Traveling is always safer and more fun when you are backed by travel insurance. Insurance is and always has been mostly about buying peace of mind before engaging in certain activities, like driving or traveling.
Typical insurance policies cover all of the expected things that can happen… well… unexpectedly while you are away, including: trip cancellations (by the carrier or tour agency), lost baggage, and medical expenses.
However, there is another type of coverage that is less commonly-purchased than all of these, and yet that some types of travelers prefer to buy: trip cancellation insurance that allows the traveler (rather than the carrier/agency) to cancel the trip for any reason before they embark.
If you are looking for the best trip cancellation insurance for you, here are 5 tips for landing yourself the best policy:
1. Determine what type of standard insurance coverage you will need:
Before buying your cancel-for-any-reason insurance policy, decide what other types of standard coverage you will need. For example, if you are going by plane, consider lost luggage insurance. If you are going to be in risky situations, think about medical coverage or even death-and-dismemberment coverage.
2. Figure out how often you will be traveling over the next year:
Next, determine how often you will be traveling in the coming year. Why? Because, you may want to consider buying annual travel insurance (ask your insurance agent or tour operator for more details).
3. Get a quote from the first travel insurance company – but do not buy yet:
Next, go ahead and request a trip cancellation insurance policy quote from your travel agent or insurance company. But, do not buy yet. Rather, use this opportunity to talk with the agent on the line (or via online chat) about the types of coverage options they have. Once you have a final list of desired coverage options and coverage limits, you are ready for the next step.
4. Request 4 more quotes from other companies:
Now you are in a position to request an apples-to-apples quote from multiple insurance companies. Be sure to insist upon identical coverage and coverage limit options to what you got from the first company. That way, you can easily compare quotes.
5. Before purchasing, search online discussion groups for positive or negative comments about the companies on your list:
Hold off on making your final purchase until you have had the chance to search online discussion groups. Find out what people are saying about the 1-2 lowest-quote insurance companies you found. Make sure you like what you read before buying the policy.
Take action on these 5 tips in order to find the best trip cancellation travel insurance.