Travel insurance has never been more important as we approach another unprecedented but busy holiday season. Therefore, travelers will want to familiarize themselves with some of the basics of travel insurance as well as the many benefits of purchasing the right policy to protect their trip.
“Travel insurance has become a more fashionable term since the onset of COVID-19. Whenever a large-scale event occurs, from a powerful hurricane to a global pandemic, it raises awareness of the importance travel insurance,” Daniel Durazo, director of marketing and communications at Allianz Partners USA, told TravelPulse. “And whenever large travel volumes are expected, such as the upcoming holiday season where travel delays or winter storms may impact travel, there is additional stress. Coupled with flu season and a pandemic, it is understandable that many Americans feel anxious and consider travel insurance.”
Allianz reports a 15% increase in the number of travelers choosing to purchase travel insurance in 2021, while its loss ratio is up around 75% from last year.
Typically, single-trip travel insurance policies can cost 5-10% of the total non-refundable trip cost, but travelers can save even more with an annual plan like AllTrips Premier with the new Epidemic Coverage Rider from Allianz. “If you’re planning three or more trips in the next 12 months, an annual plan can protect all those trips and save you money because it can be more cost effective than insuring each trip separately and it offers the convenience extra to have to buy it only once a year,” says Durazo.
Policies vary in terms of coverage, but there are some things travelers should look for when buying travel insurance, including protection for non-refundable prepaid expenses in case you have to cancel your trip due to of an illness caused by COVID-19.
“Allianz Travel Insurance has added coverage to many of its products that includes reimbursement for quarantine-related accommodations if an insured customer or travel companion is individually quarantined while traveling,” Durazo added. “This coverage typically covers the cost of additional food, accommodation, and transportation while quarantined within the limits of the policy. Trip Interruption and Trip Delay benefits on some Allianz plans may also provide coverage if a customer or their travel companion is denied boarding by their carrier due to suspected illness.”
In addition to quarantine costs, a comprehensive policy can cover emergency medical care and emergency medical transportation in the unfortunate event that you become seriously ill or injured.
“While it’s painful to lose the cost of a trip due to an unforeseen cancellation, paying for expensive emergency medical care or emergency medical transportation can be financially devastating,” Durazo said. “It’s important to know that many health insurance policies will not pay for overseas medical care or transportation.”
For added peace of mind, travelers can purchase anytime cancellation policies. For example, Allianz’s Cancel Anytime product offers 100% reimbursement of non-refundable travel deposits when a customer has to cancel their trip for a reason covered by their policy and up to 80% of their non-refundable costs when it cancels for most other unforeseen reasons.
In addition to the new Epidemic Coverage endorsement, Allianz offers a wide range of tools and products to enhance the customer experience and provide additional protection, such as its SmartBenefits automatic payout feature that can quickly pay out $100 per insured person, per day, for a covered journey. Baggage Delay or Delay and Rental Car Damage Protection, which includes primary collision and loss coverage for a damaged or stolen rental car from just $11 per day.
Before your next trip, Durazo recommends that you ask your travel advisor what Allianz plans are available for your trip and call Allianz if you have any questions about your policy. “Allianz Travel Insurance also offers a free 15-day consultation window where customers can review their policy and if it does not meet their needs, they can select another product or cancel their policy for a full refund of their insurance cost. purchase.”
For more information, visit AllianzTravelInsurance.com.