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What Kind of Travel Insurance Do Families Need?
“Travel insurance can protect your vacation investment when the unexpected happens,” says Durazo at Allianz. He says you should look for a policy with cancellation, delay, interruption and medical expense coverage.
“Kids especially can be at a higher risk of coming down with a serious bug or being injured in a fall, and both are examples of covered reasons that would allow you to cancel your trip with full reimbursement of prepaid, non-refundable costs,” says Durazo. “When traveling internationally, a policy with emergency medical coverage and transport is vital to ensure a safe return home for your entire crew.”
Here are the types of travel insurance coverage to look for when planning a family trip.
Related: Travel Insurance For Parents Visiting The U.S.
Trip Cancellation Insurance for Family Trips
Trip cancellation insurance allows you to cancel your trip for a reason listed in your policy and receive reimbursement. You can receive a full refund of the trip’s pre-paid, non-refundable costs. Among the acceptable reasons commonly listed are an unforeseen illness or death of you or a family member.
There are some trip cancellation benefits that are specific to families, such as the school-year extension. This coverage can apply if your child’s primary or secondary school year goes beyond its predefined calendar. Not all policies include this, so if this is a concern be sure to ask when you’re shopping for coverage.
Also, a school-year coverage extension may not apply to athletic events, so if your daughter’s volleyball team goes to the finals and that overlaps with your vacation, you may be out of luck if you have a standard travel insurance plan. But if you have “cancel for any reason” coverage (CFAR), you could file a claim. CFAR is an upgrade you can buy that partially reimburses your trip costs.
CFAR allows you to scrap a trip, no matter what the reason, and generally be compensated 75% of your non-refundable trip costs. Be aware that you usually must buy CFAR within 14 days of making your first trip payment, and that it typically adds an average of 50% to the cost of your travel insurance. Also, you must cancel the trip no less than 48 hours before your departure to be eligible to file a CFAR claim.
You can check the school-year extension details in your policy during the free review period, if you haven’t already. Travel insurance companies usually allow you a specified amount of time to look over the policy after you buy it. You can get a full refund during this period if you decide the policy falls short of your needs.
Medical Travel Insurance for Unexpected Illness, Injury
Your health insurance probably might not cover you and your family during an international trip. If it does, it likely has limited coverage or a high out-of-network deductible. That means travel medical insurance is an important part of any travel insurance plan that you select for a family vacation.
The medical coverage in a travel insurance policy covers your family temporarily while traveling. It pays for emergency medical costs, for instance hospital and doctor bills, X-rays, lab work and medicine, up to your policy limits. The most generous plans provide $500,000 of medical expense coverage per person.
If your family is taking a trip within the U.S., travel medical expense insurance may be worth considering to plug coverage gaps in your U.S. health insurance plan. For instance, travel medical expense coverage can help pay for a medical escort during an emergency medical evacuation if your individual health plan excludes those costs.
When traveling within the U.S, you can also look for travel insurance plans that have primary coverage for medical expenses. That means your travel insurance benefits are used first if you file a medical claim, and if costs exceed those limits, then you would use your U.S. health insurance coverage.
It’s also prudent to have medical evacuation travel insurance. This pays for the cost (up to the coverage limits) to transport you to the nearest adequate treatment center if you’re injured or become ill during your trip and need care that’s unavailable locally. It also can pay for you to be flown back home if medically necessary.
If you’re looking for travel insurance with good benefits related to Covid, see our ratings of the best pandemic travel insurance plans.
Trip Interruption Insurance for Going Home Early
“Families should also look for trip interruption coverage,” says Durazo at Allianz. “Trip interruption coverage will pay for the unused portions of pre-paid travel expenses and for the extra cost to book a last-minute flight home if someone in the family becomes sick or injured and the trip has to be cut short.”
Trip interruption insurance also usually reimburses you if severe weather on the way to or at your destination derails your plans or if there is a life-threatening emergency back home.
If you’re worried that your children may have issues while traveling that could prevent them from being comfortable enough to make it for the duration of the trip, buying “interruption for any reason” coverage (IFAR) might be a smart move.
