Fabulous Fridays: Extra Protection Through Travel Insurance During Personal- & Business Travel

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This Fabulous Friday our weekly topic is Travel Insurance and how travelers can enjoy special protection during critical moments on their trips.

FF InsuranceHaving separate insurance apart from the protection airlines offer for transported baggage can help you getting out of critical situations during both business and personal trips.

There are plenty of insurance providers including the biggest ones: Allianz, American Express, AXA and AIG.

Basic Travel insurance usually includes:

  • Emergency Medical & Dental Insurance
  • Baggage Insurance
  • Missed Connection Coverage
  • Trip Cancellation Insurance
  • Financial Default Insurance

These products are offered either per trip or for an entire year and it’s often a better deal to take out a policy for multiple trips if one is a frequent traveler.

The price can vary greatly depending on the length and value of your trip, especially if you purchase the policy for a single journey. A single trip insurance can sometimes cost around 100$ or even more so it’s better to compare different providers in advance.

Another option is to see if your credit card already includes insurance products. American Express is well known for having a comprehensive travel insurance included in their credit card benefit schedule. This is valid for all of their charge cards, Green to Centurion, however the exact benefits vary from country to country. Other cards issued by different banks such as premium Visa and Mastercard usually include some benefits as well.

This year I already had three individual claims:

  • Dental Treatment with a total of 291.10 EUR
  • Stolen Property (Baggage) valued at 2,920 USD
  • Delayed Baggage (2.5 days) with replacement purchases valued at 474 USD

All claims were processed and paid by the respective insurer, saving me lots of headache and money as well.

You have to look out for insurance products which have a residential requirement or those that are limited to certain regions. For Expatriates there are special insurance products which are easy on the residential requirements and apply to an international audience such as World Nomads (see here).

Conclusion

Personally I always travel with a bit more ease knowing in the worst case there is a fallback option. Especially the baggage delay insurance of American Express usually pays me more per year than the annual fee of the card itself costs.

The most important insurance, however, is medical insurance, for the same reason you would want to have coverage at home. Hospital visits can be expensive and especially in emergencies it can be useful to have the insurance company coordinate details with the local staff.

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