Do we need travel insurance?

Old Nov 23rd, 2003, 12:19 PM
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Do we need travel insurance?

I purchased an all-inclusive package for myself and my husband to San Souci Resort in Jamaica. The agent is pushing to sell travel insurance ($59/person). Should we get this? We have no intentions of canceling this honeymoon trip.
JamilaZ is offline  
Old Nov 23rd, 2003, 12:39 PM
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How much of the trip is refundable if something happens at the last minute and you can't go away and didn't buy the trip insurance? Are you willing to take the lost? What about your airline tickets, are they refundable and what is the cost to change the date? My brother-in-law died suddenly the day we were to go away for a week long family vacation so I unfortunately have been through this. What do you get in the way of insurance for the $59 each, is there any lost at all to you money wise? I guess the question really would be is whether it is worth the $118 verses the lost if you canceled the trip for any reason without the insurance. By the way, Congratulations!!
Robin is offline  
Old Nov 23rd, 2003, 03:13 PM
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if you are paying for the trip with your creditcard, you may have built-in travel insurance so check with them. Also if are you covered if you should be so unfortunate to be in need of emergency medical help. Important is how much you are covered for.

Do you have an insurance broker for your house and car insurance? Check with them, their price may be better.

Also travel insurance may cover delayed and lost luggage, sometimes delayed flights, missed connections.

For the extra money it is worth the extra $ (or £ in my case), but read the small print and compare the options.

I never leave home with our one.
OT is offline  
Old Nov 24th, 2003, 04:15 AM
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I'm a big proponent of travel insurance, but do read the fine print to see what is covered. Sometimes it's just lost deposits, etc. In my case, I have collected for weather delays, missed connections due to airline delays, hotels and meals during unplanned detours when stranded in other cities because of weather, etc. It's not just things within your control (like cancelling your honeymoon), but weather, illness, etc. (E.g. missing a day because of snow delays, or hurricanes, etc.)
Callaloo is offline  
Old Nov 24th, 2003, 04:36 AM
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I have heard from clients all the time that they won't ever cancel, but you never know. you may not even need to cancel for a tragedy, I had clients in the past who have become pregnate, and thier DR didn't want them to go, so the insurance covered that joyess occation. You never know.
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Old Nov 24th, 2003, 06:19 AM
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I have always purchased trip insurance not so much because I worry about cancellation but because it usually also includes medical coverage that covers an emergency airlift off the island in case of injury or illness. You do not want to end up in a Jamaican hospital and emergency transport home will be $10,000 at a minimum and your health insurance will probably not cover it. Check with your carrier. If they won't fly you home, get the insurance.
cartera45 is offline  
Old Nov 26th, 2003, 12:58 PM
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I have traveled all over the globe (literally) for the past 30+ years and have never bought travel insurance. If you consider the cost versus the amount you are insuring, there are very few types of insurance with a higher cost ratio. Plus there is probably very little likelihood you would use the coverage if you feel well enough to go on the vacation in the first place. If you are relatively certain of the timing you will be available (ie. you have verified with your employer you can get the time off during the period you wish to travel), are in average health and not over 60 or so and don't have a close relative in dangerously poor health, I would say you are simply donating the $59 per person insurance. Your travel agent is pushing for you to buy travel insurance only because they get a large chunk of it as part of their commission - because travel insurance is very rarely ever used; hence the high profitablity in selling it.
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Old Nov 26th, 2003, 02:08 PM
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ddnly, either you are extremely fortunate in never having had a reason to claim on a travel insurance policy, or you misunderstand the full scope of what a well-chosen policy can cover. All it took was one claim to make a believer out of me -- coincidentally, I had a claim the very first time I purchased a policy. On that occasion, my first (out of 5 -- perhaps I am very unlucky!) claims had nothing to do with my health, my relatives' health, or even the weather at my destination. I just happened to be in Providenciales in March, 1993, when the "Storm of the Century" shut down air travel on the U.S. East Coast, leaving me stuck for extra days. Trip interruption insurance paid for the extra days' lodging, meals, car rental, phone calls, etc. The amount of that claim alone paid for my insurance premiums for the next few years. (My other claims were the results of a hurricane, a blizzard, and two airline snafus.)

JamilaZ needs to carefully review the policy being offered to see what it covers, and to assess the risk vs. the cost. Ultimately, however, the point of insurance is to cover the unexpected.
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Old Nov 26th, 2003, 05:19 PM
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I will agree with ddnly on this one.
From a financial perspective, insurance programs are set up so that the insurance provider takes in more money (premiums) than they pay out.
Over time, travel insurance always benefits the carrier, not the traveller.
That is, over the lifetimes of many travellers as an aggregate, they'll "lose money" on travel insurance by paying more than they receive.
Any one individual may recoup great sums of money, but for every such person there will be 25 more who pay more than they receive.

Why do you think agents push this type of insurance so hard? Because they have the best interest of the client at heart? Not.
Because they get a commission, of course.

I've travelled worldwide for 35 years and can't recall having lost a single dollar which insurance would have covered. Maybe I'm just lucky.
But I'd have been out thousands had I insured all my trips.
gplimpton is offline  
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