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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.
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
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)