Toothbrush, Passport…Travel Insurance?
Editor's note: This is a guest post from Angie Picardo of NerdWallet
Sometimes the excitement surrounding a vacation trip could take our minds off the actual logistics. Few people look beyond booking airline tickets, hotel accommodations and other transportation. The “what ifs” aren’t fun to think about when packing up for a family vacation, but the only way to avoid a mishap is to be prepared.
Traveler’s insurance has been labeled as a scam, but with all of the new developments in travel these days, it’s worth taking a look. Some instances in which you’d benefit from traveler’s insurance are if a flight is canceled or you can’t make it, your passport is stolen, you need emergency medical assistance, or if there are hostile conditions in your destination.
When shopping for traveler’s insurance, you’ll find that your airline, cruise line, etc. will offer their own insurance package. It’s best to steer clear of these offers because in the event that the company, for example, goes bankrupt, you are no longer covered and won’t get your money back. Third party issuers are a better choice since they work independently from your travel line.
You may already be covered
But before you shop around, Visa, MasterCard, Discover and American Express offer their own individual coverage plans that you can use to supplement another insurance package if you so choose. So, booking your trip with your travel credit card offers more than discounts and rewards—it offers peace of mind. Make sure you read your card’s terms and agreements carefully, but here are a few highlights that make each one different.
Visa gives you decent coverage with a minimum $250,000 of travel accident insurance. If a common carrier loses your bags, you’re eligible for a lost luggage reimbursement up to $3,000. They do offer travel and emergency assistance, but they emphasize that “all costs are your responsibility” and that they will go through “reasonable” efforts to assist you in the event of an emergency. That brings into question their definition of “reasonable,” so call to see what’s actually covered.
MasterCard gives you up to $1,000,000 in travel accident insurance, but is very specific when determining just how much you’ll get. To get the full amount, you need to lose your life, two limbs, or sight in both eyes. If you lose your thumb and index finger on the same hand, you are entitled to a quarter of the amount, but if it’s different hands, you’re outta luck. And if you’re planning on an extended stay, note that MasterCard only covers you for trips less than 30 days.
Discover’s coverage is pretty bleak with $500,000 coverage for accidental loss of life (but not dismemberment), and offers a long list of referral services but no help paying for them. They can help you track your lost luggage or help you transfer money, which is helpful…unless you can’t pay for it.
American Express offers the most comprehensive and flexible coverage out of the four. They cover trips less than 365 days long, reimburse non-refundable expenses and unused accommodations, and make arrangements for you if you’re medically unable to travel. They also give you up to $750 in emergency dental coverage, and allow you to customize your plan with different benefits, and to increase your coverage.
Better Safe Than Sorry
Some types of insurance could be more expensive than they’re worth. For example, for a short business trip form SFO to LAX, you shouldn’t buy the same medical coverage you’d need if traveling to a developing country. With the right kind of travel insurance, you can rest assured that you’re covered when any of those “what ifs” come around on your vacation.
About author: Angie Picardo is a staff writer for NerdWallet, a credit card comparison website dedicated to helping jetsetters find the best travel credit card.
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This post was written by a guest writer. If you'd like to add a guest post in Money Hacker, please check out Write for Us page for details about how YOU can share your knowledge with our community.
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Labels: Insurance Articles
3 Creative Comments are Rare Specious. Try One::
Marks Spencer said...
Travel insurance is just one of things that are necessary when traveling abroad. Travel insurance can be a very practical solution to providing protection for unexpected emergencies while traveling. This type of insurance protects your investment and allows individuals to travel with peace of mind. There are several options available for going abroad depending on the length and type of trip. Travelers can easily compare plans from leading providers, receive quotes and purchase a plan instantly. Travel insurance can insure against unexpected illness, injury, employment loss, luggage loss and more.
Insurance: A Guide
"Remember kids, I have life insurance" - Adam Savage
This is a guest article from Tatyana Levin
These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).
The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.
A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.
Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.
These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.
The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.
