What Is Travel Insurance?

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. Need medical treatment in an emergency? Interpretation? A replacement passport? Travel insurance might offer the protection you are looking for.

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. Travel insurance can’t cover every possible situation. It covers only the specific situations, events, and losses included in your plan documents, and only under the conditions described.

Travel insurance is designed to cover unexpected events – not something you could easily see coming, or something 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 the insurer, so that they can verify what happened and reimburse you for your covered losses.

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 (link here) for your upcoming trip. When you enter your age, trip costs and trip dates, AGA 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 the Rental Car Damage Protector (available to residents of most states).
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