Another Travel Insurance Policy question

[debshomespun]

I tried searching for an answer with no luck. I know there is some type of policy out there that covers multiple trips for the year. Is this only for medical coverage outside the US? I did talk with Insure my trip . com and they did give me a quote. With this type of coverage, there is no trip interruption or that type of coverage, it is only for emergency medical coverage outside the US. Anyone gotten this type of coverage, and can you tell me more about it? TIA!

[cruiseco]

I tried searching for an answer with no luck. I know there is some type of policy out there that covers multiple trips for the year. Is this only for medical coverage outside the US? I did talk with Insure my trip . com and they did give me a quote. With this type of coverage, there is no trip interruption or that type of coverage, it is only for emergency medical coverage outside the US. Anyone gotten this type of coverage, and can you tell me more about it? TIA!

 

Travel Guard has a multi-trip plan. There are some drawbacks:

 

#1 it's limited to a total of $1500 in cancellation/interruption coverage for the year. However additional cancellation coverage can be purchased for an additional premium of 6% of the trip cost you want to add on.

 

#2 Low limit on the medical coverage -- $10,000. Not as much of a problem if your regular health insurance covers you on your trip.

 

#3 The emergency evac coverage is at the low end of the scale -- $100,000. I'd want a higher level but in all probability it's adequate.

 

#4 No travel delay or missed connection coverage.

 

#5 No waiver available of the pre-existing medical condition exclusion.

 

The pricing is $251 per person.

 

You can view/buy it directly at http://www.travelguard.com

 

Access America also has an annual plan with similar coverages -- a little higher on the medical coverage and they do include a trip delay benefit. I'm not sure if you can pay an additional premium to increase their basic trip cancellation amount ($1,000)

 

http://www.accessamerica.com/aa/SelectAPlan.aspx?001000252&Product=001000143

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[Keith1010]

I just wanted to note that I have never been able to find a good annual plan. Even our own homeowner's insurance company has an annual plan for travel but each plan I've looked at seems to fall short.

 

Keith

[CruisinGerman]

The good annual plans seem only to be sold in Europe.

 

See http://www.insurancebookers.es, click on English, and read the Platinum (Platino) annual policy we can buy from Travel Guard Europe (Chartis). For only about 250 euros per year for two people, we get unlimited medical, and unlimited cancellation and interruption.

 

We don't seem to get cancel with no reason, but that type of coverage would be impossible with the low price this policy costs.

 

I have never understood why travel insurance is so expensive and complicated in the United States, while everything else in your country usually tends to be so cheap and so easy ......

 

Kind regards,

 

Gunther and Uta

[cruiseco]

 

I have never understood why travel insurance is so expensive and complicated in the United States, while everything else in your country usually tends to be so cheap and so easy ......

 

 

Much of it has to do with the ability of UK and EU-based travel suppliers to make travel insurance a requirement of booking. For example, that recent post by a US resident booking a P&O cruise. P&O required that they have travel insurance and even set the minimum coverage requirements.

 

What this does is expand the rick pool to include those who are probably at a smaller than average rick of having a loss. When healthy 30-year-olds are required to buy into the pool it brings down the cost for everyone. And European-style insurers are notorious for either not covering pre-existing conditions or charging much more for the coverage, coverage that most US insurers offer at no additional cost.

 

Because in the US travel insurance is a choice, not a requirement, there's a huge amount of adverse selection -- Mom had a stroke last year, better get the insurance. Gramps is still being treated for cancer, better get the insurance. I've just been diagnosed with diabetes, better get the insurance. If all of these folks would have normally not taken out a policy and are not paying any more because of the pre-existing conditions then you can see why the premiums tend to be higher.

[CruisinGerman]

you talk of European-style policies, but the specific policy I am referring to (see http://www.insurancebookers.es), click on English, and review policy wording for Spain policy, platinum (platino) coverage, is by the European subsidiary of Travel Guard/Chartis.

 

The "requirement" of having travel insurance here in Europe is somewhat arguable. I purchase very expensive cruises here in Spain and nobody has ever forced me to purchase travel insurance or prove that I had it.

 

You would think that the potential risk pool is larger in the United States from the onset -- yes you can say that the risk pool in Europe includes the entire EU or EEA but you still have to issue policies that follow the individual laws of each country involved -- I would think it is simpler in the United States.

 

I just get suspicious when something in the United States is more expensive and more bureaucratic than in Europe -- since the opposite is usually the case.

 

Kind regards,

 

Gunther and Uta

[sirwired]

You would think that the potential risk pool is larger in the United States from the onset -- yes you can say that the risk pool in Europe includes the entire EU or EEA but you still have to issue policies that follow the individual laws of each country involved -- I would think it is simpler in the United States.

 

I just get suspicious when something in the United States is more expensive and more bureaucratic than in Europe -- since the opposite is usually the case.

 

Kind regards,

 

Gunther and Uta

 

In the U.S., insurance is a product regulated individually by each of the fifty states (plus DC, Puerto Rico, random pacific islands, etc.) The TravelGuard policy I buy in North Carolina will certainly be similar to one purchased in New York, but there may be state specific rules, exclusions, etc.

[cruiseco]

you talk of European-style policies, but the specific policy I am referring to (see http://www.insurancebookers.es), click on English, and review policy wording for Spain policy, platinum (platino) coverage, is by the European subsidiary of Travel Guard/Chartis.

 

By "European-style" I mean several things:

 

1) Huge medical coverage limits, often $2,000,000 or more (some are unlimited)

2) A set trip cost amount for trip cancellation ($1500, $5000, etc) by coverage level i.e. if you want more cancellation coverage you have to step up from a "silver" level plan to a "gold" level plan with higher medical coverages, etc.

3) Inclusion of personal liability coverage

4) Must pre-qualify for any pre-existing medical condition coverage and possibly pay an additional premium if necessary.

5) Premiums vary by destination

6) Exclusion of coverage for older travelers (commonly 75 or so limit)

7) Whereas deductibles are rare with US-style plans they're quite common with European-style plans.

 

The "requirement" of having travel insurance here in Europe is somewhat arguable. I purchase very expensive cruises here in Spain and nobody has ever forced me to purchase travel insurance or prove that I had it.

 

But as evidenced by that other topic, it can happen. That's generally illegal here -- you can't require a client to purchase the insurance.

 

You would think that the potential risk pool is larger in the United States from the onset -- yes you can say that the risk pool in Europe includes the entire EU or EEA but you still have to issue policies that follow the individual laws of each country involved -- I would think it is simpler in the United States.

 

Insurance regulations, including travel insurance, are a state responsibility so an insurer developing a plan has to make sure that it follows the regulations of 51 separate different governmental bodies -- 50 states plus Washington, DC