The most frequent question I am asked when speaking at travel shows is: Should I buy travel insurance? The answer all depends on what you are buying and where you are going. I say, if you are just buying a $150 ticket from Los Angeles to San Francisco and staying with family, I wouldn’t get it. However, if you’re spending a lot of money on a hotel, cruise, honeymoon, safari, going far from home or travel often like I do, then I definitely would.
I highly recommend getting travel insurance from a third party. That’s because if you buy insurance, let’s say, for a cruise from a cruise line and they go out of business, then you, my friend, are out of luck.
I also recommend first pricing out rates with InsureMyTrip.com since they are the Kayak of travel insurance. They have 27 suppliers but the company I usually go with is Allianz Travel Insurance since they are the giant in the travel insurance business. Allianz is competitively priced but even if they cost a little more, I would go with them, because they have offices in 34 countries that span six continents so chances are they will have people on the ground no matter where you are in the world. That right there gives me peace of mind.
What else gives me peace of mind is knowing that if I have to cancel my trip due to a sudden, unforeseen circumstance like a death in the family or losing my passport, or God forbid I get sick or injured while I’m away, I know that I’m covered.
Here are some of things that Allianz Travel Insurance will provide. This information comes directly from my plan:
1. Finding a doctor, dentist or medical facility
If you need care from a doctor, dentist or medical facility while you’re traveling, we can help you find one.
2. Paying or guaranteeing your hospital bill
If you need to be admitted to a hospital as an inpatient for longer than 24 hours, we can guarantee or advance payments up to the limit of your emergency medical/dental coverage.
3. Monitoring your care
If you’re hospitalized, our medical staff will stay in contact with you and the doctor caring for you. We can also notify your family and your doctor back home of your illness or injury and update them on your status.
4. Moving you to a hospital or medical clinic (emergency medical evacuation)
If you’re seriously ill or injured during your trip and our medical team determines that the local medical facilities are unable to provide appropriate medical treatment:
5. Finding a legal advisor
We can help you find local legal advice if you need it while you’re traveling.
6. Arranging a cash transfer
If you need to pay legal fees, we can arrange to transfer funds from your family or friends.
7. Replacing lost travel tickets
If your tickets are lost or stolen, we can contact the airline or other common carrier, and can help you with your travel arrangements if your trip is interrupted.
8. Replacing lost passports and other travel documents
If your passport or other travel documents are lost or stolen, we can help you reach the appropriate authorities, contact your family or friends, and assist you in getting your documents replaced.
9. Getting flight information
If you miss your flight or it’s canceled, we can give you arrival and departure times for other flights that will get you to your connecting flight or final destination.
10. Getting emergency cash
If your cash is lost or stolen or you need extra money to pay for unexpected expenses, we can arrange to transfer funds from your family or friends.
11. Delivering emergency messages
We can help you get an urgent message to someone back home. We’ll try calling up to three times within 24 hours and confirm whether we were able to reach the person you asked us to contact.
They even have a concierge service that can assist customers with many requests from the routine to the extraordinary like restaurant and local event information to golf tee times.
The list about what Allianz Travel Insurance can do goes on. So far, I’ve been nothing but pleased with their insurance offerings, coverage and service.
My Annual Executive Plan costs $459 and below is what is covered and the coverage limits in USD:
- Baggage Coverage $1,000.00
- Baggage Delay Coverage $1,000.00
- Business Equipment Coverage $1,000.00
- Business Equipment Rental Coverage $1,000.00
- Collision/Loss Damage Insurance $45,000.00
- Change Fee Coverage $250.00
- Emergency Medical and Dental $50,000.00
- Trip Cancellation Protection $5,000.00
- Travel/Trip Delay Coverage $1,500.00
- Trip Interruption Protection $5,000.00
- Travel Accident Coverage $100,000.00
Disclaimer: I work as an ambassador for Allianz Global Assistance (AGA Service Company) and receive financial compensation. However, everything written in this post is from and based upon my own annual policy.
For more information about Allianz Global, visit AllianzTravelInsurance.com.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.