How long does it take to get travel insurance

Travel insurance is coverage designed to protect against risks and financial losses that could happen while traveling. The risks range from minor inconveniences such as missed airline connections and delayed luggage all the way to more serious issues including injuries or major illness.

Depending on the coverage you choose, travel insurance can cover a broad array of possible damages and losses:

Travel insurance can help protect you from medical expenses abroad that your normal health insurance doesn’t cover. Most health insurance plans don’t provide full coverage in foreign countries and some health plans provide no coverage at all, including Medicare. Travel insurance works in addition to your everyday health insurance and can help supplement medical costs if you get sick or injured before or during your vacation.

Travel insurance can help cover expenses stemming from lost or stolen luggage. This is especially useful if an airline loses your bags, as it can be very difficult to get them to pay for lost luggage. In the United States, the Department of Transportation (DOT) requires airlines to compensate fliers up to $3,300 for lost baggage. In foreign countries that amount is a maximum of $1,750. But to receive those maximum amounts, passengers must provide receipts proving the value of the lost bags and their contents. And some airlines require that the claim be filed within 21 days.

To make matter worse, DOT doesn’t define when baggage is officially lost (as opposed to just “delayed”). Overseas, a bag is only considered “lost” after 21 days. For delayed bags, DOT only requires airlines to provide victims with enough money to buy necessities like clothing, medicine and toiletries.

Travel insurance can help cover costs stemming from trip cancellations. Most resorts or cruise lines won’t give you a full refund in the event of a cancellation. If you cancel two weeks or more before your trip, most resorts will at least charge a cancellation fee; many cruise lines might only give you a 25% refund or will give you partial credit on another cruise. If you cancel within two weeks of a trip, with most companies you won’t give any refund whatsoever. Unforeseen circumstances happen, and you want to be covered just in case.

Some credit cards provide limited coverage, with annual limits and restrictions for cancellations and interruptions (if they offer cancellation/interruption coverage at all). However, few credit cards offer coverage for the most expensive travel risks: medical expenses or emergency evacuations, which travel insurance can cover.

It’s important to know that while there are many reasons to buy travel insurance, certain things may not be covered under travel insurance. If you have a preexisting condition, look for a plan that provides a preexisting condition waiver. If you’re visiting an area with political unrest, check into what coverage a policy provides if you wish to cancel due to problems in the area. Travel insurance policies cover some incidences of tour operator defaults due to financial issues. Look into how that’s handled before booking your trip.

Travel insurance cost is primarily based on the price of the trip and the age of the traveler. A 35-year-old might expect a policy to add 3% to 5% to the cost of a trip while a 60-year-old might pay around 10%, says Jonathan Harty, owner of a MA-based travel agency. It can be a small price to pay to safeguard your investment in a honeymoon or the trip of a lifetime.

Before looking into travel insurance, think about the reasons you might cancel. Is a trip delay due to weather going to dramatically change your vacation? Is it possible your school year will be extended, or you will need to take a work-related trip instead? Are there acts of war in the country you’re going to visit? Are you nervous about the CDC issuing a travel warning for your vacation destination?

These are all valid reasons for cancelling a trip or wanting insurance coverage. But not all travel insurance covers these concerns.

When you buy this coverage, if you want to cancel because you have a hangnail, go ahead. The insurance company usually doesn’t need a reason. They just need you to cancel within the specified time frame, typically at least 48 to 72 hours before you depart.

You’ll trade convenience for a lower reimbursement level. With cancel for any reason insurance, you’ll get a percentage of your pre-paid, nonrefundable trip costs back, around 70%, without having to give a reason. You can sometimes purchase this as a standalone policy or as a rider on a comprehensive policy.

This is the typical policy that people imagine when they think of trip insurance. The comprehensive policy usually covers delays, cancellation due to sickness or death, lost luggage and some emergency medical costs. Just read the fine print so you know exactly what it covers.

If you decide shortly after you purchase the policy that it doesn’t meet your needs, you can get a full refund (perhaps minus a small administrative fee) within a specified time period. This gives you time to fully read the coverage and make sure it provides what you want. Usually that time frame for 10 to 15 days. When possible, it’s best to understand exactly what the policy covers and how claims work ahead of time, in case you need to file a claim.

