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Trip Insurance

Old Dec 8th, 2005, 08:26 AM
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Trip Insurance

We are planning our first trip to Ireland in March. We are going with a tour group out of Louisville, KY. I was wondering what people out there think about getting trip insurance???? It will cost us another $326 to get this insurance in addition to the cost of the trip. I guess it's just whether you want the peace of mind knowing you have it isn't it!!!
Hoosiergirl is offline  
Old Dec 8th, 2005, 08:34 AM
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It would depend on a lot of factors--such as, what the insurance you are considering covers (and, more importantly, NOT cover); the likelihood that a covered event might or might not occur (e.g., are traveler health problems covered and how healthy are the travelers); how much money you'd actually lose if the trip had to be cancelled for a reason that would be covered by the insurance (e.g., there might be limitations on how much of your tour deposit you lose depending on how long before the trip you have to cancel); reliability of the tour company and the airlines; etc.

And the peace of mind issue. We've never purchased it, but as we grow older we might.
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Old Dec 8th, 2005, 08:47 AM
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That seems a bit high priced to me. Is it being offered by the tour? I'd check out the various coverages at www.insuremytrip.com and see what various coverages are offered
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Old Dec 8th, 2005, 08:51 AM
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rex
 
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Hi, hoosiergirl - - where do you live? There is a group of us Indiana and Kentucky Fodorites who have organized two annual get-togethers - - see http://www.fodors.com/forums/threads...2&tid=34598144

... and stay tuned!

As for insurance, I think that it suits few people well, but there is a considerable list of questions - - about you and your financial situation, about the insurance itself, about the tour group, for starters... that impact a thoughtful answer.

Feel free to write to me, if you would like to chat, offline, sometime.

See also http://www.fodors.com/forums/threads...2&tid=34714830

Best wishes,

Rex Bickers
Floyds Knobs, Indiana
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Old Dec 8th, 2005, 10:31 AM
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Trip Insurance is no different than any other type insurance - when you have to make a claim you are glad you have it it but if you don't need it you feel like you've wasted money. Only YOU can decide whether or not Trip Insurance is "worth it" for your particular situation and making that decision is actually pretty easy. Figure what your "worst case scenario" out of pocket expense would be if an untoward event were to occur that caused you to cancel or interrupt your trip. Then, ask yourself if you are willing to accept that size of a financial loss. If the answer is yes, don't purchase the insurance. If, on the hand, you feel that such a loss would creat a financial hardship then you should buy the insurance.

I think one of the reasons it people have second thoughts about Trip Insurance is that unlike Homeowner's Insurance or Car Insurance where the law or your lender requires you to purchase insurance Trip Insurance is a voluntary expense.
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Old Dec 8th, 2005, 02:41 PM
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Hi

I would not travel without insurance. If for some reason you require hospitalisation for example the costs would be more horrific than your pain!! Perhaps a little known fact is that as soon as you pay for your insurance you are covered not only for the period you travel but before as well (in my policy anyway). Three weeks we were due to fly out my wife snapped her Achilles tendon. We would have been $2000 out of pocket for cancellation fees. Fortunately all of this was refunded under our policy. When you consider all the costs of your trip, insurance is a very small price to pay. "Don't leave home without it".

Insurance premiums have risen substantially since 9/11. The $326 quoted seems about normal and similar to my premium. But the old adage applies - "Shop around".

Happy, safe travels.
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Old Dec 8th, 2005, 02:56 PM
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This really is a personal thing and depends on one's finances, current insurance, etc. If you are prepaying a large amount of money to a tour, and that insurance covers your desire to cancel for any reason, it might be a good idea. I don't prepay costs, so don't have those concerns myself.

Does that amount also cover all medical needs while out of the country, as well as medical evacuation? You don't say, but if it's strictly cancellation insurance, it sounds pretty expensive to me.

worldinthebag, your post is confusing to me. One of the main reasons people buy this insurance is because they are afraid they may need to cancel for medical reasons (themself or traveling partner) and have some money invested they can't get back. However, your post implies one is covered for everything the insurance covers, and it sounds like you are claiming your medical bills in the US before you go on the trip would be covered by it. Is that what you meant? I've never heard of that, only that it covers medical expenses on your trip.

