Travel Insurance Major Companies

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Alice King
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1 Travel Insurance Major Companies

2 11 Reasons To Buy Travel Insurance 1. You need to cancel your trip 2. You miss your connection 3. Your flight is canceled 4. A hurricane damages your destination 5. A terrorist event occurs 6. You get sick or injured on your trip 7. Your baggage is delayed or lost 8. Your passport is lost 9. You need an emergency medical evacuation 10. Your travel company files bankruptcy 11. You need emergency assistance services

3 What May Not Be Covered Losses due to a pre-existing medical condition (although you can purchase a waiver if you have a pre-existing condition and get coverage). Changing your mind or deciding you can t afford to go (although you can purchase cancel for any reason coverage and cancel a trip before it starts). Losses for tickets or tours won as an award or by redeeming frequent flier or credit card miles (although some plans will reimburse the re-deposit fee for frequent flyer programs) Travel costs where the purpose of the trip is to obtain medical treatment outside your home country, also called medical tourism (although Seven Corners offers a medical procedure insurance for complications due to medical treatment received outside the borders). Lousy weather conditions (although if you purchase cancel for any reason coverage, you can cancel your trip before it starts if you decide you won t have fun due to the weather). Extreme, high-risk sports such as sky-diving, scuba diving, bungee jumping, heli-skiing and more (although some plans offer coverage for high-risk activities as an optional add-on). Losses due to war (declared or not), military actions, civil disorder, and riots. Losses due to venereal disease, AIDS virus, pregnancy (except complications of pregnancy), or abortion. Losses due to mental, psychological, or nervous disorders including anxiety, depression, neurosis or psychosis. Losses due to nuclear radiation or radioactive contamination. Losses incurred while the insured is participating in an unlawful act. Losses due to the insured intentionally causing bodily harm, including suicide. Losses incurred while the insured is legally drunk or under the influence of drugs.

4 What May Not Be Covered Losses due to a pre-existing medical condition Changing your mind or deciding you can t afford to go Losses for tickets/tours won as an award or redeeming frequent flier/credit card miles Travel costs where the purpose is for medical treatment outside your home country Lousy weather conditions Extreme, high-risk sports such as sky-diving, scuba diving, bungee jumping, heli-skiing and more Losses due to war (declared or not), military actions, civil disorder, and riots. Losses due to venereal disease, AIDS virus, pregnancy (except complications of pregnancy), or abortion. Losses due to mental, psychological, or nervous disorders including anxiety, depression, neurosis or psychosis. Losses due to nuclear radiation or radioactive contamination. Losses incurred while the insured is participating in an unlawful act. Losses due to the insured intentionally causing bodily harm, including suicide. Losses incurred while the insured is legally drunk or under the influence of drugs.

5 What Does Travel Insurance Cost? Travel insurance vacation plans cost between 4% and 8% of the total trip cost. This is the general range, but keep in mind that basic budget plans can be less than 4%, and premium plans can be over 12%. The cost of travel insurance is based on these factors Vacation Plans (package plans) total trip cost length of trip age of travelers options Travel Medical Plans length of trip age of travelers pre-existing conditions options

6 Optional Coverages Cancel For Any Reason Cancel For Work Reasons Rental Car Coverage Identity Theft Protection Hazardous Sports Deductibles Non Medical Evacuation Coverage Concierge Services Athlete/Student Coverage Golf Course Closure Coverage Sports Coverage

7 When To Buy Most companies require purchase within 14 to 30 days of booking your trip to cover preexisting medical conditions Purchase after 14 to 30 days and you are only covered for the trip not pre-existing conditions Travel insurance coverage differs from company to company and may not include medical insurance or medical evacuation read the policy to see what is covered Reference: Wikipedia

8 Where To Buy All travel booking agencies will offer travel insurance at trip booking. Self Booking? Two Independent Agencies to help you compare insurance and costs:

Review Sites http://www.travelinsurancereview.

