What are the different types of travel insurance?

Trip delay/cancellation insurance or protection offers a fixed amount of protection per qualifying event (for instance $100 per day of canceled flight). The amount does not change if your costs increase. Your credit card may offer basic trip delay/cancellation protection or you can buy it pretty affordably and it gives you a set amount per delay or per cancellation (detailed in the policy). Make sure you read the terms & conditions or talk to your credit card company before you assume your credit card’s insurance will cover anything on your trip. Trip insurance is regulated, while trip protection is not regulated. You need to review the fine print carefully to make sure you’re buying trip delay/cancellation insurance, not just a waiver for cancellation fees.

Comprehensive trip insurance covers the total cost of the trip (whatever you list as the trip cost) and will fully cover that amount in the event of a covered delay/cancellation/medical issue, etc so it can cost more upfront. As an example, say you've spent $15,000 on an Antarctica cruise but your flight is delayed and you miss the boat. Travel/trip insurance is regulated.

If you have trip delay/cancellation insurance or protection, you would get whatever the policy dictates (say $100 per day or waived cancellation fees) vs. if you have comprehensive insurance, you will get the full $15,000 back.

Emergency medical evacuation insurance is generally included in a comprehensive travel insurance plan or can be purchase a la carte. It’s sometimes referred to as medical evacuation and repatriation insurance.

The best travel insurance plans provide up to $1 million per person for medical evacuation. That might seem high, but evacuation costs can add up quickly, especially if you are in a remote destination. Many safari and expedition operators require travelers to carry medical evacuation coverage. Exactly what you’d pay for emergency evacuation would depend on your medical condition, the care required, and your location.

When should I buy travel insurance?

As soon as possible. Many travel insurance policies offer a pre-existing condition waiver if you purchase travel insurance within 14 - 21 days of your first trip payment. Your first trip payment can be any cost towards your trip - a planning fee that your travel advisor charges, a flight purchase, a deposit charged by the hotel or tour company, etc.

What should I look for in a travel insurance policy?

Read what the policy covers and what events will trigger coverage! To make a trip cancellation claim, you must be canceling for a reason covered by the policy. If you want to cancel your trip for a reason that’s not listed in the policy, “cancel for any reason” coverage (CFAR) is an upgrade that allows you to cancel for any reason and generally provides reimbursement of a percentage of nonrefundable trip costs. Here is one option I really like.

When should I get travel insurance?

The short answer is it’s always a good idea to protect your investments. The longer answer is anytime you don’t want to or can’t afford to lose your trip investment is a good time to get travel insurance. If you will be taking a lot of trips in one year, you can also consider an annual policy.

Help! Something happened and I need to file a claim. What should I do?

Call your insurance company or review your policy right away to see what kinds of documentation you need. Document EVERYTHING - take a picture of your checked bag and the contents before you leave, take a picture of each of your boarding passes and checked bag tags, obtain copies of lost bag claims, hospital reports, and police reports, etc.