By: Bill Few Associates, Inc.
This time of year, travel plans are likely being made to see the changing leaves, celebrate the upcoming holidays, or just get away for a change of pace. When making these plans, travel insurance may be a topic that comes to mind more so now than in past years. With the constantly changing rules regarding travel and the unpredictable environment we are living in, it is hard to be certain what is going to happen in the next few months.
For those who are considering travel insurance, we know how overwhelming it can be to choose the right type of insurance. To help, we put together the following tips to make the process easier and less stressful so you can get on with enjoying your upcoming travel:
- Ensure trip insurance is necessary. Before getting caught up in the overwhelming topic of travel insurance, first ensure it is needed. Even though the circumstances beyond our control are constantly changing, there may be reasons why one does not need travel insurance, such as if the trip cost is extremely low or if rescheduling the trip is not an option.
- Confirm if the airline is waiving their change fees and refund policies. While many, if not all, airlines are waiving their change fees during the pandemic, we still recommend confirming with the airline before assuming this is the case. Some travelers may only need this confirmation and assurance instead of signing up for trip insurance.
- Identify the most important coverage(s). There are travel insurance plans for just about anything from lost luggage, emergency evacuations, to trip cancellations. Pinpointing the coverage that best fits one’s needs for the type of trip they are taking will help to narrow down the insurance plans and minimize overwhelming feelings.
- Research the different providers before selecting the right one. When looking into different travel insurance providers, take time to read reviews about them and call providers directly for information. Start this research early in order to be knowledgeable of the details in their policy, including the fine print.
- Be aware of the differences between domestic vs. international travel. One should ensure the plans they are researching are for their type of trip – domestic or international. This is because there are unique plans and rules for each type. Eliminating the plans that are not suitable for their type of trip can help to make the selection process easier.
- Lean on trusted companies to rate the providers. One can research the providers on consumer advocacy sites like the Better Business Bureau to get a better idea of whether the provider is legit and accredited, in addition to any issues consumers have had with them, if any at all. If trusted companies have done some of the heavy lifting, why not use the data they have as a guide.
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- Reach out to a trusted insurance broker. By utilizing a trusted insurance broker, one can have expert advice and insurance plan comparisons at their fingertips. This is a good option if one does not have the time or capability to do the research themselves.
- Look into credit card coverage. Many travelers may forget that their credit cards can provide some type of travel insurance coverage. It is important to look into those credit cards and the specific coverage they provide, if any, before deciding if more coverage is needed.
We hope the tips above will help you figure out if trip insurance is needed, and if so, how to choose the right plan so you can be on your way to enjoy your upcoming excursion.
If you have questions about this information or your overall financial plan, call us today at 412-630-6000. Our experienced financial advisors are here to help.
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