benefits like trip cancellation/interruption, loss of luggage, emergency medical, and emergency transportation (up to $500,000), plus a 24/7 hotline assistance.
World Nomads
World Nomads is another popular travel insurance company. It offers reasonably priced policies through its Standard Plan or its more comprehensive Explorer Plan, along with 24/7 emergency assistance. It also covers more than 140 adventure activities, including skiing, zip lining, and bungee jumping, making it an ideal choice for adventure travelers. Additionally, World Nomads is known for its friendly, multilingual customer service.
Medjet Assist
It's scary to contemplate, but sometimes travelers can get seriously injured or ill during a trip, which can often be on the other side of the world. If that thought keeps you up at night, consider a membership with Medjet Assist, which arranges air transfers to the hospital of your choice if you are 150 miles or more from your home. Membership (which starts at $295 per year) allows for two transports per year for members under the age of 75.
Travelex
Travelex, which has been providing travel insurance for more than half a century, also offers a choice of two plans: Travel Basic and Travel Select. While both offer comprehensive benefits, such as trip cancellation and interruption, trip delays, missed connections, and medical care, the latter provides the additional benefit coverage for children under 18 when accompanied by a paying adult, making it a popular choice for families.
Travel Guard
Owned by AIG, Travel Guard offers all the travel insurance essentials, ranging from 24/7 assistance and medical expenses/evacuations to cancellation and baggage coverage, as part of its three plans: Silver, Gold, and Platinum. Additionally, the Platinum plan offers an accidental death and dismemberment benefit and will reimburse up to $2,500 if your luggage is lost, damaged, or stolen while on your dream trip to say, Santorini or Singapore.
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