When Should I Buy Travel Insurance?

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Is travel insurance worth it?

Should you buy travel insurance? We’re desperate to travel and insurance seems smart, but the answer’s not always yes or no. Find out on Queer Money®. Meanwhile, get your free copy of the 5 Building Blocks of a Happy Gay Life here.

When and how to get travel insurance on this Queer Money®:

So, you want to buy travel insurance?

So, you want to travel, but you’re nervous. The COVID situation seems to be improving, but there are still a lot of what-ifs. Is there a way to move forward with your plans but still protect yourself and your money?

Bobby Lee is the personal finance blogger behind 2 Minute Finance, a platform dedicated to teaching personal finance and consumer skills. He is also a freelance writer covering personal finance strategies, travel and lifestyle for publications like WellKeptWallet and Policy Genius. A self-professed travel rewards and travel insurance geek, Bobby is passionate about developing strategies to maximize the value of our miles and points.

Bobby Lee on how and why to buy travel insurance

On this episode of Queer Money®, Bobby joins us to discuss the ins and outs of travel rewards, explaining why program administrators make it so difficult to redeem our miles or points. He weighs in on the two types of travel insurance coverage, explaining what built-in protections are available and why frequent travelers should consider an annual policy. Listen in for Bobby’s advice on protecting a rental car with the coverage you’ve already got and learn how to choose the right travel insurance in the age of COVID.

You can get decent annual coverage with a consistent carrier and a consistent set of benefits for not much more than what you’d pay for one-off travel insurance. – Bobby Lee of Bobby Lee MediaClick To Tweet

Topics covered on buying travel insurance

Bobby’s interest in the personal finance space

• Help people build consumer skills, make good decisions
• Develop strategies to maximize the value of miles or points

The two main types of travel coverage available

• Supplier offered (there to protect them, not you)
• Independent travel insurance protection

How travel insurance coverage changed in the COVID era

• Offer COVID protection as an add-on or policy feature
• Devil in details (different levels of protection)

The built-in protections for different levels of coverage

1. Baseline policies cover death, natural disasters
2. Mid-level policies = delayed bag, evacuation insurance
3. Premium policies offer to cancel for any reason or CFAR

Why read the terms of the certificate of insurance

• Definitions, exclusions vary by policy
• Pandemic never factored in before

The benefits of typical COVID add-on coverage

• Covers medicine, basic exam/testing if the contract on trip
• May or may not cover the cost of medical evacuation

Bobby’s advice for booking a basic beach vacation right now

• Look for the maximum flexibility regarding change or cancellation
• Book through supplier vs. the third party like Expedia

Bobby’s insight on the best rental car coverage

• Rental car insurance products predatory in nature
• Check primary auto policy, credit card protection first

Why it’s challenging to get points back if you have to cancel

• Depends on who holds the balance and how trip booked
• Easier if airline or hotel program vs. credit card

Why Bobby suggests an annual policy for frequent travelers

• Covers every trip that year, benefits don’t change
• Costs not much more than one-off travel insurance

Why travel rewards programs are so complicated

• Administrators don’t want too many to redeem
• Set expectations (lose more times than win)

Connect with Bobby

Resources for buying travel insurance

Note: This article contains affiliate links, meaning we’ll receive payment at no cost to you if you buy through these links. We only recommend products we use or thoroughly vet and would recommend to our moms. Buying too many of these is how you live fabulously broke. To live fabulously with financial security, start here.

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