Even if your vacation plans are relaxing—reading on a tropical beach or touring a European city—it’s important to explore your travel insurance options before you go. Many Excite Credit Union Members save all year for their summer vacations, and travel insurance can make the difference between the journey of a lifetime and the worst trip ever!
Travel insurance is a complex topic, and you should do your own research, but here are some tips to get you started:
Discover the Travel Insurance You Already Have
Before you purchase travel insurance, do some research to find out the coverage you already have:
- Read your auto insurance policy to learn what coverage it provides for rental cars. If you have any questions, give your insurance agent a call.
- Review your homeowners or renters policy to find out the coverage it offers for the items you plan to take on your trip, as well as its liability protection.
- Check your medical benefits plan to see if it will cover you where you are going. Remember that even if you are insured at your destination, out-of-network rates may apply. Be aware that Medicare and Medicaid do not cover medical costs outside the United States, and some countries require proof of medical insurance before entry.
- Shop around to find a credit card that offers the kind of coverage you need, and use it to book your trip. Options may include insurance for trip interruption, lost luggage, emergency medical care, and much more.
Consider Your Travel Insurance Options
After you know what you have, you need to consider your options for what to purchase. Keep in mind that the U.S. State Department recommends that your travel insurance cover the following:
- The region(s) you will visit
- Your duration of travel
- Emergency medical care
- Medical transport back to the United States
- Travel/accommodation costs
- Enough financial coverage for worst-case scenarios
- Pre-existing conditions
- Activities you plan on engaging in
As for other travel insurance decisions, ask yourself: How do I feel about the possible risks? How much am I willing to pay for peace of mind? The final decision is up to you.
Read All Travel Insurance Policies
Be sure to read all current and potential policies very carefully, including all the fine print. If you have any questions, contact the insurance carrier or the credit card company.
Insurance policies are very specific in their limitations and exclusions. For example, trip cancellation coverage will only apply in certain circumstances unless the policy is clearly labeled “Cancel for Any Reason.” Likewise, travel medical insurance won’t cover pre-existing conditions unless the policy clearly states they are included.
Know When to Buy Travel Insurance
Work out what coverage you need before you book your trip because some policies have specific time requirements for purchase. You may need to buy some kinds of insurance within a certain number of days (or even 24 hours) after making the first payment for your trip.
Follow the Policy Requirements
Once you have your travel insurance, be sure to follow the company’s requirements, such as completing the necessary forms, saving receipts, taking photos of valuables, getting a police report for a stolen item, etc.
The State Department suggests that you get medical insurance from a company with a 24-hour contact line that you and your out-of-country medical provider can call. Be sure to keep that number with you.
In fact, keep all your travel insurance information with you at all times (paper copy and on your phone), and give the information to a family member or friend for safekeeping.
Relax and Have Fun on Your Trip
Feeling ready to plan that summer trip? Consider one of Excite’s Visa® Credit cards, which offer complimentary travel accident, auto rental, and roadside dispatch insurance that can assist you with any travel challenges. Additionally, with our Visa Travel Rewards card, you can earn points for flights, hotels, and car rentals!
Have a great time!
