A discussion among colleagues recently touched on the subject of the increasing cost of travel insurance for overseas trips. One participant said that insurance for a 3 week trip to Spain and UK had been quoted at $1700. Others commented on the pickiness of companies about pre-existing medical conditions and age.
For our next planned trip to France, booked and paid for many months ago, we have decided to rely on the complimentary insurance available on our bank premium credit card (if we pay for the air fares using the card). This is a matter of risk management.
The excess per claim is $250.
For us the main risks in order of worry were:
1. Cancellation of trip or hurrying home because of events concerning very aged relatives. This was a risk spanning 9 months. The policy seems to cover the risk without regard to their age, but pre-existing medical conditions are an exclusion. We did not even contemplate applying for waiver for their medical conditions, so there would be plenty of scope for resisting a claim.
2. Getting ill ourselves.
We have nothing to declare by way of existing illness. Coverage seems unlimited and there is no cut off for excessive age of travellers.
3. Loss of or damage to our travel gear.
Cover conditions seem reasonable.
4. Liability from our hire car.
While we have taken the normal insurance cover/waiver from the hire care company, the complimentary policy covers any excess up to $2250. There is also legal liability cover of $2,500,000.
While we did not undertake a major survey of what better insurance could be bought, especially in regard to item 1, we concluded that the extra benefit/risk ratio would not justify the additional cost above the complimentary policy provided through the card purchase.
Perhaps one day, as there are more aged travellers tending to have long lived relatives, some insurer may create (at an economic price) a separate "Don't you worry about that" policy just to cover the old folks at home.
I gave up trying to get insurance that included cover for the cost of returning home if an event concerning an 85+ year old relative occurred. I live in hope that, if the need arises, I'll be able to change our existing air tickets, even if a change fee is payable.
ReplyDeleteThe insurance does reimburse cancellation expenses that arise from not travelling at all (to a pre-determined limit). The situation if we need to change our departure date is a little less clear, however.
Interestingly, the cost of insuring through the travel agent was only fractionally higher than insuring on-line. I was happy to pay the little extra on the basis that (hopefully) the TA will be "on my side" if necessary!