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Your next Colorado vacation is booked and you’re ready to explore the beautiful Rocky Mountains. But what if something goes wrong?
This is when you need to buy travel insurance coverage.
Travel insurance provides a safety net so you don’t have to worry about the unknown. The right coverage can mean the difference between peace of mind and having your entire trip ruined.
When exploring Colorado especially, there are no shortage of accidents, or weather changes, that can happen in this scenic state.
This guide details how to buy the best travel insurance, how to get the right coverage, and how much you will spend on a policy.
What is travel insurance?
Travel insurance is a plan you purchase that protects you from the unexpected while traveling. It is intended to cover certain financial issues, medical expenses, or other losses that arise while traveling.
Some examples include lost or delayed luggage, a last-minute trip cancellation, or even a medical emergency while traveling overseas.
Different types of travel insurance cover different things, so it’s important to shop around and read the fine print before buying travel insurance.
Note: Travel insurance is not a replacement for regular health insurance or other insurance coverage. It is simple to cover you in case any unexpected emergencies that come up during the course of traveling.
How to get budget-friendly travel insurance
There are multiple ways to get travel insurance, both online or through an agent. These are the top budget-friendly ways to get the coverage you need without breaking the bank.
1. Credit card benefits
Some travel credit card offer trip cancellation and rental car insurance as benefits for cardholders. You simply have to use the card with these benefits to book and pay for your trip in order to be covered.
A few drawbacks are that you can not customize the insurance policy to fit your custom needs. Read the fine print within your credit card features to see what exactly is covered.
Coverage cost: free, already included with your card benefits
2. Travel insurance company
Many reputable travel insurance companies allow you to get a quote and purchase a policy online, directly from their website. Doing this is often simple and quick to complete.
You can choose the best policy and customize it fit your needs. Plus, you’ll be able to save money since the online process is more automated that talking to a travel agent.
Get a quote from the top travel companies online instantly:
- Atlas travel insurance (offers both travel and medical insurance)
- Travel Guard insurance from AIG
- Travelex travel insurance services
Coverage cost: compare prices online and varies depending on your needs
3. Travel agent or travel booking website
You can purchase travel insurance at the time of booking your travel plans through a travel agent or another travel reservation website. During checkout, you’ll be offered the chance to bundle your trip costs with a travel insurance policy.
Buying travel insurance is quick and easy since it only requires clicking “yes” when booking your reservations. The drawback to this option is that you usually can’t customize your policy coverage.
Coverage cost: usually inexpensive when bundled
Now that you know where to buy the right travel insurance, there are some other important factors that must be considered.
What is the best trip policy coverage?
The most important factor when determining the best travel insurance policy is the extent of coverage it offers. You need to know exactly what’s covered and how much, and what’s not covered.
What part of the world are you traveling to? Does this policy cover those states or countries?
For example, medical travel insurance has different options for coverage versus traditional travel insurance. If you’re traveling overseas, it’s a good idea to have medical insurance coverage added to your entire travel insurance policy.
What does travel insurance cover?
Here are the common travel insurance coverage needs and what they include.
Trip cancellation or trip interruption
In the event you have to end a trip early, or even cancel it altogether, trip cancellation or interruptions policy coverage is what you’re looking for.
With so many unforeseen issues that can arise, this coverage is a must. It allows you to get reimbursed for any nonrefundable reservations due to the above reasons.
Cancellation “for any reason” coverage
Similar to trip cancellation insurance, “cancel for any reason” coverage will ensure you get reimbursed for any nonrefundable costs no matter the reason for your cancellation.
Travel medical insurance plan
When traveling to a new location, whether it’s within the United States or overseas, it’s smart to have travel medical insurance coverage. You never know if a certain food, or environment, doesn’t agree with you.
And a travel medical plan will cover any medical expenses if you get sick or injured while on the trip. This type of policy usually covers emergency care that’s not covered by your regular health insurance plan.
The weather, and sometimes the political environment, is unpredictable when traveling. Having emergency evacuation coverage means you’ll be evacuated to the nearest hospital or flown home when necessary.
In addition, if you get sick or injured while on the trip, the same coverage applies.
Baggage and personal belongings
If you need personal possessions protected in the event of getting lost or being stolen, make sure you have the right policy coverage. This kind of policy will pay you for any lost, stolen, or damaged baggage.
It’s important to note that most travel insurance policies won’t cover theft caused by leaving things unattended or from your own negligence.
Car rental collision insurance
If you plan on renting a car at your final destination, car rental collision insurance will pay for any damage done to the car while in your possession.
This type of policy may already be offered as a credit card perk for free, so be sure to look at the fine print when booking.
How much does travel insurance cost?
According to the U.S. Travel Insurance Association, a comprehensive policy will typically cost about 4% to 8% of the total cost of the trip. So, if your trip costs $1,000 your travel insurance policy will cost between $40-$80.
However, the exact price will vary depending on these factors:
The length and cost of the trip – Using the formula above, the longer and more expensive your trip is, the higher the travel insurance policy cost.
Your final destination – The state or country where you’re traveling may have higher health-care or coverage costs based on the location. This can drive up the price of your travel insurance policy.
Amount of coverage and options – The more emergencies you plan for and risks you want covered, the more your policy will cost.
Medical coverage needs – Do you have pre-existing medical conditions? This will likely increase the cost of your travel insurance.
Your age – Generally speaking, the older you are as a traveler, the more you can expect to pay for travel insurance.
Can you buy travel insurance after booking?
What happens if you’ve already booked your trip and still need travel insurance? Good news. It’s not too late! You can still get coverage after booking.
It’s best to purchase insurance as early in the booking process as possible. But it’s still an option if you decide you want to book your travel insurance policy later on.
Waiting too long to purchase insurance after booking could mean losing out on certain benefits.
Can you get a refund for travel insurance?
Yes, you can cancel your travel insurance policy and get a refund, as long as it’s within the review period.
A free review period is offered with all travel insurance plans, which allows you a certain number of days to review the policy fine print and fees. During this time you have the option to cancel and get a refund.
Note: Most insurance companies will charge a small admin fee for cancelling your service. This fee is usually $5-$8 depending on the company.
How to buy the best travel insurance
In conclusion, buying the best travel insurance means taking your personal travel needs into consideration, while researching the best options for insurance companies.
First, figure out what kind of coverage you need and which policies cover those needs.
Or have a chat with your travel agent to discuss the best options.
Finally, go on your next vacation with peace of mind knowing that you’re covered in the event of an emergency, medical issues or other loss. Sit back, relax, and enjoy your trip away!