A recent survey from InsureMyTrip.com ranks three types of travel insurance as most valued by its consumers. Nearly 85% of those surveyed consider Trip Cancellation/Interruption insurance 'very important,' more than 70% rated Medical Evacuation coverage as critical, and 50% deemed Financial Default pertinent and relevant to the current travel climate.
InsureMyTrip.com, an online travel insurance comparison site, features more than 100 insurance plans from all of the leading U.S. insurance companies.
"The type of coverage a customer selects is often determined by the risk concerns they have," explains Jim Grace, President and CEO of InsureMyTrip.com. "This survey both confirmed what we already know to be common consumer concerns and prioritizes them as well so we are as efficient and effective in serving their needs as possible."
Trip Cancellation Package Policies offer the broadest and most comprehensive protection available – including coverage for trip cancellation, interruption, baggage, travel delay, and medical and emergency evacuation – and can be used for cruises, tours, flights, and vacation rentals. With the recent downturn of the global economy, travel consumers are facing greater challenges than ever before. Trip Cancellation insurance provides coverage for many of the trials impacting consumers today including sudden unemployment, natural disasters, and unexpected illness.
If you need to be medically transported due to a serious injury or illness while traveling, the costs can be staggering. Medical Evacuation coverage can be purchased as a stand alone policy or it is often included in other travel policies. It provides evacuation to the nearest appropriate care facility or, in some cases, to your hospital of choice depending on the company and plan.
In hard times, travel companies including tour operators, cruise lines and airlines also feel the squeeze.
In fact, according to recent news reports, as many as 20 international airlines are currently on the brink of insolvency and struggling to continue operations. There is only one way to protect against travel suppliers going out of business and that's with travel insurance.
Most of the major U.S. travel insurers provide financial default/bankruptcy protection if you purchase your travel insurance plan within 7 to 21 days (varies by company and plan) of your initial trip deposit. Although some travel insurers will provide coverage for suppliers that have declared bankruptcy but continue to operate, once a company ceases operations it becomes a foreseen event and insurance can no longer be purchased.
Additionally, it is always best to purchase your travel insurance protection from a third-party source. Typically, if you purchase travel insurance directly through a travel supplier such as an airline, cruise line, or tour operator, you cannot protect yourself should that travel supplier go bankrupt or become financially insolvent.
InsureMyTrip.com allows consumers to review, rate, compare, analyze and purchase travel insurance from twenty-three U.S. and Canadian travel insurance companies in a completely secure environment.
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