From ashes to delays: The ins and outs of travel insurance
"We've received a lot more interest in our travel insurance products because of the Icelandic volcano," says Daniel Durazo, director of communications for travel insurer Access America.
Before rushing to buy coverage, though, travelers should first consider whether they need any insurance, then make sure that a policy will cover the specific risks that could keep them from making or completing a trip.
Most travel insurance comes in a package that covers trip cancellation and delays, accidents, medical coverage and emergency evacuation if you need to be sent home for treatment. Policies can include damage, theft or if you cancel a trip because you've lost your job and can't afford to go.
The cost is about 4 percent to 8 percent of the cost of the trip and varies by age, cost of your trip and any extras. Coverage is limited to the cost of your trip for delays and cancellation, and specific dollar limits for things like delays, lost luggage and medical costs. A basic policy for a $2,500 trip from Travelex, for example, costs $72 to $103 per person, depending on age, and covers children under 18 at no extra charge.
