Traveling? Planning a trip you’ve dreamt of for years? As a senior, now that you’re retired and can travel freely, you might want to consider adding on travel insurance for your upcoming trips. There are many benefits which travel insurance affords you, especially if you are a high net worth individual, are going to a destination which is dangerous, or if you plan on engaging in certain activities while traveling. So, let’s break down what top insurance companies offer and for how much.

What’s the Cost for your Policy?

On average, a travel insurance policy is going to run between five to eight percent of the cost of your trip. Say you’re taking a $10000 trip, you can expect to pay anywhere between $500 to $800 for your travel insurance. Figuring out the cost isn’t really that tough, what is, is determining which insurer to go through when you’re choosing your policy.

How to Choose an Insurer

First and foremost, reputation is a priority when deciding which travel insurer to book your policy with. If a company has a horrible history with people not being able to get medical care overseas or not having their baggage fees covered if it’s lost or stolen, do you really want to go through that insurer? Or, if they have a poor track record in claim management, you might want to reconsider going through that insurer.

When deciding who to insure your trip with, you’ll want to

  • Compare and get several quotes
  • Use BBB and other business rating sites to get information about travel insurers
  • Talk to others you know who have booked travel insurance and ask about their experience
  • Find out if an insurer is more expensive based upon age or where you’re traveling
  • Inquire about medical history, serious medical conditions, and age, to determine if rates are going to go up

What to look for in policies

These are some of the factors which are primarily going to determine how much you’ll pay (between that five to eight percent range) when you’re insuring your trip while traveling. Some of the many things a travel insurance policy can cover includes

  1. Medical expenses and medical transport if required
  2. Baggage coverage for lost or stolen baggage
  3. Financial default coverage if you don’t get back in time to your home and miss an appointment/meeting
  4. Medication coverage if you forget medication or bags get lost, you can still get the medication you need where you’re traveling
  5. A pre-existing condition waiver (if you have one)
  6. Emergency medical treatment if you become ill unexpectedly

Shop to Save

Your travel insurance, like any other insurance policy, is going to cost more if you just choose the first insurer you contact. It’s up to you to shop around, to compare quotes, and to learn as much as possible about insurers, prior to booking your trip and policy. Especially as a senior, some companies are more lenient or offer greater coverage for you as you get older. Some also offer discounts if you’re an AARP member or belong to other groups, or if you are healthy and don’t suffer from medical conditions

Travel insurance isn’t something you think about when you’re younger; but, as you get older, you always want to make sure you’re covered, no matter what. Especially if you are traveling to a new, or unfamiliar location for the first time. In order to ensure you find the best deal on travel insurance, and get the best/highest levels of coverage as a senior, these are some of the many things you’ll want to consider as you’re shopping for an insurer and coverage options.