With this upgrade, you can return home sooner than planned for any reason, and recoup up to 75% of your trip costs. It’s important to note that you usually have to buy IFAR within 15 to 20 days of making your first trip payment, and that coverage doesn’t start until at least 48 hours into your trip. An IFAR upgrade typically adds 3% to 10% to your travel insurance costs. Only a few companies offer it.
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Travel Delay Insurance for Your Family Vacation
Travel delay insurance can pay for the extra reasonable costs for all those necessities you need to be comfortable during a layover. Let’s say your flight gets canceled and you unexpectedly have to stay overnight with your family while waiting for the next one. You can recoup what you spend on meals, a hotel stay and other items, up to your policy limits.
Keep in mind that travel delay benefits kick in after a specified time period listed in your policy, which could be three, six or 12 hours. You might want to consider travel insurance plans with short waiting periods. This can be especially helpful if during a delay you’re caring for children who may have a lower threshold for being uncomfortable than you do.
Baggage and Personal Effects Coverage for a Family Adventure
Baggage insurance can help pay for clothes and other items you need if your luggage is lost or stolen. There are overall maximum and per-item limits, and you’re compensated for the depreciated value. If your baggage shows up late, baggage delay benefits can reimburse you for necessities you bought to tide you over, after a specified waiting period listed in your policy.
Baggage coverage also extends to your personal belongings, if lost, damaged or stolen. Some items, like gold and cash, will not be covered, so check your policy for exclusions.
Return of Minor Children
Coverage for the return of minor children ensures that dependent children traveling with you are returned home if you’re hospitalized more than a certain number of days (usually seven), when the children would otherwise be left unattended.
Most standard travel insurance plans cover this, but it’s wise to review the details and be familiar with the conditions and limits.
Tips for Buying Travel Insurance for Trips with Young Children
You’ll want to keep a few travel insurance purchasing strategies in mind as you’re looking for the right policy.
1. Make sure everyone’s covered. When you buy travel insurance, it’s important to ensure every member is listed on the insurance. Benefits don’t transfer from parent to child or vice versa.
2. Review coverage for school-year extension cancellation. Look for policies that include school-year extensions as an acceptable reason for trip cancellation claims, for example, Travel Insured International’s Worldwide Trip Protector plan. You’re eligible to file a trip cancellation claim if you or your traveling companion are a student, parent of student, or are employed as a full-time teacher/employee at an elementary, middle, or high school and are required to attend an extended school year that falls during or beyond your scheduled trip departure date.
3. Consider a policy upgrade to cover more. Your travel insurance company may offer more options for families with young children. Take medical coverage, for example. The AIG TravelGuard Essential and Preferred plans offer a medical “bundle” that increases the coverage limits for medical expenses and evacuation.
AIG’s TravelGuard also provides travel inconvenience insurance in its Preferred and Essential plans. For example, you can be reimbursed up to the policy limits if your family trip centers around a theme park or similar attraction, and upon arrival, you suddenly learn that it’s closed for certain unforeseen reasons. This can help you pay for alternative activities.
If adventure sports are going to be a part of your family vacation, look for an adventure sports upgrade so that potential injuries can be covered.
4. Mind the pre-existing conditions. Your kids may also have a pre-existing medical condition, like asthma, that could interfere with your trip. Pre-existing conditions aren’t covered by standard travel medical insurance.
If your children have any pre-existing medical conditions, you’ll want to get a pre-existing medical condition exclusion waiver. You can generally qualify for the waiver if you buy your travel insurance plan within a certain time period after your first trip deposit, usually 14 to 21 days.
5. Shop around before you buy. Look at several plans to find the best ones for your family. For instance, if price is a big concern, you might find a policy that covers children for free. Or high medical expense limits may be more important to you.
Most travel insurance company websites provide sample policies that you can review before you buy one.
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Source link : https://www.forbes.com/advisor/travel-insurance/traveling-with-children/
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Publish date : 2024-01-26 08:00:00
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