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This discussion focuses on classical travel insurance, not the far more limited dive accident insurance, or DAN H20 or DEPP dive & photo gear insurance.
While all of the better dive accident insurance plans do include trip cancellation & interruption benefits, these are essentially limited to cancellations/interruptions based on your sustaining a medical condition that precludes safe diving. Unlike many general travel insurance policies, they do not cover cancellations/interruptions for death or illness of a close family member, strikes/collapses/bankruptcies of common carriers & travel agencies, civil unrest at a destination, hurricanes & other natural disasters, and the like.
Because of such factors as sustained terrorism fears post 911, new airline rules severely limiting changes made to non-refundable tickets, movement of individuals from traditional third party payer medical insurance plans to HMOs, divers are left feeling as if their scuba vacations are more at risk than ever.
Not surprisingly, the number of people purchasing general travel insurance has increased by about 20% post-911.
Is it for you?
I personally have never purchased it, nor yet needed it. I agree with "Consumer Reports" that it's probably the most over-priced, and confusing, of all travel services.
Based on the policy costs of 4 1/2 % to 7% of the price of the vacation, I'd estimate that had I secured good quality general travel insurance for every dive trip I've taken to date it would come to about $10,000. Even in the event that my normal credit card protections, top of the line DAN dive insurance policy, homeowner's policy or some other existing coverage didn't address my particular trip cancellation/interruption issues, this savings to date could absorb a couple of big hits.
Now, this isn't to say that I'd never, under any circumstances, buy it. If I had a terminally ill parent and very big dollar trip set up to an exotic destination during typhoon season that was currently experiencing civil unrest, I very likely would. But, barring unusual circumstances I simply do not think it's a good value for the otherwise properly insured diver.
However, I understand that the personal circumstances & levels of comfort for risk are highly idiosyncratic, and I appreciate that others may want to seriously explore such policies.
In doing this, one should first determine exactly what coverage they feel they need based on their present circumstances & already existing coverage.
Next, go the websites of the major players (*many listed below) to see what they offer and how much it costs. When you do this, please be very careful about the fine print. For example, some plans cover you only if a travel company/airline formally files for bankruptcy protection (and not every policy covers every bankruptcy). Other policies leave it up to the US State Department, law enforcement agencies or news media outlets, not you, to define what constitutes a terrorist attack, foreign or domestic. They may set limits on how close the attack has to be to your destination before it goes into effect--this may or may not fit your personal comfort zone. And, you generally must buy the policy before violence erupts to be covered.
To me the very first question I ask regarding any insurance is: how much can I afford to lose without excessive pain--to the wallet.
With the exception of home owner's/personal property insurance, automobile insurance, and health insurance, I have not found any other insurance worth having. But each person has his own limits of comfort with "self insurance"(i.e., you are your own insurance company).
When it came to travel insurance, I asked myself what the maximum penalty to me would be. If I or someone close to me had a serious illness and I cancelled a trip, I could be out airfare, perhaps the cost of one night in a hotel (or longer in a condo), and one day's diving. I think that cost would be far from my mind if a serious illness were the cause of the cancellation.
Of course, your flight could be delayed or cancelled. You would probably still be able to get to your destination, but you might be charged for a hotel room you did not use or a day's diving you did not do. My guess is that cost would be less than or equal to the cost of insurance.
So, to me, the biggest liability is if I had rented a condo and paid for it in advance. Virtually all other costs, save the airfare, are fairly limited. Even with airfare, if one can demonstrate that "hardship" caused the cancellation, most airlines will be "generous"--especially if one talks to someone high in the organization.
"However, I understand that the personal circumstances & levels of comfort for risk are highly idiosyncratic, and I appreciate that others may want to seriously explore such policies."
My brother-in-law, my husband & myself traveled to Belize last year. We all purchased travel insurance through a travel agent (from whom we had booked the trip).
A hurricane was threatening the area when we were due to go. This was NOT reason enough, in the insurer's opinion, to reschedule our trip. (Fortunately the hurricane bypassed us, leaving us with only cool and overcast days).
My brother-in-law broke up with his girlfriend, who was also booked to go with us, right before the trip. Imagine how upset he was when he was told he was not entitled to a refund, nor could a buddy of his use the trip instead of the girlfriend.