When booking a pricey trip, investigate insurance at the same time. Some policies require you buy travel insurance within a certain amount of time after making your initial trip payment, such as within 10 to 30 days. With Travel Insurance from Nationwide you can purchase up to the day before you leave. Ideally, of course, it’s better to buy travel insurance well in advance of your trip so you can plan adequately. Going on a trip should be an exciting experience. While cancellation and other problems cause stress, you can take the financial worry out of it by getting your trip insured.

People plan for hotels, flights, amenities when they travel yet they forgot to consider a crucial aspect - insurance. Travel insurance can save you from a lot of potential troubles that you might face while travelling - from cancelled flights to stolen luggage. You can buy travel insurance right up until the last day before you board your flight. However, timing plays a critical role in the extent of the benefits you reap from your travel plan. Let’s throw light on some situations to infer the best time to buy travel insurance.

Before you book your flight tickets

This is the ideal time to buy travel insurance if you plan to take multiple trips in a calendar year. Buying multi-trip insurance saves you from the hassle of purchasing travel insurance each time you make a trip. It covers you for all trips taken in the policy coverage duration. Additionally, it proves to be more cost-effective.

Buying at the last-minute

Many people defer purchasing the travel insurance and end up buying it just a day or day before their flight departure day. This is the riskiest of purchase and should be avoided as far as possible. The biggest drawback of buying the travel plan at this time is that you get deprived of number of benefits of your travel plan that you were entitled to.

Any insurance plan takes a few days to come into effect. Buying the protection plan at the last-minute means you will be travelling uninsured till your policy gets into effect. This might also lead to insurance companies rejecting your claim. Most often, you lose your cover for cancellation costs. Major coverage that needs early purchase to come into effect are:

• Coverage for cancellation due to any reason
• Coverage for cancellation due to work reasons.
• Coverage for a pre-existing medical condition.
• Protection against financial default.

You should contact your insurance provider for detailed information on your policy.

The ideal time to purchase travel insurance

Generally, you should buy a travel insurance plan within fourteen days of booking for your holiday. However, the best time to buy travel insurance should coincide with the date you make the first arrangement and make your first trip deposit like a flight ticket.

Purchasing a travel insurance plan this early protects you from unforeseen circumstances.

As most travel plans cover unexpected events; you can benefit from an early purchase. For instance, you booked a holiday for Bahrain three months in advance.

Bottom line

A lot can go wrong between the time you book your trip and the time you board the flight for your vacation. However, by purchasing a travel insurance simultaneously with your first booking keeps you covered for any of the unexpected events and realize the very purpose of buying a travel insurance plan.

Everything You Need to Know About HDFC ERGO Travel Insurance Plan

Top 5 Myths About Travel Insurance

Things to Keep in Mind When Buying Travel Insurance Policy

Travel insurance is a plan you purchase that protects you from certain financial risks and losses that can occur while traveling. These losses can be minor, like a delayed suitcase, or significant, like a last-minute trip cancellation or a medical emergency overseas.

In addition to financial protection, the other huge benefit of travel insurance is access to assistance services, wherever you are in the world. Our elite team of travel and medical experts can arrange medical treatment in an emergency, monitor your care, serve as interpreters, help you replace lost passports and so much more. Sometimes, they even save travelers’ lives.

A few things you should know about travel insurance:

• Benefits vary by plan. It’s important to choose a plan that fits your needs, your budget and your travel plans. Here are definitions of all available travel insurance benefits.
• Travel insurance can’t cover every possible situation. Allianz Global Assistance offers named perils travel insurance, which means it covers only the specific situations, events, and losses included in your plan documents, and only under the conditions we describe.
• Travel insurance is designed to cover unforeseeable events— not things you could easily see coming, or things within your control. If, for example,  you wait to buy insurance for your beach trip until after a named hurricane is hustling toward your destination, your losses wouldn’t be covered.

How Does Travel Insurance Work?

In most scenarios, travel insurance reimburses you for your covered financial losses after you file a claim and the claim is approved. Filing a claim means submitting proof of your loss to Allianz Global Assistance, so that we can verify what happened and reimburse you for your covered losses. You can file a claim online, or do it on your phone with our free TravelSmart app.