About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com
Editor's note: This is a guest post from Angie Picardo of NerdWallet
Sometimes the excitement surrounding a vacation trip could take our minds off the actual logistics. Few people look beyond booking airline tickets, hotel accommodations and other transportation. The “what ifs” aren’t fun to think about when packing up for a family vacation, but the only way to avoid a mishap is to be prepared.
Traveler’s insurance has been labeled as a scam, but with all of the new developments in travel these days, it’s worth taking a look. Some instances in which you’d benefit from traveler’s insurance are if a flight is canceled or you can’t make it, your passport is stolen, you need emergency medical assistance, or if there are hostile conditions in your destination.
When shopping for traveler’s insurance, you’ll find that your airline, cruise line, etc. will offer their own insurance package. It’s best to steer clear of these offers because in the event that the company, for example, goes bankrupt, you are no longer covered and won’t get your money back. Third party issuers are a better choice since they work independently from your travel line.
You may already be covered
But before you shop around, Visa, MasterCard, Discover and American Express offer their own individual coverage plans that you can use to supplement another insurance package if you so choose. So, booking your trip with your travel credit card offers more than discounts and rewards—it offers peace of mind. Make sure you read your card’s terms and agreements carefully, but here are a few highlights that make each one different.
Visa gives you decent coverage with a minimum $250,000 of travel accident insurance. If a common carrier loses your bags, you’re eligible for a lost luggage reimbursement up to $3,000. They do offer travel and emergency assistance, but they emphasize that “all costs are your responsibility” and that they will go through “reasonable” efforts to assist you in the event of an emergency. That brings into question their definition of “reasonable,” so call to see what’s actually covered.
MasterCard gives you up to $1,000,000 in travel accident insurance, but is very specific when determining just how much you’ll get. To get the full amount, you need to lose your life, two limbs, or sight in both eyes. If you lose your thumb and index finger on the same hand, you are entitled to a quarter of the amount, but if it’s different hands, you’re outta luck. And if you’re planning on an extended stay, note that MasterCard only covers you for trips less than 30 days.
Discover’s coverage is pretty bleak with $500,000 coverage for accidental loss of life (but not dismemberment), and offers a long list of referral services but no help paying for them. They can help you track your lost luggage or help you transfer money, which is helpful…unless you can’t pay for it.
American Express offers the most comprehensive and flexible coverage out of the four. They cover trips less than 365 days long, reimburse non-refundable expenses and unused accommodations, and make arrangements for you if you’re medically unable to travel. They also give you up to $750 in emergency dental coverage, and allow you to customize your plan with different benefits, and to increase your coverage.
Better Safe Than Sorry
Some types of insurance could be more expensive than they’re worth. For example, for a short business trip form SFO to LAX, you shouldn’t buy the same medical coverage you’d need if traveling to a developing country. With the right kind of travel insurance, you can rest assured that you’re covered when any of those “what ifs” come around on your vacation.
About author: Angie Picardo is a staff writer for NerdWallet, a credit card comparison website dedicated to helping jetsetters find the best travel credit card.
Like to Add a Guest Post?
This post was written by a guest writer. If you'd like to add a guest post in Money Hacker, please check out Write for Us page for details about how YOU can share your knowledge with our community.
The Best Free Investment You will Ever Make. Stay on top of the hottest financial ideas before they goes to public. Sign up for the Moneyhacker newsletter now!
Labels: Insurance Articles
3 Creative Comments are Rare Specious. Try One::
Marks Spencer said...
Travel insurance is just one of things that are necessary when traveling abroad. Travel insurance can be a very practical solution to providing protection for unexpected emergencies while traveling. This type of insurance protects your investment and allows individuals to travel with peace of mind. There are several options available for going abroad depending on the length and type of trip. Travelers can easily compare plans from leading providers, receive quotes and purchase a plan instantly. Travel insurance can insure against unexpected illness, injury, employment loss, luggage loss and more.
Insurance: A Guide
"Remember kids, I have life insurance" - Adam Savage
This is a guest article from Tatyana Levin
These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).
The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.
A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.
Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.
These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.
The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.
About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com
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