Travel insurance (2024)

FAQs

How much travel insurance is enough? ›

How much travel medical insurance do you need? Squaremouth, a travel insurance comparison site, recommends buying at least $50,000 in emergency medical coverage for international travel. For travelers going on a cruise or to a remote destination, the site recommends at least $100,000 in coverage.

The questions will vary depending on your condition. We may ask about your treatment, if you've been prescribed any medication, and any recent medical appointments. We will not need to know the name of the medications that you take. We may also ask you about what treatment you are expecting in the future, if any.

In most scenarios, travel insurance reimburses you for your covered financial losses after you file a claim and the claim is approved. Filing a claim means submitting proof of your loss to Allianz Global Assistance, so that we can verify what happened and reimburse you for your covered losses.

Every plan is different, but the coverage amounts and benefits may vary. Determine how much you really need. For example, SquareMouth recommends international travelers get around $50,000 in Emergency Medical coverage and $100,000 for cruises or travel to remote areas.

In general, you should expect a plan will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost. For example, if you purchased a trip with a total cost of $5,000, travel insurance policies available to you will likely range in price from $250-$500, depending on variables.

Most travel insurance policies won't pay out if you're negligent while under the influence of alcohol or drugs, and have an accident or have property stolen.

Conditions which may not be covered

Conditions like terminal illness, the need for oxygen, pending surgery, chronic lung disease, cardiovascular disease, specific types of cancer, congestive heart failure, and recurring pain are generally excluded from coverage.

Cost: Travel insurance will add to the overall cost of your trip. Some may choose to forgo it to save money, especially on shorter or less expensive trips. Exclusions and Limitations: Policies may have various exclusions and limitations, so it's essential to read the fine print.

By far, the most common and often most significant travel insurance claim is for medical emergencies. A sudden illness or injury during your trip can not only ruin your plans but also cause a severe financial strain.

If all conditions are met, most of the policies will reimburse you 50% to 75% of your trip costs, unless otherwise noted.

Do you get a full refund with travel insurance? ›

If your travel insurance policy has a money-back guarantee or review period, you can cancel for any reason and receive a full refund within the timeframe if you haven't filed a claim or departed for your trip yet. But you won't get a premium refund if you cancel your policy after the review period.

Your travel insurance should always include the following cover: medical expenses and cover for getting you home if you're injured or fall ill abroad. personal injury and cover for accidents or damage caused by you. cover for lost or damaged items.

Overseas travelers should have these minimum levels of protection: Medical Insurance Coverage - $100,000. Medical Evacuation Coverage - $250,000.

Our simple answer is to get travel insurance as soon as you have booked and paid for your holiday, especially for a non-refundable trip. Although it is tempting to leave booking travel insurance until the last minute, it's more beneficial to get it in advance as the sooner you buy cover, the sooner you are protected.

Travel insurance covers numerous scenarios, from medical emergencies to tropical storms. It could be particularly useful if: You've spent a lot on prepaid, non-refundable expenses. You're traveling internationally where your health insurance won't apply.

Overseas travelers should have these minimum levels of protection: Medical Insurance Coverage - $100,000. Medical Evacuation Coverage - $250,000.

Travel insurance can be useful, but it's not always necessary. The key to knowing if you need travel insurance is figuring out your specific risks for any given vacation, then deciding if you can buy coverage that adequately protects you from any financial losses and pitfalls that might occur.

Unlike other aspects of your travel experience like airfares or hotel-room rates, the price of travel insurance doesn't increase the closer you get to your travel date. There's no financial penalty if you wait to buy travel insurance (except for those bonus coverages, of course).

A comprehensive travel policy with at least $50,000 in medical coverage is recommended when traveling to Europe or any country where you don't have health insurance. Travel medical insurance will cover expenses related to an unexpected injury or illness.