How does this work in real life? Let’s say you purchase the OneTrip Prime Plan, which includes trip cancellation benefits, to protect your upcoming cruise to Cozumel. Two days before departure, you experience a high fever and chest pain. Your doctor diagnoses bacterial pneumonia and advises you to cancel the trip. When you notify the cruise line, they tell you it’s too late to receive a refund.

Without travel insurance, you’d lose the money you spent on your vacation. Fortunately, a serious, disabling illness can be considered a covered reason for trip cancellation, which means you can be reimbursed for your prepaid, nonrefundable trip costs. Once you’re feeling better, you gather the required documents — such as your airfare and cruise line receiptsand information about any refunds you did or did not receive — and you file a claim. You can even choose to receive your reimbursement via direct deposit, to your debit card or check.

Sometimes, this process works a little differently. Travel insurance may pay your expenses up front if you require emergency medical treatment or emergency transportation while traveling overseas. Or, with the OneTrip Premier plan, you may be eligible to receive a fixed payment of $100 per day for a covered travel delay or $100 for a covered baggage delay. No receipts for purchases are required; all you need is proof of your covered delay.

Many travelers are wondering: Can COVID-19 be considered a covered reason for trip cancellation? And can travel insurance help if you become seriously ill with COVID-19 while traveling? Some of our most popular travel insurance plans now include epidemic-related covered reasons (benefits vary by plan and are not available in all jurisidictions. The new Epidemic Coverage Endorsement adds covered reasons to select benefits for certain losses related to COVID-19 and any future epidemic. To see if your plan includes this endorsement and what it covers, please look for "Epidemic Coverage Endorsement" on your Declarations of Coverage or Letter of Confirmation. Terms, conditions and exclusions apply. Benefits may not cover the full cost of your loss. All benefits are subject to maximum limits of liability, which may in some cases be subject to sublimits and daily maximums.

> Learn more: Travel Insurance and COVID-19: The Epidemic Coverage Endorsement Explained

How to Choose a Travel Insurance Plan 

Allianz Global Assistance offers a range of travel insurance plans that include different benefits and benefit limits. So how you know which is best for you? To begin, get a quote for your upcoming trip. When you enter your age, trip costs and trip dates, we can recommend a few plans for you. Then, you can compare the costs and benefits of each.

If you’re a budget-conscious traveler who’s traveling in the U.S., you may like the OneTrip Cancellation Plus Plan. It includes trip cancellation, trip interruption and trip delay benefits.

If you want protection in case of medical emergencies overseas, but you have few pre-paid trip expenses, you may consider the OneTrip Emergency Medical Plan. This affordable plan includes emergency medical and emergency transportation benefits, as well as other post-departure benefits, but not trip cancellation/interruption.

If you want the reassurance of carrying substantial travel insurance benefits, the best fit may be the OneTrip Prime Plan. This plan also covers kids 17 and under for free when traveling with a parent or grandparent.

If you’re planning several trips in the next 12 months, consider annual travel insurance — like the AllTrips Prime Plan. It gives you affordable protection for a full year of travel, including benefits for trip cancellation and interruption; emergency medical care; lost/stolen or delayed baggage; and Rental Car Theft & Damage protection (available to residents of most states). 

> Find the right travel insurance plan for you 

How To Get The Most From Your Travel Insurance Plan

Don’t wait too long to buy travel insurance! The best time to buy travel insurance is immediately after you’ve completed your travel arrangements. The earlier you buy insurance, the bigger your coverage window. Also, you must buy your plan within 14 days of making your initial trip deposit in order to be eligible for the pre-existing medical condition benefit (not available on all plans).

Read your plan documents before you leave. If you're not completely satisfied with your plan, you have 15 days (or more, depending on your state of residence) to request a refund, provided you haven't started your trip or initiated a claim. Premiums are non-refundable after this period.

Call us when you need help. If you have questions about how travel insurance works, or how to file a claim, or which benefits you need, please contact us! Our representatives are available 24/7. If you’re already traveling, and you’re facing a travel crisis or just need some advice, call our emergency assistance hotline.

> Read more about how we can help