Sunday LA Times Article on Travel Insurance

Interesting article this past weekend on the LA Times written by Kathy M. Kristof, a reporter for Personal Finance.

The article highlighted a 77 year old traveler who had booked a $8,000 trip but had to cancel due to a health problem. Fortunately he had purchased travel insurance and was able to recover his non-refundable expenses through the insurance policy.

One of the interesting points made in the article was how much premium can vary for travel insurance. In the case above the prices range from 8.3% – 15.1% of the cost of the trip! Unlike homeowners or car insurance, travel insurance has no standard plans where you can compare apples to apples. While most plans have the same benefits (replacement of financial loss) they will vary on covered reasons, treatment of pre-existing conditions, and exclusions. In some cases the most expensive plans may not provide as much coverage as the less expensive ones and in other cases they may provide better coverage.

The bottom line is that it pays to compare and to find the plan that is best for you and your trip! Not only might you save on your premium you also will find the plan that’s right for you. Remember even the cheapest travel insurance is too expensive if it doesn’t cover you for what you need.

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