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Southwestern Minnesota | The cost of travel insurance has lots of variables- how old you are, where you're going, how long you're staying, what you want to cover, etc. Both of the companies I noted (Allianz and Travel Guard) have trip calculators on their website where you can plug in your specific information and get the cost. The older you are, the longer you're gone and the amount of coverage will dictate the cost. If you are Medicare age, and depending on your supplement, then you want to be sure you have the appropriate coverage.
You only need to insure those things you would not be able to cancel with short notice. (So, for example, if you were going on a cruise, then you would insure the cost of the cruise. But the airline tickets could be refunded or a credit given and any shore excursions you booked could be canceled for your money back usually with 48 hours notice, etc).
The main thing to compare is exactly how much coverage do you want. The insurance companies have various levels which cost more if you want more coverage. (For example, Allianz has a Premier level and a Prime level. Travel Guard has Deluxe and Preferred levels). I personally like the higher level of coverage and I feel like I need the Cancel for Any Reason option as well. You do need to read the small print on what is considered a reason to cover. Most often it is a death or hospitalization. In my case I want the option to cancel for less extreme reasons as I have an aging parent who is fine now, but hard to know what the situation will be several months down the road. (For instance, if my parent were to be ill but not hospitalized, then that would not be a covered reason under the basic plans to cancel and get reimbursed). Also, I could have a health issue that might make me want to cancel on shorter notice (like if I broke my leg and getting around would be a problem with crutches). The Cancel for Any Reason with Allianz covers 80% of the trip cost, whereas Travel Guard's Cancel for Any Reason only covers 50% of the cost.
So, it really depends. Just go to the websites and enter your data to find out.
Just as an example, for a past trip that cost $6000 (for one person), the Deluxe Travel Guard policy with Cancel for Any Reason was $488 (50% reimbursement for cancelling for any reason). For Allianz the Prime policy with Cancel for Any Reason was $701 (80% reimbursement for cancelling for any reason).
As John said, insure what you can't afford to lose. | |
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Are you thinking of taking a cruise ship
