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Should You Buy Travel Insurance Or Not?

13 November 2018 By admin Leave a Comment

Photo by Porapak Apichodilok from Pexels

What Is Travel Insurance?

The term travel insurance is commonly used to describe a few different types of insurance. It can sometimes be pretty confusing for new travellers.

You should know what kinds of coverage a travel insurance policy includes, because it may not include everything you think it does.

Travel Health Insurance is coverage for accidents, injuries, and hospital visits while you are away from home.

Medical Evacuation Insurance is coverage for transporting you to a major hospital for treatment.

Trip Cancelation Insurance is coverage for unexpected interruptions in your travel plans.

Baggage/Property Insurance is coverage for theft or damage to your gear while traveling.

Do You Need Travel Insurance?

This is the million-dollar question — and ultimately a personal decision. I’ve met plenty of people who travel without travel insurance and I’ve contemplated doing the same.

But after over 6 years of constant travel, hearing horror stories from other travelers, and getting into a few dangerous predicaments myself — if someone asks for my opinion on the subject I answer with:

YES. Everyone should carry some kind of health/property insurance when traveling.

Why? Because shit happens. Whether you think it will or not. Despite your best-laid plans and preventative measures. Sure, if you sprain your ankle, it might not be a big deal.

By Matthew Karsten

See Full Story at expertvagabond.com

15 tips for cutting the cost of car insurance

8 November 2018 By admin Leave a Comment

The cost of car insurance can take a big chunk out of your driving budget, but it doesn’t have to be that way. Here are 15 tips to help you get your annual premium down.

1. Shop around

The Association of British Insurers (ABI) reckons you can save as much as a third on your annual premium, simply by shopping around. So don’t just automatically accept your renewal quote each year.

2. Limit the number of people allowed to drive the car

The more people who are covered by a policy, the more it’s likely to cost. Young drivers are particularly expensive to insure, so make sure you remember to take your kids off your policy when they get their own.

3. Request a higher excess

Most insurance policies include an excess charge (the amount you have to pay towards any repairs that are claimed for). If you’re prepared to increase this, you can get a reduced premium.

4. Don’t use your car for work

Insurance policies that cover only “social, domestic and pleasure” are generally cheapest.

5. Agree to a mileage cap

This can earn you a discount simply because cars that are on the road less often are less likely to be involved in an accident. AA Insurance reckons that accepting a 12,000-mile annual cap would earn a 5 to 10 per cent discount. A 5,000-mile cap can earn even more. This is particularly useful for households with more than one car.

See Full Story at www.telegraph.co.uk

3 Tips to Buy the Right Type of Travel Insurance

6 November 2018 By admin Leave a Comment

Some travellers don’t need the level of coverage in a package plan – they need a travel medical plan instead – and they can avoid the extra expense that comes with a package plan. The following explains how to determine what type of travel insurance plan you need.

1. You need a travel medical plan when …

… your travel is domestic, relatively cheap, or outside your health insurance network.

Travel medical insurance plans cover your emergency medical care when you’re traveling outside your health insurance network. Many U.S. based health insurance plans do not cover their members when they leave the U.S. and they apply out-of-network charges for travel outside the health insurance network area, which means the traveler pays a higher portion of the bill.

Essentially, you need a travel medical plan when you’re not worried about recovering your non-refundable trip costs, your trip is relatively inexpensive, and you know you will be outside your health insurance network area (and therefore won’t have coverage for medical care).

2. You need a package plan when …

… your travel is expensive, once-in-a-lifetime, or you’re on a budget.

Travel insurance package plans cover a wide range of travel risks, including trip cancellation, travel interruption, emergency medical care, baggage loss, and evacuations as well as features like travel delays, car rental, and more. Cancellations can occur for a number of reasons, and when you want coverage for trip cancellation, you’ll need to buy a package plan.

See Full Story at www.travelinsurancereview.net

Here’s how your credit score affects your auto insurance rates

1 November 2018 By admin Leave a Comment

Auto insurers include your credit score as a factor when determining your premiums, but many motorists have yet to fully appreciate the effect their credit-worthiness has on their car insurance rates.

Here’s how your auto insurance and credit score are linked

On the flip side of this equation is the fact that three in 10 people mistakenly think that their driving record has a bearing on their credit score, according to a recent survey from Wallet Hub. Nonetheless, insurers say credit-based insurance scores actually reward the fiscally responsible among us.

You may be wondering where this idea that how you handle your wallet is related to how you handle your wheels comes from. The most comprehensive public research was done about a decade ago by the Federal Trade Commission in a report on the issue.

The agency found that several states bar insurance companies from basing their underwriting decisions solely on people’s credit scores and credit histories. It has a lot to do with the period of time — the “exposure period” — insurance companies can incur losses.

