Life is filled with unexpected moments, and many tend to occur on vacation or a business trip.
To help protect against unpleasant, unexpected moments, many people buy travel insurance before leaving home.
Many others wonder if it’s worth the additional expense, which generally starts at about 5% to 7% of your trip cost.
But depending on your circumstances, insurance could protect you against a wide range of potential problems.
“As a musician, I have to travel a lot for both business and pleasure,” said 40-year-old pianist and composer Jonathan Faiman of Hartsdale, Westchester. “Life is unpredictable, and it’s better to be safe than sorry. I always add the optional insurance when booking travel because it gives me added piece of mind.”
For someone like Faiman, insurance makes perfect sense.
“If I think I may need to cancel my travel plans or alter them considerably, by adding the cancel for any reason option to a travel insurance policy, I know I won’t ever lose money on otherwise nonrefundable travel,” he said. “This aspect of the policy alone has saved me a fortune.”
Dan McGinnity, a spokesman for insurance company Travel Guard, said, “Purchasing a travel insurance policy offers vacationers and business travelers alike added piece of mind, especially when traveling internationally.
“We offer free telephone assistance, available anytime, should any problem arise,” he said. “We’ll help fix the situation, whether it’s rebooking a missed flight, finding and paying for emergency medical attention for you, or helping you replace a lost or stolen passport.”
A comprehensive policy typically covers you if your plans are disrupted, your luggage is lost or stolen, or if you become ill or injured after purchasing the policy and need medical attention or, perhaps, an emergency evacuation.
“Americans have a misconception that their existing health insurance will cover them anywhere,” McGinnity said. “It’s essential for travelers to determine, in advance, what their existing medical insurance will cover.”
Most standard policies don’t cover cancellations based on your state of mind. That means deciding you’re afraid to travel won’t be covered.
While not cheap, cancel for any reason coverage will cover all nonrefundable expenses.
“What you choose will determine your level of coverage, what will ultimately be covered and the policy’s cost,” McGinnity said.
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