Find out what the experts say.
By Brooke Porter Katz, Martha Stewart Weddings
[post_ads]Your tickets are booked and your hotel rooms and excursions
reserved—but before you pack those bags, you might want to consider
buying travel insurance for your honeymoon. Take it from us: it's worth
it. In addition to the financial benefits (read: if something happens,
you won't lose the money you've invested in the trip), you'll also get
peace of mind. Here, Stan Sandberg, the co-founder of TravelInsurance.com, breaks down the benefits, different types of insurance, and more.
What determines the cost of travel insurance?
Two main things go into it: the age of the traveler and the cost of trip. The older the traveler, the higher the premium.
What determines the cost of travel insurance?
Two main things go into it: the age of the traveler and the cost of trip. The older the traveler, the higher the premium.
So how much are we talking?
In
general, when looking at a plan that incorporates trip cancellation,
medical coverage, and emergency evacuation, it will cost between 4% or
up to 10% of the overall trip value. For the 35- to 45-year-old
traveler, the premiums can actually be much less than people think—about
$220 on average. With the benefits and protection you get, it's quite
affordable.
Why do you think trip insurance is worth it?
When
people are investing a lot of time, energy, and money into flights,
hotels, and excursions—most of which are usually
non-refundable—insurance plan protect that investment and takes the
worry out of the unexpected, like missing a connecting flight because of
bad weather. Basically, someone got your back while you're traveling.
What are the various types of insurance?
Trip
cancellation, which is the most popular, means you'll get the total
cost of your trip back. Even the most basic plans will protect against
things like injury, accidents, or sickness prior to trip that would
force you to cancel. Most plans also cover inclement weather and even
terrorism, if an event takes place within 30 days of your departure or
arrival and is deemed so by U.S. State Department.
Then there's trip interruption, which kicks in if one of these events happens and you wanted to end the trip early. In this case, the remaining costs would be refunded.
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Medical insurance is a little more confusing. A lot of people think when they travel that their health insurance has them covered. Some may, but a lot don't. Plans offer either primary coverage or secondary coverage. If you incur any medical expenses, primary insurance will cover them, eliminating the need to go through your own health insurance. A secondary plan is when you have to first file a claim with your health insurance, and if it doesn't cover it, then the travel insurance plan will.
Then there's trip interruption, which kicks in if one of these events happens and you wanted to end the trip early. In this case, the remaining costs would be refunded.
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Medical insurance is a little more confusing. A lot of people think when they travel that their health insurance has them covered. Some may, but a lot don't. Plans offer either primary coverage or secondary coverage. If you incur any medical expenses, primary insurance will cover them, eliminating the need to go through your own health insurance. A secondary plan is when you have to first file a claim with your health insurance, and if it doesn't cover it, then the travel insurance plan will.
Is there any type of trip where travel insurance just isn't worth it?
I
would recommend it for every trip. Any time you have an expensive
investment and the costs are nonrefundable, I think it's wise to protect
your investment. I think it's especially important when doing adventure
travel or visiting an exotic vacation, when there can be a lot of
unknowns.
Any other benefits of travel insurance?
Most plans
offer what's called 24/7 global assistance. Better plans will also have
concierge services if you need to find a car rental or rebook a hotel.
