InsureMyTrip Issues New "Travel Insurance Checklist" For Travelers
Last updated on 03/28/2023
WARWICK, R.I., May 12, 2020 -- As confidence grows towards an eventual travel rebound, InsureMyTrip is committed to ensuring travelers make the best choice for travel insurance. Today, the unbiased travel insurance comparison site released a "coverage checklist" to help travelers easily evaluate plans. This checklist guides travelers towards plans best suited to guard against COVID-19-related travel concerns.
"As travel restrictions wane, more travelers will be booking trips and buying travel insurance. Easily identifying travel insurance plans with broader coverage and flexibility is vital," says InsureMyTrip Travel Insurance Expert Meghan Walch. "While using comparison tools on our site or speaking directly with an expert is always available, this simple checklist can help travelers better understand what they are buying — and how it will best protect them."
Cancel For Any Reason Coverage
For the opportunity to cancel a trip for reasons other than those listed as "covered reasons" on a policy, a traveler may consider a plan that includes an optional Cancel For Any Reason (CFAR) benefit. This upgrade will include the option to cancel a trip due to concerns over COVID-19 whereas traditional trip cancellation coverage does not.
CFAR is an optional time-sensitive benefit available on some plans that allow a traveler to cancel a trip for any reason, up to 48 hours prior to the scheduled departure. Reimbursement is usually 50-75% of the prepaid, non-refundable trip cost. A traveler must meet specific eligibility requirements and must purchase a policy with CFAR selected within a certain number of days after making an initial trip payment or deposit.
Financial Default Coverage
Financial default coverage is already included in many comprehensive travel insurance plans. This specific coverage is designed to help travelers in the event their travel supplier has stopped business operations due to financial reasons.
Usually, airlines, cruise lines and tour companies are the kind of suppliers that financial default would be covered under a travel insurance plan. Financial default coverage reimburses in-full only if the traveler is unable to make alternate arrangements to continue on with travel plans. If a traveler is unable to book another flight, for example, benefits would then be adjusted according to the specific terms of the policy.
Note: Financial default is not the same thing as bankruptcy. While some travel insurance plans may also provide coverage for bankruptcy, most offer only financial default benefits.
Financial default coverage is usually considered a time-sensitive benefit. This means it may only be available within a specified period of time after making an initial trip payment. This time period varies by plan and provider, but is typically around 10-21 days. Coverage must be purchased prior to any announcement of financial issues made by the travel supplier.
In addition, policyholders may be subject to a waiting period after your policy goes into effect. If that's the case, most plans will not allow benefits to go into effect until after the waiting period has ended.
Finally, some companies only offer coverage for the financial default of select travel suppliers. Contact travel insurance companies directly for questions about a travel supplier's eligibility.
Quarantine coverage is less widely talked about, but is a valuable coverage that can trigger Trip Cancellation, Trip Interruption, and/or Travel Delay benefits to apply. It is designed to provide coverage in the event a traveler is forced into quarantine, typically by a physician's order. Only select travel insurance plans will offer this.
Emergency Medical Coverage
Emergency medical coverage is already included in comprehensive travel insurance plans. This coverage is designed to help cover the cost of unexpected hospital or doctor visits while on a trip. It is important to read your policy carefully to understand any exclusions, as some travel insurance plans may exclude coverage related to COVID-19 pandemic.
Travel Insurance Expert:
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.