When should I take out travel insurance?

When should I take out travel insurance?

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Is travel insurance worth it?

Should you get travel insurance? We desperately want to travel and insurance seems smart, but the answer isn’t always yes or no. Find out Queer money®. In the meantime, get your free copy 5 building blocks for a happy gay life Here.

When and how can you take out travel insurance for this? Queer money®:

Would you like to take out travel insurance?

So you want to travel, but you’re nervous. The COVID situation appears to be improving, but there are still many what-ifs. Is there a way to move forward with your plans and still protect yourself and your money?

Bobby Lee is the personal finance blogger behind 2 Minute Finance, a platform dedicated to teaching personal finance and consumer skills. He is also a freelance writer covering personal finance strategies, travel and lifestyle for publications such as WellKeptWallet and Policy Genius. As a self-professed travel rewards and travel insurance expert, Bobby is passionate about developing strategies to maximize the value of our miles and points.

Bobby Lee explains how and why to buy travel insurance

In this episode of Queer money®, Bobby joins us to discuss the ins and outs of travel rewards and why program administrators make it so difficult to redeem our miles or points. He discusses the two types of travel insurance coverage, explains what built-in protections are available and why frequent travelers should consider an annual policy. Listen to Bobby’s advice on protecting a rental car with your existing coverage and learn how to choose the right travel insurance in the age of COVID.

With a reliable provider, you can get adequate annual coverage and a consistent benefits package for not much more than the price you would pay for one-off travel insurance. – Bobby Lee of Bobby Lee MediaClick to tweet

Topics for taking out travel insurance

Bobby’s interest in the field of personal finance

• Help people build consumer skills and make good decisions
• Develop strategies to maximize the value of miles or points

The two main types of travel insurance available

• Provider offered (served to protect them, not you)
• Independent travel insurance cover

How travel insurance coverage changed in the COVID era

• Offer COVID protection as an add-on or policy feature
• The devil is in the details (different levels of protection)

The integrated protection devices for different levels of coverage

1. Basic policies cover death and natural disasters
2. Mid-level policies = delayed baggage, evacuation insurance
3. Premium insurance offers the ability to cancel for any reason or CFAR

Why read the conditions of the insurance certificate?

• Definitions and exclusions vary by policy
• A pandemic has never been considered before

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The advantages of a typical COVID supplementary insurance

• Covers medication and basic examinations/tests if the contract is on the trip
• May or may not cover medical evacuation costs

Bobby’s advice for booking a simple beach vacation now

• Ensure maximum flexibility regarding changes or cancellations
• Book through a provider versus a third party like Expedia

Bobby’s insight into the best rental car protection

• Rental car insurance products are predatory in nature
• Check primary auto insurance and credit card protection first

Why it’s difficult to get points back if you have to cancel

• Depends on who has the remaining balance and how the trip is booked
• Easier with airline or hotel programs compared to credit cards

Why Bobby suggests an annual policy for frequent travelers

• Covers every trip this year, benefits do not change
• Doesn’t cost much more than one-off travel insurance

Why travel rewards programs are so complicated

• Administrators don’t want too many to be redeemed
• Set expectations (lose more often than win)

Connect with Bobby

Resources for purchasing travel insurance

Note: This article contains affiliate links. This means that we receive payment at no cost to you when you purchase through these links. We only recommend products that we use or thoroughly review and would recommend to our mothers. If you buy too many of them, you’ll live fabulously broke. Live fabulously with financial security, Start here.

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