“[Credit] score developers start with the credit information available about customers at the beginning of the exposure period and the known losses for them during the period,” the FTC report says. “Score developers then use various statistical and other techniques to develop a model that predicts losses based on the credit information that was available at the start of the exposure period. If the relationship between the credit information and loss is sufficiently stable over time, the model can be applied to the credit histories of other consumers to predict the risk of loss they pose. ”

A report by the Insurance Information Institute (III) said that aside from credit scores, other factors, such as where a person lives, previous crashes, age and gender, help insurers determine who is more and less likely to file a claim.

How insurance companies handle those with no credit history

Of course, every person is different: An 18-year-old who may not have much of a credit history can’t possibly be judged the same standards as, say, a 40-year-old with a job and family, right?

When it comes to teenagers and other people without credit histories, many states mandate that insurers adhere to the National Conference of Insurance Legislators’ (NCOIL) “Model Act Regarding Use of Credit Information in Personal Insurance,” which was released in 2002.

The NCOIL rules, which many states have adopted verbatim, say that “no-hits” and “thin files” (people with no or scarce credit histories) should be considered to have “neutral,” or average, credit. The insurer also has the option of using another scoring model, which must be disclosed.

As a conclusion to its report, the FTC says, “A consistent finding of prior research and the FTC’s analysis is that credit information, specifically credit-based insurance scores, is predictive of the claims made under automobile policies. However, it is not clear what causes scores to be effective predictors of risk.”

By Craig Johnson

See Full Story at www.kiro7.com

Cyber Insurance: Now a Necessity?

30 October 2018 By admin Leave a Comment

In 2018, incidences of ransomware use – cyber pirates stealing or making unavailable proprietary information from a computer and demanding money to return it – will double from 2017.

Data breaches are on the rise, too, according to the Insurance Information Institute (III), a nonprofit dedicated to improving public understanding of insurance. III’s Identity Theft Resource Center reports that breaches hit a new record in 2017 – again – with 1,579 breaches tracked, up 44.7 percent from 1,091 in 2016. The number of records exposed rose to about 179 million, compared with 37 million in 2016.

In 2017, the largest U.S. credit bureau, Equifax, suffered a headline-making breach that exposed the personal data of 145 million people, including Social Security numbers.

Two major United States health insurers were breached in 2015, exposing the data of 90 million customers. The U.S. government also has been the target of hackers, including the Federal Deposit Insurance Corp., the Internal Revenue Service, the Office of Personnel Management and the Department of the Interior.

The average data breach cost globally is $3.86 million in 2018, up 6.4 percent from $3.62 million in 2017, according to a study from IBM and the Ponemon Institute. And these figures do not include the many attacks that go unreported and undetected.

By Debra Gibson Isaacs

See Full Story at www.lanereport.com

You’ve Been Buying Travel Insurance All Wrong

25 October 2018 By admin Leave a Comment

The best way for frequent travelers to cover their getaways is an annual plan, something that is becoming more widely available from a number of providers. “Currently, we have a total of four annual plans and five single-trip plans,” says Richard Aquino, VP of Sales at Allianz Global Assistance. At the plan comparison site InsureMyTrip, sales of annual coverage have risen by 40 percent in the past year, the company says. And travel insurers Arch RoamRight and Seven Corners also report double-digit increases.

Travel agents are helping drive the shift. “I have recommended the annual policy for a few of my clients that travel very frequently throughout the year,” says Margie Hand, a travel agent at Andavo Travel. “One couple in particular usually took at least two luxury cruises per year, and together with their smaller trips, the annual policy was a great option for them.”

While annual and multi-trip plans are not new, traditionally they were marketed strictly to hard-core international travelers. “Most annual travel plans are focused on medical coverage for medical expenses and emergency medical evacuations,” says Justin Tysdal, CEO of Seven Corners.

Meanwhile, “for domestic trips, the number one reason somebody buys travel insurance is for trip-cancellation protection,” says Cory Sobczyk, VP of business development at Arch RoamRight. Historically, he says, “there have not been a ton of annual plans out there that include a trip-cancellation component.” But this paradigm is shifting, and today some insurance companies, including Arch RoamRight, now offer annual plans with trip cancellation that cover both domestic and international travel.

by SUZANNE ROWAN KELLEHER

See Full Story at www.cntraveler.com

One in four car insurance policies don’t cover child car seats

23 October 2018 By admin Leave a Comment

One in four car insurance policies offer no protection for child car seats, which could leave parents out of pocket if something were to go wrong.

The figures also revealed that less than half of UK car insurance policies will pay out the full cost of replacing a damaged car seat. In the UK, any child under the age of 12 or 135 cm in height can only travel in a car if they are in a recognised child car seat of booster seat.

Find out how to ensure you get the right level of cover from your car insurance at a competitive price.

Does car insurance cover car seats?

A quarter of car insurance policies (67 out of 267) don’t cover car seats, according to new data from Defaqto. Less than half of car insurance providers will pay the full cost of replacing child car seats damaged in an accident and only 44% of policies (117 out of 267) were found to do so.

Nearly 31% of car insurance policies (83 out of 267) offered limited cover for car seats, choosing only to pay out a certain amount per seat.

