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Travel Insurance for Luxury Travelers

Travel Insurance for Luxury Travelers

Old Jan 19, 18, 12:44 am
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Travel Insurance for Luxury Travelers

Travel insurance: Yay or Nay?

We travel luxe most of the time and historically I have not availed myself of travel insurance and only once have suffered therefore. But I recently booked a VERY expensive trip and chose to insure it for a hefty premium.

And I feel like a chump. But I have good reasons to seek protection with so many big bucks at risk: my husband is in mid-stage dementia and I have lupus, albeit generally well behaved. So, I swallowed the bait this time. Would you?

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Old Jan 19, 18, 1:34 am
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Originally Posted by KatW View Post
Travel insurance: Yay or Nay?

We travel luxe most of the time and historically I have not availed myself of travel insurance and only once have suffered therefore. But I recently booked a VERY expensive trip and chose to insure it for a hefty premium.

And I feel like a chump. But I have good reasons to seek protection with so many big bucks at risk: my husband is in mid-stage dementia and I have lupus, albeit generally well behaved. So, I swallowed the bait this time. Would you?

I wouldn’t do a single trip without it anymore. Yes it might be pricey, but today more than ever it has proven invaluable to me.
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Old Jan 19, 18, 1:42 am
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Last year whilst my wife was pregnant we took out travel insurance, however normally we don't bother.

I also decline the reductions in car excess when renting cars. I haven't ever been involved in a collision or accident and have been driving for 18 years. When I first do something that causes damage my behaviour might change, but until then I'm relaxed.
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Old Jan 19, 18, 2:27 am
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Originally Posted by KatW View Post
Travel insurance: Yay or Nay?

We travel luxe most of the time and historically I have not availed myself of travel insurance and only once have suffered therefore. But I recently booked a VERY expensive trip and chose to insure it for a hefty premium.

And I feel like a chump. But I have good reasons to seek protection with so many big bucks at risk: my husband is in mid-stage dementia and I have lupus, albeit generally well behaved. So, I swallowed the bait this time. Would you?
I generally make bookings for expensive resorts realtively close to the time of travel, so I feel comfortable not insuring those bookings. For city hotel reservations, I typically have a 24 hour or similar cancellation policy, so similarly I find that within my risk tolerance. Most of my airline tickets are also flexible and refundable, so there is no need to insure.

It comes down to evaluating the actual risk involved, and weighing that against the cost of insurance and your personal risk tolerance. For a substantial five figure (or higher) non refundable travel investment you should probably have insurance. If some travel agency or airline is pushing an insurance policy on you for a trip that actually involves little risk, then it’s time to circle the wagons. Those travel providers are paid a commission on the policies they sell, and they would absolutely love to sell you something you do not need.

As an aside, I think it’s wonderful that you and your husband continue to travel in spite of medical conditions. So many conditions can affect people of all ages, and I think it is a huge mistake when people allow those conditions to stop them from enjoying life to the fullest.
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Last edited by MikeFromTokyo; Jan 19, 18 at 3:35 am
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Old Jan 19, 18, 2:43 am
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I've never paid for additional travel insurance and just rely on what AMEX and HSBC Premier offer. The only time I've made a claim was whilst staying in The Armani Hotel in Dubai and my ex needed a doctor, which turned into quite an expensive visit that cost more than the holiday itself. HSBC paid it all back within a week.
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Old Jan 19, 18, 2:56 am
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I get year-round worldwide travel insurance as part of my bank's services. A few years ago my wife broke her wrist in Fiji on the last day of a cruise from Tahiti so the ship's doctor fixed her up temporarily with a splint. Air NZ would not change our flights and our LA hotel would not give us a refund for a cancelled stopover. So I had to buy from Fiji Business Class flights straight through to London - about £6000 from memory - and the insurance paid everything - flights, medical assistance, the LA hotel expenses - without the slightest quibble. Got the cheque in a week.

