Here’s your guide to buying travel insurance in 2024

It’s already turning out to be an interesting year for travel. Images of planes on fire on the runway, volcanic eruptions and damage from catastrophic earthquakes are reminders to add travel insurance to your pre-trip checklist.

“It’s a smart buy,” says Joe Cronin, CEO of International Citizens Group.

A survey of 90,000 Medjet customers showed that 57% were more concerned about safety and security when traveling than they were last year. Political unrest and terrorism top their list of fears.

“People are being cautious,” says John Goebbels, Medjet’s chief operating officer. “But they still want to travel.”

They are also on edge about rising costs and other uncertainties. According to Berkshire Hathaway Travel Protection’s State of Travel Insurance research, more than half of travelers say the main factor in deciding to purchase travel insurance is high trip costs – and the fear of flight cancellations.

What can travel insurance do for you this year?

Travel insurance is evolving to keep pace with the reality of 2024.

“If 2023 has taught us anything, it’s to expect the unexpected,” says Curt Carlson, senior vice president at Trawick International. “Just when it seemed like the pandemic was over, the world threw us some new threats to travel. From volcanic eruptions to the outbreak of two separate wars. Not to mention strikes, wildfires, tropical storms and hurricanes.”

Travel insurance has had to face this challenge, says Chris Carnicelli, CEO of Generali Global Assistance.

“We had to adapt,” he says.

For travel insurers, this means adding new products to meet the changing needs of travelers. Travel insurance offers new coverage and updated technology to make things easier for its customers. But travel professionals have some expert advice for your next insurance purchase — and pinpoint some mistakes they can help you avoid. More on that in a moment.

How will travel insurance change in 2024?

Big changes will happen in 2024. For example, Allianz Travel Insurance is planning to roll out a major upgrade to add functionality to its popular TravelSmart mobile app. The company is also expanding access to telemedicine services and will revamp its claims process, introducing a new portal that will make submitting a claim faster and easier.

“Technology will continue to improve traveler experiences this year,” predicts Daniel Durazo, director of external communications at Allianz Partners USA.

The product itself is also changing. Generali recently introduced new coverage options related to COVID-19, including trip cancellation and trip interruption coverage.

Generali’s coronavirus coverage is extensive. If you, a family member, or a travel companion are diagnosed with coronavirus before or during your trip — and meet coverage requirements because of your illness — you’ll be covered for cancellation, interruption, delay, medical, and travel support services. (Coverage amounts vary.)

What does travel insurance cover in 2024?

There’s no doubt about it: travel insurance has become an essential component of any trip. It offers travelers peace of mind and financial protection if things go sideways. But what exactly does travel insurance cover in 2024?

• Delay: Travel insurance often covers travel delays. It covers the costs of meals, hotels and other unexpected expenses when there is an unexpected cancellation or delay.
• Lost luggage: Although lost luggage is no longer as common as it used to be (thanks to AirTags and advanced baggage tracking technology), travel insurance can compensate for the problem. The best policies also provide an allowance for clothing and other necessities if your luggage is lost.
• Medical emergencies: Pandemics, flu outbreaks and other medical issues have made this a major focus for travel insurance in 2024. The latest policies offer comprehensive medical coverage, including hospital stays, doctor visits and medical evacuation.
• Psychological health: An increasing number of travel insurance policies now cover anxiety, depression and other mental health issues.
• natural disasters: Whether it’s an earthquake in Japan or a volcanic eruption in Iceland, natural disasters can ruin your vacation. Many travel insurance policies cover these disasters (but check the fine print, as significant restrictions apply). Note: There are often exclusions for war and terrorism, so double check your policy before purchasing.
• Personal responsibility: If you are involved in an accident, travel insurance may provide cover for third party liability claims while you are travelling.
• Rented car: Many insurance policies cover damage or theft of your rental car. However, this coverage is often secondary, and you will need to make a claim on your personal auto insurance first.
• Trip cancellation and interruption: This could include a natural disaster, personal emergency, or political unrest. Travel insurance may reimburse you for non-refundable trip expenses if you can’t go.

Purchasing a comprehensive travel insurance policy can provide peace of mind for your next adventure. But read the policy carefully before assuming you’re covered. (I have some additional strategies for buying the best travel insurance policy on my consumer site.)

Pro tip for buying travel insurance in 2024

If there’s one thing travel professionals can agree on, it’s that you don’t want to skip travel insurance.

