International Travel Insurance is usually suggested by your travel agent when you book vacations, but what does International Travel Insurance really cover? There are many different companies that you can book your International Travel Insurance through but your travel agent will most likely have one that they use. Remember that you can shop around for this coverage and you don’t have to use the one they suggest. Ask your travel agent if you get a discount for using their preferred insurance. Most likely it is the travel agent that is getting the perks from you using that preferred insurance.
AIG Travel Guard is an International Travel Insurance that I have personally have used. I found that as it does cover if the traveler or immediate family is hospitalized or dies but for everyday occurrence it does not help. If you are unable to travel due to work related events or decide to just cancel for any reason it requires that you have purchased an additional coverage that the travel agent did not tell you about. It also does not cover if you miss the ship due to missing a flight or traffic. It will cover if you get into an auto accident on the way to your destination though or if your air travel delays are not at your own fault. An example of this would be delayed flights or missed connections due to a delayed flight. If you are just running late to the airport you can forget the coverage.
One of the positive aspects of International Travel Insurance is that if for any reason you are transported to a hospital or medical facility your expenses can be covered. Be fore warned though for maximum coverage this too may require additional insurance. If you do decide to purchase the cancel for any reason insurance it will only refund 50% of the travel cost. If you purchase the cancel for work trip insurance it will cover 100% of trip cost. The cost for additional insurance to cancel for work related is $24 per person and the cancel for any reason is 1.4 times the base cost of the insurance. For your average traveler between the age of 35-59 this cost would be $94 for a trip that cost you between $1,500 and $2,000 and that is just the additional coverage.
International Travel Insurance is not cheap with all the add-ons needed to insure that you will be covered. For the average adult age 35 to 59 basic coverage for a trip costing between $1,500 and $2,000 travel insurance will run you $94 per person. This is your basic plan. You are also at the liberty of the insurance company approving your claims. There is a lot of paper work involved in this process as well.
International Travel Insurance can be worth it while vacationing abroad. It will cover emergencies like hospitalizations and injuries. It will even cover if you have to fly back early in some instances. But if you are purchasing the insurance in case you are unable to make your travel plans than this is not the best option. I would suggest booking with a travel agency that allows refunds for cancellations. Usually this is on a time line. For example if you cancel before the 70th day prior to departure it would be 100% refund. 70- 40 days a 75% refund and finally they would refund you 50% if canceled before the 14th day before departure. This is the best option for those who fear the non medical unexpected should arise before they leave. This is also a free option to travel insurance.
If piece of mind is what you are looking for while traveling abroad I would suggest using AIG Travel Guard as they are comparable to other travel insurance agencies and are very polite and helpful on the phone.
