With everything that’s been going on lately – from an oil spill in the Gulf of Mexico to clouds of volcanic ash causing dozens of European airports to be closed, more and more people are looking into purchasing anything from business travel insurance to medical travel insurance before they take a business trip or go on holiday.
Close to 30% of leisure travelers now buy travel insurance, compared to the 10% that did prior to 9/11. And Americans spent close to $1.6 billion for travel insurance in 2008, according to a survey done by the US Travel Insurance Association. Trip cancellation coverage accounted for 90% of their purchases.
Bob Chambers of CSA Travel Protection in San Diego said on Tuesday, “We’ve seen a nearly 50% increase in calls since the Icelandic volcano eruption in April. The calls are coming from prospective customers inquiring about plan coverage for things such as the volcano, oil spill, and other events, as well as current customers seeking reassurance they will be covered.”
Medical Travel Insurance Can Save Thousands
Many people now consider medical travel insurance to be a necessity as well as being an integral part of their travel budget.
The publisher of The Travel Insider, David Rowell said, “Consider what would happen if you’re riding a camel in Egypt and get thrown off it. If you have medical evacuation insurance, you can have a helicopter fly out to get you. It takes nine seats to put a stretcher in a plane. That’s a huge cost that people never think about when it comes to medical evacuation.”
Prices Can Vary by 300%
However, many people shop around before buying their travel insurance because the cost can vary by hundreds of dollars from one company to the next for the same amount of coverage.
John W. cook, president of a company that compares travel policies – QuoteWright.com – says, “It’s not unusual for plan costs to vary over 300%, so make sure you shop around for the best coverage.” For example, the cost of a comprehensive travel insurance policy for a $3,000 trip from NY to Europe for a fifty five year old can cost between $102 and $486.
