Should You Buy Comprehensive Travel Insurance?
A typical comprehensive travel insurance policy may provide coverage beyond what you would get from your credit card. But it is still unlikely to cover a trip canceled out of concern for visiting a coronavirus outbreak area, says Kasara Barto, public relations manager at Squaremouth, a travel insurance comparison website.
You can purchase some travel insurance policies with “cancel for any reason” coverage. Each policy spells out requirements for canceling your trip and getting reimbursed. If you meet the requirements, you could be reimbursed for your cancellation over coronavirus concerns.
You’ll typically need to buy your coverage within 15 days of making your trip deposit and cancel your trip at least 48 hours before your scheduled departure. With this type of policy, you can cancel and get reimbursed for up to 75% of the cost of your trip, Barto says.
Squaremouth has seen sales of these policies increase by about 77% within the last month or so, she adds.
A typical travel insurance policy costs between 7% and 10% of the price of a trip, Barto says. But one that allows you to cancel for any reason costs about 40% more than that, she continues.
This is the best option if you’re looking for peace of mind, she adds.
Just be sure to read the fine print. Some insurers are restricting coronavirus-related coverage because the issue is considered a “foreseen” event, Barto says.
That means cancellation and medical benefits might not be available for policies purchased after a cutoff date set by the insurer.
“This whole outbreak is really unprecedented,” Barto says, adding that the Ebola and Zika viruses didn’t have the widespread effect that the coronavirus has had. “Once the insurance providers believe the impact on travel becomes too high of a risk, that’s when they start to exclude coverage for it.”
Read the full U.S. News & World Report article online here: https://creditcards.usnews.com/articles/does-credit-card-travel-insurance-cover-the-coronavirus