As I do a lot of cruising - just back from Antarctica - most cruise companies ask you to prove you have insurance. Otherwise you can't go.
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Old Jan 19, 18, 3:00 am
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I'm not sure what kind of figures we're talking about here but for a trip less than $10k per person, Amex Platinum should be all you need. I've claimed from them twice and both times were hassle free. One was baggage delay, the other was trip cancellation - Orient Express Train + 4S hotel booking. Everything was refunded including prepaid activity bookings.
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Old Jan 19, 18, 3:03 am
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I've generally avoided buying travel insurance but have thought about it multiple times... Even mores for my parents, who are in their mid 70s.. Right now I've relied on a the benefit provided by my credits cards, Chase Sapphire Reserve or Citi Prestige... It's not full blown insurance but I believe it checks enough boxes for my taste. One thing it doesn't do super well is if there are any irregular operations necessitating purchasing additional airfare or travel arrangements... but other than that it's got basic trip cancellation/interruption (up to 10K), medical evacuation ((up to 100K), emergency dental/medical and etc.... I do believe that Amex Plat Charge card offers unlimited coverage on the medical evacuation so I've considered getting one of those for my parents.. so, sure it's not comprehensive insurance but it's something....

FDW
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Old Jan 19, 18, 5:15 am
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Often it should be cheaper to book flexible rates as possible. So far I even didn´t take an insurance for non-cancelable travels and take the risk. If it´s only a hotel I always hope at least someone of my family can use it. Flighs which are pricy if long haul are always a problem. Also sometimes many things are excluded, for excample known health problems. If I Count how many bugs I saved I guess on journey would be free. Also my Platinum Card has some kind of insurance.

In general I think as older you are as more important is a travel insurance.
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Old Jan 19, 18, 5:21 am
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P.S. Checked my Platinum Card. Yes, there is a insurance if I have to cancel but only up to 6.000,00 € per Person. Enough for flights buttight for a whole trip.
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Old Jan 19, 18, 5:35 am
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Only travel insurance I usually go for is medical if somewhere where costs could end up being significant (say an evacuation to a modern hospital). There are a lot of tropical destinations where anything serious, you would need a medivac to get proper care and those are not cheap!
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Old Jan 19, 18, 6:35 am
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Originally Posted by Cityflyer10 View Post
Only travel insurance I usually go for is medical if somewhere where costs could end up being significant (say an evacuation to a modern hospital). There are a lot of tropical destinations where anything serious, you would need a medivac to get proper care and those are not cheap!
Totally agree. Potential medical costs should be the main concern, particularly if your credit card covers basic travel contingencies. I have great "domestic" medical insurance but always buy travel insurance when going overseas for the medical coverage.
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Old Jan 19, 18, 6:42 am
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I always purchase travel insurance for my trips, primarily for the medical component as many countries require proof of ability to pay before treatment, and of course US health insurance is not accepted. There are two important pieces to the medical coverage. One, you want to make sure you purchase the policy within 14 days or your initial trip deposit so that you can get the pre-existing condition waiver. This rule varies among companies, for some it is 21 days, but 14 days is a good rule of thumb. Two, make sure the medical coverage is first payer, meaning that your travel insurance policy will pay for your treatment first, and then go after any other coverage that you may have for reimbursement later.

I also purchase a separate annual medivac plan.

MikeFromTokyo is spot on that insurance is about figuring our your personal tolerance for risk. Some people may prefer to self-insure, meaning it would not impact their lives in any significant way to shell out $100,000 for a medivac, or lose $80,000 on nonrefundable trip components.

That being said, a lot of the potential reasons for claims are not things that most people think could really happen to them - volcanoes, airport power outages, hurricanes in New York, getting hit by a car, tripping and breaking your arm, supplier bankruptcy, etc. Many people will say, well it's summer so so our flights should be on time, and grandma is healthy, so I don't need insurance.

I have a low risk tolerance, in part due to being a TA and seeing all of the things that can and do go wrong. Plus, my family's business is insurance, although not travel related.
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Old Jan 19, 18, 6:46 am
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Originally Posted by offerendum View Post
...Also sometimes many things are excluded, for excample known health problems...
This is an important point. If a medical emergency or trip cancellation were deemed to be related to a known medical condition, travel insurance could deny a claim.
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Old Jan 19, 18, 7:18 am
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Originally Posted by KatW View Post
Travel insurance: Yay or Nay?

We travel luxe most of the time and historically I have not availed myself of travel insurance and only once have suffered therefore. But I recently booked a VERY expensive trip and chose to insure it for a hefty premium.

And I feel like a chump. But I have good reasons to seek protection with so many big bucks at risk: my husband is in mid-stage dementia and I have lupus, albeit generally well behaved. So, I swallowed the bait this time. Would you?

absolutely a travel insurance is a must. I will never book anything without travel insurance
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