Every time we propose a trip for our clients, we always include a quote for Travel Insurance. And many times we are asked “Do you really think we need it?” My short answer is YES— Every time you make a large investment, I recommend protecting the investment, especially when that investment includes both money AND your leisure time.

With luck on our side, most of us will never have a need for travel insurance. But if we relied on luck to guide all of our financial decisions, perhaps buying a lottery ticket would be the best investment instead of directing your savings to your 401K. And I don’t like to rely on luck when it comes to investments, nor should you.

And for families traveling with children? This only increases the risk of the unexpected happening. Children under 17 are included free in the plan we offer.

What is travel insurance?

Essentially, travel insurance serves two purposes, both financial. The first is to protect the investment you’ve already made—the cost of your trip—in the event that you need to cancel. The second is to cover future potential costs because of unforeseen events—for example, the cost of medical evacuation, should you get injured during your trip.

Why do I need travel insurance?

Travel insurance protects you from the unexpected. You hope that everything will run smoothly on your vacation, but mishaps or accidents do happen. Travel insurance is designed to protect you financially from lost baggage and expensive medical bills.

Travel insurance plans protect you for:

• Trip Cancellation

• Trip Interruption

• Trip Delay

• Baggage and personal effects

• Emergency medical and dental expenses

• Accidental death and dismemberment; and more

Do I really need travel insurance?

It depends on whether you’re making large nonrefundable advance payments.

Are you reserving rooms at hotels that let you cancel up to 24 hours before check-in, and renting a car that you don’t have to pay for until you show up at the counter? In that case, don’t bother with insurance, since you’re not out of pocket for many expenses.

Or are you prepaying for most of the pricey elements of your trip—hotels, guides, transportation, a cruise—which often means that your deposit and subsequent payments are nonrefundable?  In that case, you’re an excellent candidate for travel insurance.

What am I covered for?

Master Travel works with our preferred partner, Travel Ex. Because of our preferred status, we offer the Travel Select Plan to our clients.

Generally speaking, you’re covered for unforeseen events on your journey that fit within the items specified in your policy. We recommend reading your policy carefully to ensure you’re satisfied with the levels of coverage. Our plans come with a ‘15-day free look’ period where you can cancel the policy if you have not departed on your trip or filed a claim.

What Are Some Examples?

• My daughter is too sick to travel - When you purchase a plan that offers trip cancellation/interruption coverage you may be eligible to cancel your trip for the unforeseen sickness - and be reimbursed for any non-refundable expenses relating to your trip.

• My travel supplier just declared bankruptcy - Common carriers with financial difficulties are becoming increasingly common. Purchasing trip cancellation/interruption coverage from Travelex can protect you from losing your trip investment due to such an occurrence.

• We were on our way home when the airline went on strike - The trip delay benefit offers coverage for additional meals and accommodations for strikes that affect public transportation.

• I arrived but my luggage didn't - Whether your bag is lost or merely delayed, you can be reimbursed for the purchase of clothing and personal articles so you can enjoy your vacation.

• My father-in-law fell and injured himself and I normally care for him - The illness or injury of family members is also included under covered reasons to cancel. It's important to remember that even if you are fit to travel; other events may make departing on your trip unthinkable.

• We missed our connection because of a flight delay - Weather and mechanical difficulties often delays our arrival into our connecting city past the departure of the next flight. If the cause of the flight delay was at least 5 hours long, you may be reimbursed the un-used portion of your trip as well as for the additional accommodations and meals.

• We were traveling when I suddenly developed chest pains - When a medical emergency happens far away from home and from proper medical facilities, you want to ensure you receive adequate care. Our medical evacuation benefit will cover emergency transportation for you to the nearest facility or back home.

• A terrorist act has occurred in a city in which my flight will be connecting - Both domestic and international terrorist acts are covered reasons to cancel your trip and protect your investment from being lost.

• My wallet, with my credit cards and passport, have been stolen - Emergency assistance services will assist you in reporting your lost documents and make arrangements for an emergency cash transfer should that be required.

Should I buy “Cancel For Any Reason”?

We all run into a snag here or there when it comes to travel. That's why people love the "Cancel for Any Reason" upgrade which is available on the Travel Select plan. The "Cancel for Any Reason" upgrade must be purchased within 21 days of the initial trip deposit of your Trip and at the time of initial plan purchase. This upgrade lets you cancel for any reason – for whatever it may be – up to 48 hours prior to your Scheduled Departure Date.

The Cancel for Any Reason option reimburses up to 75% of the insured trip cost. The upgrade requires that all pre-paid non-refundable trip costs are insured. Maximum trip cost is $10,000 per person.

The Cancel for Any Reason upgrade is a great option for anyone who isn't 100% sure that they will be able to leave on the trip they are planning. Adding the upgrade ensures certainty for you when you're traveling plans are anything but certain. Some of our clients choose this option for the simple convenience of not having to file a lot of paperwork when filing a claim.

Don’t I already have insurance?

You might.  Some—but not all—medical plans, homeowners’ or renters’ insurance policies, and credit cards offer benefits to travelers. But Medicare, for instance, doesn’t cover members when they are overseas (though some Medigap plans do), and most health plans won’t cover evacuation (meaning, transportation to an adequate medical facility), which can be expensive if you’re somewhere remote. Check with your insurers to see what’s included.

Some premium credit cards include a level of protection. This coverage probably isn’t alone worth the card’s annual fee, but if you already have such a card, you should know what benefits it offers so that you don’t pay for redundant coverage.

I have a medical condition.  Will expenses related to it be covered?

Yes, coverage is available if you purchase the plan within 21 days for the Select plan, of your initial trip deposit.

At what point during my trip planning should I buy travel insurance?

Purchase your policy as soon as you put down a deposit toward your trip.  That’s because certain desirable benefits (e.g., coverage for cancellation because of pre-existing medical conditions and coverage for financial default of the travel supplier) may kick in only if you buy your policy within 14 days or so of your initial trip payment.  Cover whatever amount is nonrefundable; you can adjust your policy with each subsequent payment for your trip.