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How to Select the Right Travel Insurance Policy in 3 Steps

select the right travel insurance
Allianz - select the right travel insurance

Selecting the right travel policy for you can be an experience that’s both empowering and overwhelming at the same time.

The selection process can be empowering because finding the right travel insurance policy for you and your family – whether it’s through Allianz Global Assistance or another provider – gives you a strong sense of security and confidence, with some built-in personalization. You can pay for the benefits you want and need, and cater your coverage to your itinerary and preferences.

But on the other hand, this rampant diversification of policies has created some confusion in the marketplace. No two policies are the same, even if they appear the same on the surface. Benefits, coverage levels, and even the fine print can differ greatly or subtly among policies, leaving consumers who don’t ask questions and do their homework with the potential of believing they have coverage that they simply don’t or vice versa. It can all be a bit overwhelming.

That said, there are some simple steps that savvy travelers can take to ensure that they and their travel insurance company are on the same page, so to speak. Here are three steps for helping you to select the right travel insurance policy:

1. Ask Questions

Yes, you can absolutely ask Allianz Global Assistance questions to help you hone in on the right travel insurance police. But you should also ask yourself and travel companions some questions. These include:

  • What is your risk tolerance? This may impact whether you choose, for example, Allianz Global Assistance’s lower-priced OneTrip Cancellation Plus Plan vs. its more robust OneTrip Prime Plan.
  • Will you only miss a flight – or much more? If you’re flying out for a week of leisure and have a completely open itinerary, you likely have less to lose than someone who’s then catching a cruise ship.
  • Are you renting a car? Then you’ll want to add Rental Car Damage Protector.
  • Is an annual plan a better choice? If you’re a frequent traveler, you might find some great savings by opting for an annual plan instead of insuring your trips piecemeal.

Know that when you purchase a plan from Allianz Global Assistance, you have some time to review your travel insurance policy, a window of time that’s determined by your home state. If you find that you need more or less coverage, and you haven’t yet departed or filed a claim, we can help make sure you embark with the right plan for you.

2. Compare Plans

The best way to learn what each travel insurance plan offers is to dig into the benefits and levels of coverage. By seeing and understanding these details, and overlaying them with your itinerary and level of risk you’re comfortable taking, you’ll be able to find the right match for your travel plans.

For example, you may be looking at the OneTrip Cancellation Plus Plan, but decide that you do really need baggage coverage. Or you may be initially attracted to the OneTrip Basic Plan, but decide that you desire the higher benefit limit for emergency medical care offered by the OneTrip Prime Plan. Using a plan comparison tool, such as ours, will help make the review process easier.

3. Read the Fine Print

Part of our job is to make sure you have no surprises with your travel insurance policy. And while we work hard to clearly state our benefits and coverage levels, it’s also very important for travelers to review policies in full. This includes understanding existing medical condition exclusions, knowing what happens when a travel provider on your itinerary defaults and learning covered reasons for trip cancellation and trip interruption. By setting aside even a small amount of time to become familiar with a specific plan’s details, you’ll be able to pack your bags knowing that you may encounter some surprises on your travels – but not from us.

We want to make selecting and understanding your travel insurance policy is easy. But in order to make that happen, we need a little help from travelers. We encourage you to ask questions, fully explore all of our travel insurance policies, and to read up on all the policy details. Then you can sit back and relax knowing that we’ve got your back.

Allianz - AZ_OPM_Insurance_Partner

Nov 01, 2016