Family Travel Insurance: What You Need To Know
Family Travel Insurance: What You Need To Know
Are you planning an expensive vacation? Perhaps you’ve been saving up for six months or more for your dream trip. Recent disasters, such as the COVID-19 pandemic and the historical flooding of Yellowstone National Park, have shown us that traveling has risks. Many people have been stuck abroad, landed with nowhere to go, and don’t know what to do when disasters happen. The simple solution to any of these problems is purchasing family travel insurance.
What is family travel insurance?
Family travel insurance, like other insurances, is necessary for when the unthinkable happens. Travel insurance usually covers medical fees, refunds from canceled trips, and more. For example, your medical insurance may not cover international travel if somebody is injured or becomes seriously ill. Travel insurance removes some worries about whether you can pay the bill while on vacation.
It’s essential to read through different policies. For instance, only some companies will cover children for free on a family plan. Likewise, one company may provide a cancellation refund, but another may also cover your personal belongings, should they be lost or stolen. Each policy will have different options and pricing, and choosing one that fits both budget and travel needs is essential.
Where do you get family travel insurance?
There are two ways most people find their travel insurance: online bookings and credit card offers. Many companies will try to sell you plans that don’t fit your needs. Every trip is unique, and insurance plans are not usually a one-size-fits-all deal. Before selecting your company, plan your trip as much as possible.
You’ll need to know a few things before looking up travel companies. For example, to get a quote, you’ll need to know who is traveling, where you’re going, and when you’ll be gone. Some companies require the price of the trip before you travel. Other companies allow you to extend coverage while you’re on the road.
Make sure you compare packages between at least two companies. Also, double-check cancellation policies and requirements for coverage. For example, some companies will not cover pre-existing conditions. Other companies will not allow an additional person who doesn’t live in your household. Limitations and rules apply to most coverage options, and you should review them before paying for any insurance.
Online Travel Insurance Companies
We’ve selected a few top travel companies for you to avoid endless comparisons. In addition, some companies, such as TravelInsurance.com or AARDY.com , will help you compare pricing options between multiple companies. It can be helpful to make a pros and cons list before deciding.
Travelex Insurance Services
Traxelex Insurance Services plan is widely considered to be the best for most families because children are covered at no extra cost in most plans. No matter what plan you select, you will have the benefit of trip cancellation and interruption refunds. There are some customization options, such as vehicle rental insurance. However, you cannot upgrade the basic package provided.
World Nomads
World Nomads is very serious about covering its travelers. This company offers higher coverage limits than others with the same options. More sports and adventures are covered with this company, such as skiing, scuba diving, or biking. You’re also able to purchase a policy or extend a pre-existing one while on your trip as well. However, trip cancellation refunds offered by this company can be lower than what you may need.
AIG Travel Guard
This company has some unique features that allow it to stand apart from the rest. You’ll get basic travel coverage for children, housing, and cancellation. However, you can also find coverage specifically for COVID-19 testing delays, weddings, and more. AIG is more flexible for traveling with friends or people who do not live in your household. The downside is that medical coverage may not be comparable to other policies.
Credit Card Companies with Travel Insurance Options
You may already have a credit card with a company that offers great insurance. Traveling with credit cards can be a lot easier than using cash. For example, if your card goes missing, you can cancel it before someone else finds it. However, if you’re using cash, it’s gone when it’s gone.
We’ve selected a few of the most popular credit card companies to help you find the best insurance for your trip. Keep in mind that the biggest benefit to cards may be points and company rewards. If your card doesn’t offer what you need, you can purchase extra insurance benefits through an online company as well.
Chase Cards
Chase Bank offers some of the best credit card travel insurance with their Sapphire Reserve or Sapphire Preferred cards. You will not only have coverage on regular trip things such as baggage and cancellations, but you will also have access to airport lounges reserved for members. There is an annual fee of about $500, but the benefits outweigh the costs for some travelers. Note: Chase will waive this fee for Active-Duty Military.
American Express
American Express offers two different options as well, with their Platinum and Hilton Honors Aspire Cards. These cards offer rental car insurance, lost luggage coverage, and medical insurance, depending on the policy. Membership fees can be quite high, so be sure that you can use all the perks the card offers before applying for one. Note: American Express will waive fees for Active-Duty Military for some of their cards.
Bank of America
The Travel Rewards credit card is one of the only cards without an annual fee. However, the insurance offered is minimal compared to others. For instance, you will not have access to cancellation coverage, but they will cover rental cars. Some trips don’t need everything in the package, and this card can help save money while providing the coverage you need.
Get Ready, Get Insurance, and Go!
No matter what insurance plan you need, there’s a company that’s ready to assist you. Don’t wait until disaster strikes and you’re in a panic. When you’re traveling with kids, the less you need to worry about it will make it more fun for everyone. Whether you intend to snorkel off the coast of Australia, enjoy a cup of coffee in France, or drive three states over to grandma’s, you can find a plan to cover it.
If this article was helpful, check out our article, Travel Hacks to Try While on the Road . If there is a topic you would like for us to cover, let us know.