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The following is a guest post. Enjoy!
Selecting Among Travel Insurance Options
Many focus on the obvious costs of transport and accommodation, forgetting about more mundane necessities like travel insurance. While the bulk of your vacation planning, and therefore required holiday budget may vary considerably, there are several important rules of thumb when it comes to selecting travel insurance that can save you money in certain circumstances – and sometimes this can mean significant cash.
Travel Insurance Features – “The Devil is in the Details”
Using Travel Insurance for Medical Care Expenses
How about you all? Do you generally purchase travel insurance when you go on trips, purchase rental cars, book hotel rooms, or book plane tickets? Do you feel travel insurance is worth the cost?
Share your experiences by commenting below!
Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.
- @ How I plan/save for vacations –
- At the beginning of the article above, it is mentioned that accumulating the funds needed for the “perfect” vacation can be quite difficult. Indeed, I agree that this is definitely an accurate statement.
- However, I feel that there is a solution for saving for vacations that makes the grim prospect a little easier. What’s the solution, you’re probably asking? It’s called automatic transfers.
- For many years before setting up my Purpose Focused Financial Plan, I wanted to save for vacations. However, when the end of each month came, it seemed like all of my money had been exhausted. In this way, I never made any progress saving for a vacation.
- The best way I’ve found to remedy this procrastination and ineffective-saving habit was to set up an automatic transfer once per month (at the beginning of the month though) from my checking account to my life values and dreams savings account with a pre-determined amount. This pre-determined amount is specifically earmarked for enabling me to fulfill a vacation determined from my yearly financial review of my life values and dreams.
- @ Whether or not travel insurance is needed? Is it a good idea at all?
- First off, I just want mention that I think the advice given in this article is pretty accurate for how to proceed ONCE you know for sure that travel insurance is right for you.
- However, I feel that determining WHETHER OR NOT travel insurance is right for you is an entirely different discussion.
- In short, in my opinion, I don’t feel that travel insurance is worth the money one bit for most normal individuals and families. Here’s why….
- Similar to the way rental car insurance companies try to push rental car insurance policies because they are wildly profitable since claims rarely need to be made, most purchased travel insurance policies will never be touched.
- And, when claims are filed, I’m willing to bet that it was completely unnecessary because the traveler was already covered in some form or fashion by either their own health insurance or credit card insurance policies (if credit cards were used for the purchase).
- So, yeah, it would be “ideal” to have travel insurance. But, in tough economic times especially, you have to think about what you REALLY NEED.
- So, now that I’ve gotten that out of the way, I do feel that travel insurance has its certain place or niche in the “travel economy.”
- I feel that travel insurance is a good thing to have whenever an employee is traveling on company business.
- At many companies, the employer is actually liable for an employee’s well-being and health when they are “on the company clock.” And, having a relatively inexpensive travel insurance policy is, in my opinion, a wise idea in order for all parties to know how damages will be paid if any accidents or damage is done by the employee to rental cars, etc during a trip.
- This ensures that there is not the tension between the employer and employee about deciding who is “liable.” Instead, the situation is already paid for, and the employer-employee relationship can continue on a little smoother.
***Photo courtesy of http://images.cdn.fotopedia.com/flickr-2597316650-hd.jpg