Financial Tips

Taking A Trip? You Might Want to Consider Travel Insurance.

Taking a trip can be expensive – and unpredictable. That’s why you might want to consider travel insurance to protect you from loss, no matter where you plan to go.

Travel plans cover a wide variety of things, and costs will vary based on the type policy you purchase.

When looking at travel insurance, carefully consider what is, and isn’t covered – and when a plan should be purchased. For example, a plan may specify whether a pandemic is covered, and a disease such as COVID-19 might not qualify. You should also verify coverage for any pre-existing medical condition.

While a regular travel insurance package might have coverage limitations, a Cancel For Any Reason policy lets you do just that, whether it’s a fear of COVID-19 or any other consideration. Just be aware that it will cost more, and it’s likely you will receive no more than 75% of any prepaid, nonrefundable trip costs.

A regular comprehensive travel plan will probably run about 4 to 8% of your total trip cost and adding a Cancel For Any Reason policy on top of that can increase the total cost to 6 to 12% of your trip.

So, if you’re planning to travel, you might want to think about insurance for some peace of mind. Just be sure the coverage meets all of your possible needs.

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