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Travel Insurance – Is it a Dud?


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Travel insurance is often cheap, but there are some hidden costs you should be aware of. For example, most policies don’t cover things like Covid-19 and pandemics. You must purchase coverage before you become ill. Additionally, most policies don’t cover travel warnings from governments. And you might have to travel before they issue the warnings. These factors could make your insurance a dud.

The answer depends on how you compare prices. The number one factor in travel insurance pricing is trip cancellation coverage. Older travelers are more likely to cancel their trip. That’s why insurers usually set age bands based on shifts in claim volume and dollar amounts. But not all insurance companies have the same number of age bands. This is why it’s crucial to shop around. It’s also vital to understand your travel needs so that you can get the best coverage at the lowest cost.

Another common catch is that you’ll have to pay an additional fee for the “trip delay” coverage. Generally, this option is optional and costs up to 40% of the total trip cost. However, if you’re willing to pay more for trip cancellation insurance, you can opt for a “Cancel for Any Reason” policy. These plans are more expensive, and they pay only 50-75% of your costs.

In many cases, travel insurance policies are cheap because they cover things that might otherwise be covered by a different policy. For example, a credit card travel insurance plan activates when you buy air tickets. However, most policies have a minimum spending requirement of $500, meaning you might not be able to use it for cheap airline tickets. Other policies may cover only one way to a destination, but they don’t cover if you don’t have a return ticket.

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