Truth is, if you have to make just one large claim, you’ll be glad you had travel insurance. But what, exactly, are your chances are of making a claim on a travel insurance policy, and what kind of claims are typically filed?
First, the good news: Nine out of ten travel insurance claims are honored according to the US Travel Insurance Association. So if you’re thinking of filing a claim on your policy, it will probably be honored.
Now the bad news: If you’re among the 10 percent who have been rejected, you could face a long and ultimately unsuccessful struggle to have your claim paid.
You don’t want to end up there.
How to avoid it? Make sure your initial claim does everything it should. Continue reading…
We’ve already reviewed who needs travel insurance and where to find it, but how do you know if you’re getting a good deal?
There’s no authoritative buyer’s guide that can tell you if you’re looking at a bargain policy or a rip-off. That’s because no two travel insurance policies are exactly the same. They vary based on your age, state of residence and coverage.
Travel insurance typically costs between 4 and 8 percent of your trip’s prepaid non-refundable cost. However, a “cancel for any reason” policy can run you 10 percent of the nonrefundable cost or slightly higher. Your policy may be more expensive if you’re older or engaging in a risky activity that makes a claim more likely, but generally speaking, you should be in that range. Continue reading…