How To: Protect Your Vacation with Travel Insurance
Vacations should be about enjoyment and relaxation, but sometimes unexpected events throw a wrench in your plans (think worldwide tech outage!). That's where travel insurance comes in. To help you navigate this dreaded aspect of travel, we’ve outlined the basics of travel insurance and how it can provide the protection you need.
What is travel insurance?
Travel insurance is a short-term plan purchased prior to travel, designed to cover unexpected events that can occur before or during your trip. It’s a financial safety net, offering protection against various travel-related risks. Whether you’re dealing with trip cancellations, lost luggage, or even medical emergencies, travel insurance is there to help mitigate these issues.
What does travel insurance cover?
Travel insurance typically covers several crucial things:
Travel Delays: Covers extra expenses such as accommodation and meals if your travel is delayed.
Lost or Delayed Baggage: Provides reimbursement for essential items if your luggage is lost, stolen, or delayed.
Trip Cancellation or Interruption: Reimburses you for non-refundable costs if you need to cancel or cut your trip short due to unforeseen issues like illness or family emergencies.
Medical Emergencies: Covers medical expenses incurred if you become ill or injured while traveling, which may not be covered by your regular health insurance.
Emergency Evacuation: Covers evacuation costs in rare situations like natural disasters or political unrest.
Travelers usually have the option to add additional coverage for things like rental cars or properties, adventure sports, and (our favorite!) "Cancel For Any Reason.”
How much does travel insurance cost?
The cost of travel insurance varies based on several factors:
Trip Length: Longer trips generally cost more to insure.
Coverage Amount: More comprehensive coverage or higher coverage limits will increase the premium.
Traveler’s Age: Older travelers may face higher premiums due to increased risk.
Destination: Traveling to higher-risk destinations can increase the cost.
Traveling Conditions: The nature of your trip, such as adventure activities, may also affect the cost.
On average, travel insurance typically costs between 4% to 10% of the total trip cost. For a more precise quote, it’s best to use a travel insurance calculator or consult with your Amavi advisor.
Where do I purchase travel insurance?
For comprehensive and reliable coverage, we recommend Faye. Your Amavi advisor can include Faye Travel Insurance as part of your package. Faye offers a user-friendly platform and a range of plans designed to meet different travel needs. Here’s why they stand out:
Excellent Coverage: Faye offers robust coverage options, including everything we mentioned above, as well as real-time flight alerts, 24/7 assistance, trip inconvenience or “snafus” (their words not ours!), and more.
Tailored Plans: Faye provides customizable insurance plans that can be tailored to your specific trip, ensuring you get the coverage that best fits your needs.
Ease of Use: Their online platform makes purchasing and managing your insurance straightforward and hassle-free.
Customer Support: Faye’s dedicated customer support team is available 24/7 to assist with any questions or concerns, ensuring you have help when you need it.
How do I file a claim if something goes wrong?
The claims process is designed to be as smooth as possible. Here’s a general overview of how it works:
Initiating a Claim: If you need to make a claim, you should contact your insurance provider as soon as possible. For Faye Travel Insurance, this typically involves filling out a claim form on their website or contacting their customer support team.
Required Documentation: You’ll need to provide relevant documentation to support your claim, such as medical records, receipts, or proof of trip cancellation. Make sure you and/or your Amavi advisor keep all related documents organized and readily available.
Processing the Claim: Once you’ve submitted your claim and documentation, the insurance company will review it and determine if it meets the policy’s criteria. They will then process the claim and, if approved, reimburse you according to the terms of your policy.
Communication: For example, Faye provides clear communication and support to help you understand the status of your claim and any additional steps you may need to take.
Travel insurance may not be the most thrilling part of planning your trip, but it’s an essential step in safeguarding your vacation. Do you have any questions or want to purchase a plan? Contact an Amavi advisor!
