As a Travel Agency owner, I am often asked about the best travel protection for a client. Since I am not a licensed insurance agent I cannot legally advise on this topic. What I can do is tell you about my experiences and answer some questions about what they mean by certain coverage items. Yes, that is my disclaimer that what I am about to share is based solely off of my personal experience with many carriers and several claims over the years for me and my clients. You will often hear me say that you need to contact the carrier for more detailed information and coverage questions.
Why Do I Need Travel Insurance?
Consider Travel Insurance in a similar light to health, life, accident, and other insurances—it's a precautionary measure for unforeseen circumstances. Just as you have car insurance for unexpected events, homeowners insurance for unforeseen situations, and health insurance for major medical emergencies, Travel Insurance provides protection for the unexpected and potentially daunting situations during your travels.
Before opening my travel agency, I used to purchase insurance policies for significant vacations rather than for weekend getaways or short trips like a drive to California, which is only a 4-hour drive for us. Given our limited time off due to our 9-5 jobs, we didn't travel as frequently during that period. It made sense to buy insurance for each vacation we took.
Why You Should Consider an Annual Policy
After starting my agency, I became aware of Annual Policies, which is the main topic I'd like to discuss with you today. While individual policies are suitable, if you travel more than once a year, opting for an annual policy offers several benefits.
One of the most frequently asked questions I receive is about the type of coverage to choose. The first step is ensuring the chosen company is reputable, keeping in mind that there will always be both positive and negative reviews. Often, negative reviews stem from a lack of understanding about the coverage or issues related to filing a claim, so it's crucial to approach reviews with open mind.
Next, focus on the coverage itself. Personally, I believe that "Cancel for any Reason" is the most comprehensive policy, providing flexibility in unforeseen circumstances. Additionally, make sure you check for clauses related to natural disasters and other exceptions such as pre-existing conditions, booking time frames, and specific locations.
Most importantly, ensure adequate coverage for medical expenses. If you are abroad and your medical expense coverage is only $5000, it may not be sufficient. You need to evaluate your needs based on your expectations and circumstances.
In recent years, I've utilized the services of three different insurance companies, but I've only had to file a claim with one. Allianz, a highly reputable company widely chosen by many travel-related companies as their insurance carrier, exceeded my expectations. When I needed to file a claim for the full amount of my maximum coverage, they reimbursed me within 10 business days without any questions. While I was thorough in my claim process, providing more detail than necessary, they responded with both kindness and promptness. Impressed by their efficiency and service, I decided to renew my own policy with them. I've also heard positive feedback about other companies, including AON, Nationwide, and Squaremouth.
Wrapping Up - Your Ticket to Informed Travel Insurance Decisions
It's essential to read the policy information thoroughly and contact the carrier to address any questions. I want to emphasize that I cannot provide advice or sell insurance due to legal restrictions. However, the information I've shared here is based on what you should be aware of, the questions you should ask, and my personal experiences. Feel free to reach out if you have any questions not covered here.