So let’s talk about travel insurance and why I insist all my clients purchase it. This is NOT the insurance that is offered by the airline, resort, cruise line, etc. A true and honest travel insurance plan that is independent of the travel supplier…Third Party Travel Protection!
Why should you buy travel insurance? Because you MUST protect your investment from the beginning of the booking process. We see it in the news all the time, hurricanes happen, weather happens, companies go out of business, you become ill, a family member becomes ill, your job makes you work and so on and so on!! If you did not purchase Third Party Travel Protection, then you will lose every dollar that you have put towards your precious vacation. Buying and protecting your investment will ensure you are protected should any emergency come up.
There are 3 major reasons you need third-party insurance:
Most people only think about travel insurance covering them if they have to cancel their trip. And many will say, “We are going on this trip no matter what so we don’t need insurance.” But we all know things happen and you need to understand the consequences. While cancellation right before travel can mean you lose all the money you paid for the trip, the bigger financial blow is if you have a medical need while you are out of the country. Most people aren’t aware that their medical insurance IS NOT valid outside the US (read page 6 of your passport). Some think their credit card has medical coverage, but don’t realize that in most cases they have to pay everything upfront and then hope for reimbursement.
A representative of Pleasant Holidays’ ground operator in Cancun is the person designated to go to the hospital with clients who have medical emergencies. She told me lots of stories about what people without medical insurance have to deal with, but one stuck with me. She sat in a waiting room for hours with a woman whose husband had a heart attack and the hospital required her to pay $25,000 upfront for medical care. The woman called every one of her credit card companies and her bank begging for assistance – all of which denied her any help. Finally, she had to call her employer and ask for an advance on her salary. They stepped in and guaranteed the bill. Who wants to go through this? That’s why you need travel insurance.
Let’s be clear: I am not an insurance expert or a licensed insurance agent. I am just here to help clients understand what they are NOT covered for and how this insurance will fill those gaps.
Thankfully the last reason clients need travel insurance is the least common: supplier default. When I recently asked my Travel Insurance supplier about how they handled the default of Worldview Tours and Revealed America, they said they stepped in and guaranteed the reservations for clients traveling. Another reason was how they handle medical emergencies: they step in and take care of everything including guaranteeing medical bills. That’s not true with every insurance company. That’s a huge peace of mind for travelers – many of whom don’t have $25,000 to guarantee a medical bill. I’ve seen them in action with clients traveling with medical emergencies and they make the process as easy on the client as possible. And please don’t forget about the elephant in the room…COVID. We have seen the whirlwind that can cause with travelers.
After I have explained the reasons why my clients need third-party insurance, if they still aren’t interested, I have them sign a waiver that outlines what they stand to lose. Third Party Travel Insurance is pennies on the dollar as far as additional costs. Every time you are offered Third Party Travel Insurance, study the plans and purchase the one that best suits your needs. You will be thankful you did!
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