Until recently, the idea of purchasing travel insurance wasn’t really something I entertained very often. It was more like a passing thought and dismissive, “oh my credit card will cover me.” And then I lost my DSLR to the Icelandic elements a couple of years ago, and strongly wished I had gotten insurance. While I haven’t had any other travel related mishaps in the last couple of years, I’ve seen it happen all around me. From clients to friends— canceled flights, lost luggage, injuries while traveling, etc.

So what is travel insurance, exactly?

Travel insurance is more than just a piece of paper; it's a powerful tool that safeguards your dream vacations from the unexpected. Imagine it as a protective bubble around your itinerary, shielding you from financial losses and logistical headaches should things take a turn.

What does it cover?

Most comprehensive plans offer a combination of these benefits:

Trip cancellation: This is protection against unforeseen circumstances like illness, family emergencies, or natural disasters that force you to cancel your trip. Imagine losing thousands on non-refundable flights and hotels! Trip cancellation coverage reimburses you for these costs, ensuring your bank account doesn't suffer the same fate as your canceled plans.
Travel medical insurance: Getting sick or injured abroad can be a stressful nightmare. Travel medical insurance steps in, covering doctor visits, hospital bills, and even emergency medical evacuation if you're in a remote area. It bridges the gap where your regular health insurance might not reach, ensuring you receive proper medical care without financial worries.
"Cancel for any reason" (CFAR): Lets you cancel for any reason, not just covered ones, but usually with 75% reimbursement and higher premiums. Keep in mind not all suppliers offer this, and CFAR can add an average of 50% to the cost of the plan.
Travel delay: Stuck at the airport due to a snowstorm or a mechanical breakdown? Travel delay insurance comes to the rescue, reimbursing you for essential expenses like meals, toiletries, and even a hotel room if you're stranded overnight. It helps you navigate unexpected delays without breaking the bank.
Trip interruption: Life happens, and sometimes even the best-laid vacation plans need to be cut short. Trip interruption coverage steps in, reimbursing you for unused portions of your trip (like that fancy resort stay) if you have to return home early due to a covered reason. It ensures your financial losses are minimized when unexpected events disrupt your itinerary.
Baggage and personal effects: Lost luggage can put a damper on any trip. Baggage and personal effects coverage eases the pain by providing compensation for lost, damaged, or stolen belongings. It helps you replace those essential items and get back on track with your vacation.
Baggage delay: Reimburses expenses for essentials while you wait for your delayed luggage to arrive.
24/7 travel assistance: Access to helpful services like finding pharmacies, translating languages, replacing lost passports, and more.

Do you need Travel Insurance?

Whether or not you need travel insurance depends on a unique blend of factors specific to your trip and your own risk tolerance. Here's a personalized assessment tool to help you decide:

High Need:

Non-refundable deposits: If your trip involves substantial non-refundable deposits (flights, tours, hotels), trip cancellation coverage becomes crucial. Imagine losing thousands due to an unexpected illness!
Traveling abroad: If your health insurance lacks global coverage or has high out-of-network costs abroad, travel medical insurance is essential. Medical emergencies can be financially devastating, and travel insurance bridges the gap.
Remote destinations: Heading to a remote area with limited medical facilities? Emergency medical evacuation coverage could be a lifesaver. It ensures you receive proper care even in the most challenging locations.
High-risk activities: Planning extreme sports or adventurous excursions? Consider specialized coverage for these activities, as they might be excluded from standard plans.
Peace of mind: Value security and flexibility? Travel insurance provides a safety net, allowing you to relax and enjoy your trip knowing you're covered.

Moderate Need:

Domestic travel: For domestic trips, the need for travel insurance is less pressing. However, consider trip cancellation or interruption coverage if your trip involves significant pre-paid expenses.
Travel during peak seasons: If traveling during hurricane season or peak tourist times, travel delay coverage can be helpful for unexpected delays or cancellations.
Concerned about Covid: If Covid-19 is a concern, look for plans with Covid-related cancellation and medical coverage. "Cancel for any reason" upgrades offer maximum flexibility.

Low Need:

Short trips: For short weekend getaways, the need for extensive coverage might be minimal. Consider travel insurance if you have valuable non-refundable deposits or concerns about unexpected events.
Backpacking or budget travel: If you're on a tight budget and flexible with your itinerary, travel insurance might not be a priority. However, consider emergency medical coverage if traveling in remote areas.

Here are my recommendations

As a Fora Advisor, I partner with the following two travel insurance providers.

Unique benefits include:

Whole-trip focus: Faye considers your entire trip from booking to return, unlike some policies that only cover specific legs.

Tech-savvy approach: Manage your policy, file claims, and chat with support staff seamlessly through their user-friendly app. The app includes a wallet feature, so you will have quick access to your reimbursements during the trip.
COVID-19 coverage options: Find plans that cover Covid-related cancellations and medical expenses, providing valuable peace of mind during uncertain times.

Get Your Quote with Faye Insurance

Arch RoamRight, established in 2012, is a well-respected player in the travel insurance game. Backed by the financial strength of Arch Insurance Group, they offer a variety of comprehensive plans to safeguard your vacation against unforeseen events.

Here are some of their highlights:

No-cost child coverage: One child under 17 travels free with each covered adult on some plans.
Adventure travel coverage: Optional add-ons for activities like skiing, scuba diving, and other high-risk adventures.
Cancel for any reason upgrade: Gain ultimate flexibility to cancel your trip for any reason, not just covered ones, with this upgrade (typically comes with higher premiums).

Something to consider: Compared to Faye, Arch RoamRight offers pre-defined plans with less flexibility to pick and choose individual modules. Their comprehensive coverage and vertically integrated approach may translate to slightly higher premiums than some competitors.

Get Your Quote with Arch RoamRight

I hope this has been helpful in clearing up some questions around travel insurance. Please don’t hesitate to contact me if you need help securing a quote or have additional questions.

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