InsureMyTrip News

A recent insightful column by the Frugal Traveler exposes the step-by-step decision-making process of a traveler who is considering whether or not travel insurance is a wise investment for his upcoming trip to Asia.  While the decision that each traveler may reach regarding this choice is decidedly different — and should be, since the need for insurance is based on highly individual factors — the issues that are raised in the column are common to almost all travelers, and should be considered whenever you’re planning a trip.

Among the concerns raised by the Frugal Traveler are the cost of travel insurance relative to the cost of a trip; the relative likelihood of misfortune befalling you on your trip (for example, greater for one who is traveling by motorcycle through remote mountains than for one who is visiting Grandma for a week); the coverage already offered to you by your own medical insurance or homeowner’s insurance; and your individual financial tolerance — whether or not you think you’d be able to absorb the cost of a medical evacuation or other major unforeseen expense.  In most cases, the Frugal Traveler recommends using InsureMyTrip as one of the key sources for comparing and purchasing travel insurance options that suit your needs.

The entire column, “Should You Buy Travel Insurance?” can be found on the NY Times website.

This week, the Washington Post ran a very thorough story on the details of travel medical insurance.  Using InsureMyTrip as a resource, the article explains in depth how travel medical coverage works, why it’s important, and how it should be used.  One excerpt underscores the security many travelers feel when they have appropriate travel medical insurance in place:

On the comments page of InsureMyTrip.com, a travel insurance aggregator, travelers gush about how travel medical insurance gave them “peace of mind”; “fortunate” and “felt very comfortable” were also popular words. In the first 100 of 1,466 responses, not a single person related a negative story involving an injury or a claim. Nor did anyone complain about wasting money for an unused service.

One reason travelers may feel so secure, the article points out, is that those who travel without insurance may need to pay out of pocket for any unexpected medical costs, while those who travel with insurance can file a claim with their travel insurance company to have those costs reimbursed.  When the medical emergency is severe, requiring specialized services such as evacuation, the difference travel insurance makes could be measured in the tens of thousands of dollars.  However, as InsureMyTrip’s Executive Vice President, Peter Evans, points out in the Post article, travelers looking to purchase a medical plan for their trip should always check with their primary health insurance carrier first.  Some U.S.-based health insurers will cover medical expenses abroad, in part or in full, so it’s smart to have an understanding of your provider’s policies before buying additional coverage.

The complete story can be accessed on the Washington Post website.