9 Review Sites

10 Common Risks Covered Emergency Medical Treatment. This category of travel insurance covers all cost of emergency medical treatment. For example, if you suffer an injury or experience any other health related problems your travel insurance will cover the cost of treatment at hospital or doctors visit to your hotel. Emergency Medical Assistance. This category of travel insurance covers the cost of emergency medical assistance which may be provided in the means of transportation to the hospital by a road ambulance, air ambulance or even sea rescue. You need to read your travel insurance and make sure it covers transportation expenses. Repatriation. This category of travel insurance means that your travel insurance covers your returning to your country after you get the medical treatment in the country you were visiting during your travel. Medical Evacuation. If you get injured or get sick and the nearest hospital cannot treat you, this category of travel insurance means that your insurance covers the cost of your transportation to the hospital where you can get a proper treatment even if another hospital is in another country. Reference:

11 Common Risks Covered Hospital Benefit. This category of travel insurance indicates the covered daily expenses which the traveler experiences when he or she is being treated in a hospital abroad. Hospital Benefit category usually indicates the minimum and maximum number of days in hospital that the travel insurance covers. Cancellation, Curtailment and Trip Interruption. This category of travel insurance covers any financial loss such as lost deposits or non-refundable travel costs. This financial loss may occur when suddenly you have to cancel, cut short your trip or when you have to come back home before the planned time of your travel. Reasons of such changes may be various including a sudden serious illness or death of a close relative, or accidents in your home like fire or flood. Each travel insurance makes it own different valid reasons therefore you must carefully read the policy of your insurance. Missed Departure. This part of travel insurance covers the expenses you may have when you miss your scheduled means of transport because of the incidents which you could not control. It may be incidents such as failure of public transport or breaking of your own vehicle. Most travel insurances cover only the travel from your home country to the first destination of your travel and your return home. Any travels in third countries usually are not covered by this insurance. Reference:

12 Common Risks Covered Personal Liability. If during your travel you injure another person or damage their property, this category of travel insurance covers all costs. However, usually there is much exclusion which you must know properly before traveling to another country. For example, your travel insurance may not cover the costs when you injure another person or damage his property when using a vehicle. Legal Expenses. In case you experience any legal expenses in court, your travel insurance will cover a part of them. Personal Accident. This category of travel insurance pays a small amount of life cover in care the traveler dies or suffers a permanent disability after a serious injury during the travel. Personal Belongings/Baggage. This category of travel insurance covers traveler s personal belongings and money which were taken to the trip. Every travel insurance policy sets a limit for the maximum amount of the claim. You must clearly understand this part of your travel insurance policy, its restrictions and procedures which have to be followed after you lose your belongings. Reference:

13 Optional coverage/exclusions In addition, often separate insurance can be purchased for specific costs such as: Pre-existing conditions (e.g. asthma, diabetes) Sports with an element of risk (e.g. skiing, scuba-diving) Travel to high risk countries Additional Accidental Death/Dismemberment coverage Kidnap and ransom insurance Common exclusions are: Pre-existing medical conditions War or terrorism - but some plans may cover this risk Injury or illness caused by alcohol or drug use Reference: Wikipedia

14 Why should I be concerned about medical coverage abroad? The Social Security Medicare Program does not provide coverage for hospital or medical costs outside the United States. Many health insurance plans do not provide coverage overseas. Those that provide "customary and reasonable" hospital costs abroad may not pay for your medical evacuation back to the United States which can cost $10, and up depending on your location and medical condition. Many foreign doctors and hospitals require payment in cash prior to providing service. Uninsured patients may be refused service. Countries with socialized medicine may not provide full services to nonresidents. Payment of hospital and other expenses abroad is the responsibility of the traveler. Some countries require tourists to carry accident or travel insurance. Check the Country Specific Information for the countries you plan to visit for detailed information.

15 What's the difference between Travel Insurance and Travel Medical Insurance? Travel Insurance insures your financial investment in your trip. Typically it covers such things as the cost of lost baggage and cancelled flights, but it may or may not cover costs of medical attention you may need while abroad. Travel Medical Insurance covers costs of medical attention you may need while abroad. What insurance information should I carry with me? Carry both your insurance policy identity card as proof of your insurance and a claim form.

16 Don t Get Scammed! 6 tips to avoid travel insurance scams By Christopher Elliott Tribune Media Services April 7, 2009 Check the A.M. Best Website to see current ratings for a provider." (A.M. Best ( is a worldwide insurance rating and information agency, and any reputable travel insurance underwriter will be rated by it. (If it's not, walk away.) Check the U.S. Travel Insurance Association Web ( site to see if the company is a member. USTIA has strict legal and ethical standards of conduct. Let the Federal Trade Commission ( know about your problem, too. You can file a report online, by ing crcmessages@ftc.gov or by phoning (877) FTC-HELP. Reference: CNN.com

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