Thursday, April 23, 2015

Travel Insurance ~ What is it, do I really need it and when should I add it?

Travel Insurance ~
What is it, do I really need it and when should I add it?

When you purchase travel from a Travel Agent one of the questions they will ask you is, “Do you want Travel Insurance?” Good question!!!!

Travel Insurance is insurance to protect you if anything happens that affects your travel plans. Travel Insurance can protect your vacation financial investment if for reasons of illness or family emergency you can’t travel. It can also cover trip delays, lost luggage, and medical emergencies while on vacation and even trip cancelation due to weather. The weather coverage is especially nice if you are doing a cruise during Hurricane Season (June-November). If your travel plans are interrupted all you lose is the insurance premium not the entire vacation savings. That way you are free to reschedule another trip right away.

Disney Company uses Travelex Insurance services. When booking make sure you look at the Travel Insurance offered and see what it covers and what is excluded for your particular package. I suggest making sure you think about your family situation. Do you have anybody in your travel group or family that is elderly or ill? Could their health effect your plans and make you cancel your trip? I think about my elderly mother-in-love when considering Travel Insurance. If something happens to her I would change my plans no matter what the cost. Are you going during seasons where weather could affect your travel plans? I think of travel delays caused by winter storms and hurricanes when considering the need.

Many really good Travel Agents will suggest you add Travel Insurance when you book your trip. This is good because you know you are covered right from the start if for any reason your plans change. But, read on my travel buddies! There are problems with this! There are reasons to rethink if you need it and when to add it.

Yes, I believe Travel Insurance is a good decision for most people. If you are young, health and your extended family is healthy you may want to skip insurance. So when to add it is the question! Disney allows you to add Travel Insurance to your trips booked with them up to the time you make your last payment. So if you wish to pay for your vacation in full hold off $50 and wait until the last day. Go purchase a Disney Gift Card for $50 and use it to hold off paying if you want to make sure you don’t spend it for anything else. Then add the Travel Insurance with that final payment but not before!

Disney understands that plans change and people plan a year in advance or more to go on their Disney Vacation. Things happen and people need to cancel their reservations. That is why Disney allows you to cancel your reservations with no penalty in most cases up to the stated cancellation date. (Some reservations do have a no cancellation policy so read before your book and ask your Travel Agent.) You will get the entire amount refunded to you.

So why wait to add Travel Insurance if Disney understands that you might have to cancel? Because if you have paid for insurance you will lose the premium for the insurance even if you cancel before the stated cancellation date. So wait! You will not lose any money if you cancel and if you don’t cancel you can add it with the final payment protecting yourself when you need it most, when you are past the cancellation date and traveling.

Long post just to say, Travel Insurance is a good thing to have but wait until time for your final payment to add it so if you cancel before that you don’t lose the price of the insurance premium. 

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