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Do I need Travel Insurance?

Travel Insurance Do I Really Need It? Pack Safety In Your Travel Plans $1.8 Billion Total spent by Americans on travel insurance in 2010 124 Million Number of Americans insured for travel in 2010 40% of Americans purchased some form of travel insurance in 2010. 17% of the people who buy travel insurance have a claim at some point. (That's 1 out of every 6 buyers) You have a higher chance of making a travel insurance claim than almost any other insurance you buy. Most people buy travel insurance for Trip Cancellation coverage, but claims data indicates there are many other reasons you need it. How Travel Insurance Claims Breakdown (By Number of Claims Reported) Rental Car Damage 0.2% Missed Connection 0.6% Trip Intérruption 13.8% Trip Cancellation 38.6% Trip Delay 22.9% 1.1% Medical Expense 1.8% 4.3% Medical 13% Bags S 11.6% 5.1% 9% Accidental Death & of Remains Dismemberment Return 0.05% 0.02% Types of Travel Insurance Medical Only Plans • Provides medical insurance while traveling abroad. Covers: - Medical Expense & Medical Emergency Evacuation - Air Ambulance to return home Only insures about 13% of the types of claims filed. Wholesale Plans purchased directly from a travel provider such as an airline or cruise company • Provides only cancellation coverage or • Provides a comprehensive set of coverage including Medical Coverage Trip Cancellation, Travel Delay - Life Insurance (AD & D) - Baggage Coverage • Typically lower cost plans sold as an option to a travel package - generally have lower coverage limits and rarely protect you against bankruptcy of the travel provider. Third Party Comprehensive Plans • More complete coverage for most travel risks. • Often includes coverage for: Medical Expense and Medical Evacuation - Travel Cancellation, Travel Delay, and Interruption - Life Insurance (AD & D) - Baggage and Personal Effects Coverage - Rental Car Damage - 24 Hour Travel Assistance Services Typically provide higher benefit limits, coverage for bankruptcy of a travel provider, and pre-existing condition waver if brought within 14-15 days of initial trip deposit. RECOMMENDED Sources: Compiled claims data from a typical comprehensive coverage plan US Travel Insurance Association - trip Cancellation 400 Cancel for Any Reason, Baggage Loss Baggage Delay Delays 37% Medical Evac

Do I need Travel Insurance?

shared by TripInsurance on Mar 30
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Most people buy travel insurance for trip cancellation coverage, but the claims data shows there are many other reasons you should buy travel insurance.




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