Travel Insurance: Why, Who, How?

Miss Rona has a lot of our travel plans shook!

The corona virus has turned the world and insurance policies upside down since January 2020! While travel insurance policies typically don’t cover fear of travel or help with the anxiety about re-starting travel plans, the right plan can and will cover a plethora of potential scenarios. Travel insurance is no longer optional; it is an added expense that is needed to be able to travel. After thousands of travelers have lost deposits, non-refundable tickets and activities because of the coronavirus outbreak, HEAVILY advised more than ever. We discuss the why, who, and how to help you understand not only the importance of covering your bases abroad but the best way to go about it.

Half of Americans who canceled their travel plans during the pandemic lost money from both hotel and airline bookings. The average loss: $854 per person and only 1 in 5 Americans had invested in leisure insurance. Many insurance companies exclude epidemics and pandemics in their policies meaning that any claims that have arisen over the past several months are null in void and not covered; it happened in 2009 with the swine flu and 2014 with the Ebola virus so moving forward it is likely that generic insurance policies will NOT cover coronavirus in the future. At all.That’s why we ask – how do you buy travel insurance after the pandemic? Very carefully, say experts.

WHY DO WE NEED INSURANCE?

While it may seem like an unnecessary expense, travel insurance provides a vital safety net when we are abroad. In a nutshell, travel insurance is an all-purpose emergency coverage plan. It’s the single most important thing you should get for your trip; preparation is key and this takes priority.It’s predominantly protection but also peace of mind against those emergencies that can come out of nowhere and cost you dearly if you are not prepared. Since most health programs will not cover you overseas and credit cards often provide minimum protection, buying good travel insurance is a no-brainer.

WHAT INSURANCE POLICY?

If you’re going to travel, it’s not a question of if you need insurance, but what kind?Before the pandemic this question would have been like finding a needle in a haystack – endless options with a multitude of reasons as to why to invest in each particular one. However, we advise you take the advice of the experts – there are the two types of travel insurance you can and should buy after the pandemic:

“Cancel for any reason” travel insurance is going to be the breakout star of insurances during the coronaviru.   Although it’s more expensive than standard “named perils” travel insurance, it is more flexible. Its main benefit is that if you change your mind about your trip, the policy guarantees a minimum of 75% of your money will be refunded. “Cancel for any reason” coverage is quite simply an add-on to a pre-existing travel insurance policy that reimburses a portion of your prepaid, forfeited and non-refundable trip payments and deposits. If you want the ultimate flexibility to canceling your trip, whether it’s because of the coronavirus or just a change of mind, this is the coverage for you. It is your ultimate get out of jail free ‘money’ card!

“Named perils” travel insurance. This is the more common kind of travel insurance. It’s less expensive (7% to 9% of your trip cost), but as the name implies, it only covers the perils named in the policy, but these can include some weird and wonderful things. A number of insurance companies will be including various elements in reflection of coronavirus, i.e. cancelled flights.

HOW TO CHOOSE?

Travelers should continue looking for policies that provide coverage from unexpected injuries, illness, or accidents. Also pay attention to the refund terms. All travel insurance comes with a “free look” period of between 10 and 14 days after you buy the policy. This means read! Ensure you are comfortable that your policy covers the area you are particularly worried about. At least one thing hasn’t changed about buying travel insurance. That is to always read the fine print. Pay even closer attention to how your insurance policy handles a “force majeure” or an Act of God. Would the policy cover such an event, or would it be up to you to pay for your expenses? Knowing the exact terms of your agreement is important and the fine print is so important!

THE BEST TRAVEL INSURANCE COMPANIES OF 2020

Travelex: Best Overall

Allianz: Best Overall Runner Up

General Travel Insurance: Best Value

Geo Blue: Best for Medical Coverage

April International: Best Annual Travel Cover

World Nomads: Most comprehensive and also best for adventure trips

HTH: Best for Seniors

Safety wing: Best for digital nomads & health coverage

What do you guys think of travel insurances during this time? Let us know your favorites in the comments!

Please follow and like us:

Blog

Articles that you might like

September 22 2023
Top 6 Destinations to Travel to for Your Birthday

Are you looking for a unique and unforgettable way to celebrate your upcoming birthday? Look no further than Luxe Tribes’ top six destinations to travel for your birthday! From the dazzling city of Dubai to the serene beaches of Tulum, there is a destination perfect for you and your squad. Here are six destinations that …

September 15 2023
Best Travel Destinations for Black Brides & Bachelorette Getaways

If you are reading this and you are a bride-to-be, firstly, CONGRATULATIONS QUEEN!!! We love to hear about beautiful Black brides tying the knot and saying yes to happily ever after – somebody pass the tissues please! 🥲 With all the planning that comes with a wedding, let us take something off your plate and …

September 8 2023
Best Budget-Friendly Travel Destinations

Picture this, you go on the vacation of your dreams, but without breaking the bank! Did you know Luxe Tribes offers customized private travel packages for black solo travelers, group travel, family getaways and couples based on your specific dates and budget? This means you can enjoy stress-free bucket list experiences curated by our team …

August 29 2023
8 Places to Visit in 2024 for Black Women

It’s never too early to start planning your next luxury adventure and with so many beautiful places around the world, it can be hard to narrow down the options. Look no further, we got you, Tribe! Our 2024 group trips calendar is live! Check out our line-up here.  With over 40 Luxe Tribes adventures to …

March 30 2023
Consider a Group Trip – 6 Reasons

Travel is invaluable for personal growth, and taking time to consider a group trip can help! Immersing yourself in new cultures, trying out new foods, visiting architectural and natural wonders, and building connections all help you learn and grow as a person. That said, traveling can be daunting. You might have the travel bug, while …

March 24 2023
Black Women’s Travel Group, Why Should You Join?

Have you ever thought about joining a black women’s travel group? One of the best parts of traveling and experiencing new cultures is sharing those experiences with others. We aren’t saying solo trips aren’t fulfilling, but building connections with like-minded people through shared moments can’t be replicated. Do you crave both a luxury travel experience …

March 16 2023
Mother-Daughter Trip Time – Where To Travel

A mother-daughter trip is a special and memorable experience that can strengthen the bond between mothers and daughters. Whether you’re looking for a relaxing beach vacation, a cultural immersion in a new city, or an adventurous outdoor trip, there are countless destinations and activities to choose from that can make your mother-daughter trip a unique …

March 9 2023
Solo Female Travel Tips

Solo female travel can be an empowering and life-changing experience. However, it can also be intimidating and challenging, especially if you’re a first-time traveler. Here are some solo female travel tips to help make your journey safe and enjoyable. Do Your Research Before you go, research your destination extensively. Find out about the local customs …

February 11 2023
Top Solo Travel Destinations for Black Women

We are here to help find you the top solo travel destinations because traveling solo can be a daunting concept. However, solo travel is also one of the most fulfilling ways to experience the world and form new connections. When you travel with friends, family, or a partner, you will always need to make compromises …

February 4 2023
Bali in 2023 – Why You Should Still Travel Here

  Bali is a gorgeous country with so much to explore, and we still think you should travel to Bali in 2023. Recently the Balinese government passed a new law prohibiting sex outside of marriage and banning unmarried couples from living together. Although this law will not come into effect for 3 years, it has …

Subscribe to our newsletter

Subscribe and be the first to know about our latest travel deals , new trip launches, blog posts and more.

Social media & sharing icons powered by UltimatelySocial

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible

Please fill out the below form and we will get back to you as soon as possible