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Single-trip travel insurance may cover flights, cruises, safaris, and more.
Single-trip coverage can include cancellations, baggage loss, and medical coverage.
Premiums are based on your trip costs, but CFAR coverage may increase costs substantially.
No matter the asset, protecting your investments via insurance is a proven means of providing coverage against financial loss. On par with homeowners, automobile, and life insurance, travel insurance is a proactive means of preparing for the uncertainties of post-pandemic travel, from flight delays and cancellations to lost luggage and medical emergencies.
Are you finally planning your dream vacation? No matter your destination, single trip travel insurance may be the ticket to protecting your investment and providing peace of mind before, during, and after takeoff.
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How does single trip travel insurance work?
It’s a one-time purchase providing comprehensive coverage for one specific trip or vacation. Often used interchangeably with traditional travel insurance, it is the most popular type of insurance policy purchased by travelers in the United States.
Compared with multi-trip coverage (which covers unlimited excursions to and from home within a specified period and comes with a cap), traditional policies cover a range of unforeseen events and emergencies leading up to (and for the duration of) your trip. Its cost is typically a percentage of your trip costs.
Among its many benefits, this basic travel coverage is flexible, cost-effective, and comprehensive. It can also be designed to meet the specifics of your itinerary and budget.
“With single-trip travel insurance, you can tailor your coverage to the specific trip you are taking,” says Jane Jones of SeeSight-tours.com, who cites additional coverage for adventure sports like skiing and snowboarding and other high-risk activities.
Who needs single trip travel insurance?
Traditional travel plans are typically designed for the leisure traveler. In other words, vacationers who want to protect against unexpected, sometimes catastrophic financial losses related to an upcoming vacation pay a small fee relative to trip costs.
“The typical travel insurance buyer is someone who can’t afford to lose non-refundable trip deposits such as for a cruise or vacation rental if forced to cancel [a vacation] for a covered reason,” says Carol Mueller, Vice President of Berkshire Hathaway Travel Protection.
Travel coverage typically includes a host of benefits to protect against financial losses associated with trip interruption, travel delays, missed connections, and lost, stolen, or delayed baggage while on a trip. Some companies also offer roadside service for US-based travel, pet and sports equipment protection, and more. Another captive audience?
“It is also for the vacationer concerned about medical emergencies or medical evacuations [while away from home] that could cost thousands of dollars and [are] not covered by a health insurance plan,” Mueller adds.
Choosing the right travel insurance coverage
Since it can be overwhelming to sift through the myriad options available, Jones offers some tips to help travelers make the right decision when choosing travel insurance coverage:
Think about your needs
Consider the kind of trip you are taking and the activities you’re planning. If you’re traveling for a sports trip, you may want extra protection for your sports equipment. But it’s often simpler. For example, you’ll need travel medical insurance for emergencies as your standard health insurance probably won’t cover you abroad.Compare policies
Compare policies from multiple providers to find one meeting your needs and budget. Look for policies with comprehensive coverage for unforeseen events such as medical emergencies and trip cancellations. You can see which is more affordable when you have similar plans side-by-side. Just don’t forget to account for any differences to get the most competitive pricing.Read the fine print
Make sure you understand any exclusions or limitations before purchasing a policy. Some coverages, like cancel for any reason travel insurance, may have a time limit, but the coverage should be straightforward. Other cancellation coverage will most likely have important exclusions you should know.Consider preexisting conditions
If any travelers in your party have preexisting medical conditions, ensure the policy you plan to purchase covers them. You may have to pay extra, but it will cost you a lot less than trying to find essential medications while you’re on the road, especially if you’re traveling internationally.Look for customer reviews
Check customer reviews to see how other travelers have fared with the policy and provider. You can use sites like TrustPilot, ConsumerAffairs, and the BBB.Purchase early
It’s important to secure coverage at the same time you book your trip, as some coverage may only be available within a specific timeframe. Like your plane tickets and other travel arrangements, you may qualify for lower rates or discounts if you buy early.
Bottom line
Finally, planning to swipe a family vacation off your bucket list? Investing in travel insurance is the smart and savvy way to ensure you eventually reach your destination (financially) unscathed, despite any minor derailments.
“You can’t predict what can go wrong before you leave for, or even [what transpires] during your vacation. That’s why it makes sense to consider purchasing a comprehensive, traditional plans protect you against financial losses you never thought would happen,” says Mueller.
In the end, hundreds of plans offer similar coverages and benefit limits. Working with a certified insurance professional is the easiest and most seamless way to find, quote, and purchase a plan best fitted to a traveler’s specific type of vacation based on travel mode, trip cost, family presence, and more. However, many companies offer simple packages online with quotes if you answer a few basic questions.
After all, even the best-laid plans (and most detail-oriented itineraries) are subject to change due to unforeseen circumstances. While myriad travel-related details lie within your control, like when you go and where you stay, a few unpredictable variables will always remain. Proper insurance coverage might be the solution to anticipating all of them and ensuring a smooth journey one step at a time.