I will never again use a travel agent, nor will I waste my money on travel insurance.
DocVikingo once bubbled... I quote from the above peice:
"However, I understand that the personal circumstances & levels of comfort for risk are highly idiosyncratic, and I appreciate that others may want to seriously explore such policies."
Best regards.
DocVikingo
Hi, Doc!
I treat insurance quantitatively, but, as you point(ed) out, there are other considerations. However, I think if folks will calculate exactly how much money is at risk and think about how much trouble it will be to recover a loss from an insurance company, they will generally opt out except for very large risks.
I do get a kick out of certain insurance ads, though. My favorite is one that asks you to "protect" your baby by getting him or her life insurance! Somehow, I do not think the Grim Reaper checks on whether a baby has life insurance!
Now, if someone offered EFFECTIVE LIFE ASSURANCE or TRIP ASSURANCE, that would be a different story! But I am not holding my breath! (My diving instructor said that was a bad thing to do--but, then again, he was not an underwater photographer!)
DocVikingo once bubbled... This discussion focuses on classical travel insurance, not the far more limited dive accident insurance, or DAN H20 or DEPP dive & photo gear insurance.
Doc,
Several years ago I looked at purchasing an annual travel cancellation insurance policy. I was able to locate a few offered at reasonable prices (about $100 per year) in the UK and Canada, but po;icies were not offered to US residents. I never did get a close look at the policies, so I can't attest to the extent of their coverage.
I suspect that the Brits and Canadians may have reasonably priced travel insurance avaialable to them. Maybe a few of them might add to this discussion.
BTW, Like you, I've refused to pony up the outrageous premiums. 5+ percent is ridiculous. I'd be surprised if travel agents didn't get a big cut, perhaps accounting for a good-sized piece of the premium.
As a Brit and also in the dive travel indsutry, I thought I would throw in my 2p's worth...
I have a number of "foreign" clients - Americans, Europeans (EU & Non-EU), ex-pats living in the Far East etc etc....
I am only able to sell travel insurance to UK citizens who either reside in the UK or live aboraod but have a registered UK address (use your parents or your bother's etc!). I can also sell insurance to non-UK citizens who reside in the UK (work etc). I can't sell insurance to non-UK citizens who do not reside in the UK. (Well, I could sell it to them, but it would be worthless!)
I am always amazed at the cost of travel insurance in the States. 5 or 6% of the value of the holiday is a ridiculous sum of money. But I suppose that because of your extraordinarily litigious laws it is to be expected.
As an indication, I can seel a dive inclusive travel insurance policy along the lines of this:
Medical expenses Cancellation & curtailment
Up to £2 million Up to £4,500
Personal liability Hospital benefit
Up to £1 million Up to £1,000
Personal accident Baggage & personal effects
Up to £25,000 Up to £2,000
Money Travel delay
Up to £500 Up to £250
Policy excess
£50
Medical expenses also include medivac & chamber costs associated with diving to a depth of 50m (165ft)
The policy prices varies according to the length of the trip.
For instance a trip of up to 10 days induration (enough for a week in the Caribbean, for instance) would cost £71 (about $110)
For 11-17 days, the cost is £85, about $130
18-24 days, £89 ($138)
24-31 days, £97 ($150)
If a holiday costs more than £4500 (that's approx $7000) then there is a small surcharge according to the amount, but not significant.
Compare that with a US policy. A $7000 holiday could cost you more than $350 in insurance, and that does not even cover you for diving!
Just been to that site and punched in a few details:
$7000 holiday for someone aged 37 (that's me!) departing 29 Nov, returning 8 Dec - that's 10 days, with medical up to $2 million.
The cheapest quote under "Package Policies" (whatever that means!) was for $250, the most expensive a whopping $580.
Medical policies ranged from $99 to £252. I assume medical policies just cover you for hospital & medical, not cancellation etc etc
Either way, what a rip off!
The same with my insurers would be $110 and that covers also diving top 50m and medical for the equivelant of $3 million...
So, the answers is for all you Americans to start getting UK residency and then I can sell you all travel insurance! I could add 50% to my rates and still give you all a bargain!!!
The very first question!
Insurance is not assurance!
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