Average cost of a child car seat

The child car seats that are currently on the Which? Best Buy list range from £80-£409, but prices will vary among retailers. Some manufacturers offer a child car seat replacement service if it’s been damaged in an accident. Maxi-Cosi, for example, will swap your damaged car seat for a brand new replacement if you can’t get cover from your car insurance provider.

This service applies to all Maxi-Cosi car seats of any age. Manufacturer, Kiddy, also offer a child car seat replacement service. Any Kiddy car seat involved in an accident can be returned for a free replacement up to six years after the purchase date, even if your child car seat is already covered by your car insurance policy. You must also claim within three months after the car accident takes place.

See Full Story at www.which.co.uk

Influential Factors For Comprehensive Car Insurance

18 October 2018 By admin Leave a Comment

Comprehensive insurance covers events different than collisions. For this policy, these are the most important factors:

The area where the policyholder lives. Insurance companies are interested to know where exactly the driver lives. The company will check the frequency of extreme weather phenomena. Other factors like the number of riots, vandalized cars or stolen vehicles are also analyzed.
The value of the car. Naturally, the car’s worth will influence the insurance costs. This policy is recommended for new, valuable cars. Dropping coverage or older cars is something usual and quite recommended, considering the costs to keep this policy active.
Tracking devices. Since this policy also covers theft, adding tracking devices will lower the costs. It may be a long-term investment, but the premiums will be lowered after installing the devices.
Deductibles. Just like collision car insurance, comprehensive coverage is also subject to deductibles. The insurance company will not intervene unless the driver pays the deductible mentioned in the contract. A high deductible will make the insurance cheaper.

See Full Story at markets.businessinsider.com

Here’s how to avoid common Travel Insurance Traps

16 October 2018 By admin Leave a Comment

We had a chat with Finder.com.au’s insurance expert Richard Laycock to bring you some fabulous tips and tricks to make travel insurance less painful.

Travel Weekly: What should you look for when you’re buying a policy? Does the destination affect the price / what you need?

Richard Laycock: When you’re taking out a travel insurance policy, overseas medical cover is by far the most important item to make sure you’ve checked off. This will ensure you’re covered for treatments overseas.

You should also look to make sure you’re covered for accidents and medical evacuation, as these are big-ticket items.

TW: Does the destination affect the price / what you need?

RL: YES, WHERE YOU’RE GOING WILL HAVE A GREAT IMPACT ON HOW MUCH YOU PAY FOR COVER. IF YOU’RE HEADING TO THE USA, YOU’LL PAY A LOT MORE FOR COVER THAN IF YOU WERE TRAVELLING TO SOMEWHERE LIKE NEW ZEALAND.

This is calculated based on various costs including the cost of treatment in those countries and also the cost of flying you home.

If travel delay is something that you would hate to go through then it’s also important to make sure your policy includes cover for cancellation and delay. Typically delays of 6+ hours will be covered.

TW: We see a lot of jargon in travel insurance fine print. What are 3 of the most confusing things mentioned?

RL: “Pre-existing conditions” is a big one. If you have any ailment that you know about, this counts as a pre-existing condition and if you don’t let your insurer know, you won’t be covered for it while you’re overseas.

That is not to say that you will have voided your entire policy, you just won’t be able to make a claim for anything related to that specific condition.

Another issue is leaving your luggage unattended. This caveat means that if you leave your luggage by itself and it’s stolen, your insurer will not pay you a benefit.

Finally, cancellation cover. Some people assume that cancellation cover means that you can cancel your trip and receive a benefit.

Unfortunately, cancellation cover means you’re covered if you have to cancel your trip for reasons that are outside of your control.

TW: Are there any traps travellers often fall into when purchasing travel insurance? What are your tips for cutting costs?

RL: Again, I think that not mentioning pre-existing conditions is a big thing. If you are going to go overseas, it’s important to declare those conditions.

Sure, not doing so may save you in the short term but it could cost you big in the long run.

See Full Story at www.travelweekly.com.au

Could using a dash cam cut the cost of car insurance?

11 October 2018 By admin Leave a Comment

Can a dash cam reduce your car insurance?

Dash cams can be a reassuring presence for some drivers and can also provide valuable evidence if you get into an accident.

Exclusive Which? research has identified that, despite their growing popularity, dash cams only get you a discount with four car insurers – and only two mainstream providers.

Axa and Swiftcover offer discounts of 10% and 12.5%, respectively, for drivers with a dash cam. Lesser-known Sure Thing offers a 20% discount, while specialist and classic car insurer Adrian Flux provides up to 15%.

However, Sure Thing and Swiftcover will only apply a discount if you use a Nextbase dash cam – any other model won’t qualify for the reduction in price.

Could a dash cam increase my premiums?

There could be unintended consequences on your car insurance premium for installing a dash cam.

The Which? Money Helpline recently fielded a call from a member who had wired a dash cam into his car. His insurer classed it as a ‘modification’ and that it would, therefore, increase his premiums.

If this is something you are considering, it’s vital to check with your insurer to see what they consider to be a ‘permanent modification’ – and what impact this could have on your premiums – before going ahead.

By Brean Horne