travel insurance masterWhen purchasing travel insurance, have you ever asked, “What should I include in my insured trip cost?”
Especially for first-time buyers, this can be a common question.
Trip cost includes all pre-paid, non-refundable expenses for travel arrangements.
You should insure the trip cost according to how it is listed on the travel invoice. If the invoice/receipt for the travel booking is listed as a lump sum for an entire group, your clients should evenly divide the charges between them to calculate the per-person trip cost.
Here’s an example:
• Say a family of four is traveling together.
• Their total trip cost, including airfare, is $10,000.
• According to the itemized invoice, the two adults’ trip costs are $3,000 each, and the two children’s trip costs are $2,000 each.
• When purchasing travel insurance, these travelers should insure each adult at $3,000 trip cost and each child at $2,000 trip cost.
If you used points to pay for flights, some of our plans automatically include a Frequent Traveler Benefit to reimburse up to the benefit limit for re-depositing the frequent traveler awards utilized for the trip. If this benefit is not included in the plan, you may include the re-deposit fee in your trip cost insured under the policy.
