I appreciate that from the view that I have as a travel advisor, I see all of the unexpected things and craziness that happens to travelers on or before their much awaited vacations.
It’s certainly not as fun to talk about insurance as it is destinations, so I will keep this quick.
I have two types of insurance that I purchase as annual plans every year for my family, and I think they are a smart choice for most families who travel more than two trips per year.
Annual Plan For All Trips
First, I’ve purchased annual travel insurance for all trips rather than on a trip by trip basis since 2017. The Allianz Premier Plan covers all family members in a household (up to 19 or aged 23 if full-time student) for every trip taken in a year. So yes, that includes business and leisure travel. This plan covers trip interruption, travel delay, baggage delay, emergency medical and dental expenses and transportation.
Your price is determined by the different tiers of trip cancellation coverage you want for the year, from $5K to $15K. A family of four can spend from $450 for the $5K level to $1500 for the year for the $15K cancellation benefit, with ages of family members and state residency determining the final price.
For trips whose costs exceed $15K, individual trip insurance, however, must be purchased to protect your trip expenses in the case of a covered reason for cancellation.
There are also variations called Cancel For Any Reason plans that comes at a premium and actually reimburse you a portion of your nonrefundable expenses (typically 75% to 80%) if you choose to cancel your trip for an uncovered reason. If you are interested in that, let me know in the form below.
What About Credit Card Insurance Plans?
Compared to the travel insurance included in plans like the my favorite travel card, the Chase Sapphire Reserve, the Allianz plan still shines for actual medical cost benefits ($50K in medical coverage vs. Chase’s $10K). The Chase Sapphire offers some of the best car rental coverage around, and it is a card every traveler should have. I love my Chase for its benefits and included lounge access. Here’s a link for 60,000 bonus points to open one!
What I do not like about the Chase card is that you do not get coverage unless you pay for the trip with it. Like many of you, I use other branded cards for hotel and airline benefits. An annual plan like Allianz means I am covered regardless of method of payment.
Medical Evacuation Insurance
Medical evacuation coverage is different than health insurance provided in most plans. I just renewed my MedJet as an annual policy for medical or civil unrest evacuation support. Civil unrest is on the rise in countries with robust tourism, so I think it is a good bet for families who travel internationally on a regular basis. Since 2020, it seems that lots of unlikely things are happening, right?
1 in 30 trips end in a medical emergency, and safety while traveling has become a growing concern. Over 2 million travelers each year require medical transport ranging from $30,000-$180,000 in costs that their health insurance, travel insurance, and platinum card benefits may not cover. Those typically get them to the “nearest acceptable facility,” but Medjet can get them to a hospital at home.
These Medjet plans run approximately $425 for a family of four for the year. If you add the extra security layer of crisis response, it runs $614 for a family for the year. This affordable price makes this a no brainer to me for families who travel internationally every year.