“One trend I expect to see is an increase in the number of international travelers who believe they don’t need travel insurance,” says Cronin of the International Citizens Group. “It is a costly mistake for many individuals, especially when it comes to neglecting travel medical insurance.”

When do I need travel insurance?

“I recommend travel insurance for any trip over $3,000,” says Sera Mas, owner of Serentravelty.com.

She also recommends “cancel for any reason” coverage, which is more expensive but allows you to cancel your trip for any reason and get between 50% and 75% of your prepaid, non-refundable expenses refunded.

Does it matter which travel insurance company I buy from?

Absolutely, according to Angela Rice, co-founder of Boutique Travel Advisors. “Choose a trip insurance company that has been vetted and is known for providing good customer service,” she advises. “Look at reviews for how they handle questions while traveling, whether you can reach a live agent via phone or chat, and how quickly they respond to approved and paid claims,” she says. She recommends Allianz and Chubb, both of which she uses herself, but says there are many other reputable providers.

Do I have to annuitize my insurance policy in 2024?

Little-known fact: Travel insurance is now highly customizable. That’s what Stephen Roche, CEO of Mountain.co.uk, discovered when he bought travel insurance for a trip to Patagonia. “Coverage in 2024 will be more comprehensive and reflect the evolving needs of modern travellers,” he says. His policy included emergency medical coverage, trip cancellation and interruption, extreme sports coverage, and baggage protection, which was especially important for his specialized equipment.

His advice? Shop around and don’t be afraid to customize your travel insurance in 2024.

Do I need to read the policy before purchasing?

Yes, says Melissa Morello, owner of Majestic Destinations. “People often read a coverage chart that outlines payouts for each covered item, but they don’t look at the policy to see what terms are required to pay out,” she says. For example, their customers often assume that their flight delay coverage takes effect any time their flight is delayed, and that they will automatically receive a payment. But often, the policy requires a flight delay of 4, 6 or sometimes even 12 hours in order to get this benefit.

Failing to read the policy is the biggest mistake travelers make, says John Rose, chief risk and security officer at ALTOUR.

“They do not understand what is and what is no This is especially true for medical claims. Travelers assume that their medical insurance will cover them outside the country, when this is often not the case.

“The best thing you can do is work with a travel advisor to purchase the right travel insurance for you,” he advises.

Avoid these travel insurance mistakes in 2024

As you can imagine, purchasing travel insurance will be fraught with challenges in this new world. Elad Sheffer, CEO of Faye Travel Insurance, says there are three major travel insurance mistakes he’s seen in policies purchased in 2024.

Over-insuring yourself

It’s dangerous there, so there’s a tendency to buy a lot of travel insurance. Resist the temptation, Schiffer says. For example, if you’re going skiing or snowboarding, an insurance plan for the entire trip is sufficient — there’s no need to get the Extreme Sports add-on, unless you’re in the backcountry or taking a helicopter to the top of your range. You are already covered under the basic plan.

Purchase insurance for international trips only

Travel insurance is here to protect you when the unexpected happens, from emergency medical scenarios to cancellations and delays. “What you know can hit fans locally And “Travel insurance can protect you if you have large prepaid expenses on flights, hotels, and tours — no matter where you’re going,” says Schaefer.

The window lacks full coverage

Purchase travel insurance immediately after you make your first trip deposit, such as booking a hotel or flight. “You should always purchase travel insurance within 14 days of your first payment to be eligible for all your policy benefits,” he says. Timing varies by provider. For example, with Faye Travel Insurance, if you purchase within two weeks of your initial trip deposit, you are eligible for a full range of coverage protection, including pre-existing medical conditions.

What if you miss the window? It’s not too late, says Stan Sandberg, co-founder of travel insurance website TravelInsurance.com.

“One common misconception people have about buying travel insurance is that once you decline the option with their airline or travel agency, it’s too late to buy it,” he says.

In fact, you are Can Purchase travel insurance up to the day before your departure. A travel insurance plan purchased at the last minute can still provide emergency medical coverage, evacuation coverage, flight delay coverage, and baggage delay and loss coverage.

Bottom line: This is going to be an interesting year for travel, so you need to make sure your travel insurance is up to the job. Make sure you buy the right insurance at the right time, and of course at the right price. Read your insurance policy carefully, and avoid unnecessary risks that may be uninsured.

See you there.