If it covers all your medical bills in the US before you even go on a trip, that is amazing. Is that what you meant?
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Old Dec 8th, 2005, 09:44 PM
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We purchased trip insurance for the first time last year, in anticipation of a trip we were planning to China. It really saved our bacon, as I had a heart attack months before the trip, which forced me to take early retirement and cut back on my income available to take the trip.

I don't recall what it cost, but I second the recommendation to shop around. One thing that was important to me to verify for our trip was that the insurance would also apply against the possibility that the tour company became insolvent before we completed our trip. What if the tour company runs out of money, especially midway through your tour? Will the insurance work avoid your being stuck abroad and having to get yourself home on your own dollar? Would your funds be tied up in bankruptcy? I wanted to make sure that I'd get all my money back pronto and the travel insurance company would then be on its own to seek reimbursement from the tour company to recover the trip cost paid.

As I recall, many tour groups belong to an international organization whose members pay into an insurance fund to cover that eventuality. Our tour group, Vantage, was not a member of that group at the time we arranged the trip, so I wanted to be sure our trip insurance covered us.
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Old Dec 8th, 2005, 10:35 PM
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Hi Christina

No sorry, just to clarify. I'm from Oz. The travel insurance - Harvey World Travel - reimbursed us for cancellation fees for airline fares and tours. My wife's medical costs had nothing to do with the travel insurance and were borne by her medical fund. A comprehensive policy - that would be too good to be true!!

Cheers

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Old Dec 9th, 2005, 02:07 AM
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I must say that cost looks incredibly high from my British perspective. People take out travel insurance without thinking about it here and it's much cheaper than that. I have worldwide, annual travel insurance (including dangerous sports coverage) free with my bank account, but if I had to buy it, I could get annual, multi trip cover for about $150-200. Two weeks cover for Europe would cost me about $30!
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Old Dec 9th, 2005, 01:10 PM
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There are many levels of trip insurance, so I think you have to analyze the insurance coverage you already have, what losses you can afford to bear, and what expenses would ruin you.

For example, many people already have health insurance, but not all health insurance policies cover overseas treatment (Medicare is one that does not cover such treatment; many HMO policies don't fully cover it). I don't think age has a lot to do with needing such coverage; young people can have serious accidents as easily as old.

Many of your expenses can be minimized if you don't make your trip. Hotels often return deposits if you cancel early enough. Even non-refundable airline tickets can usually be cancelled; you usually don't get your money back, but you can get a voucher for what you paid less a processing fee, for future travel on that airline. In any event, even if you lose all your prepaid expenses, you will not be ruined, since you obviously had enough cash or credit to pay them; all you will lose will be the travel experience.

As to what will ruin you, the only thing I think of is the cost of medical evacuation. If you have some serious accident overseas, it is common that you will have to be accompanied by professionals while you are returned home, and will have to use a specially equipped plane. I've read that the cost of this can easily exceed $50,000 US, and I've seen higher figures (usually by companies that are trying to sell trip insurance). I think a cost like that would ruin most of us.

Its up to you how much risk you are willing to assume. My personal strategy was to switch my hospitalization to a plan that includes overseas coverage, and I'm willing to self-insure on the deposits and tickets, so I look for a travel insurance policy that offers good medical evacuation coverage, and the least possible of the other coverages.

The cost of trip insurance varies with your age, the coverages, and the length of your trip, none of which we know, but I think with some astute shopping you can get coverage for a lot less that $326.
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Old Dec 9th, 2005, 01:31 PM
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sandi
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If your policy is running $326 - is that total or per person? If for two, then it is reasonable.

However, if you have prepaid for your airtickets and land package, there is an investments. The OP have indicated pros and cons, and only you can determine your likely liability.

While we've previously taken out Comprehensive coverage, including cancel and interruption, baggage delay or loss, flight delay, medical/dental, medical evacuation; of late we have only taken out medical and evacuation... our choice.

Whether you are young or older, you don't have to have a major health crisis when away from home (a heart attack), a simple fall or slip on uneven ground can have you in a cast needing first-class seating for a homebound flight. Better the insurance cover this.

Only you can decide, but once I leave the States, I always have some kind of travel insurance... don't leave home without it.
 
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