Travel News
Why You Need Travel Insurance: A CBS This Morning Report
With hailstorms in Dallas, worried cruise ship passengers in the wake of the Costa Concordia, an airline bankruptcy and an earlier than normal hurricane season, travel insurance is becoming more essential this summer.
There are two primary reasons to purchase travel insurance: protecting your upfront financial investment with trip cancellation coverage, and protection for medical emergencies, lost baggage, travel delays and other “what ifs” that can occur while traveling.
Right now, medical coverage and evacuation-only policies only cover a fraction of the total market, with about 5.5 percent of travel insurance sales, but has increased by about 33 percent since 2006. Peter personally carries a Medjet Assist card, which will not just evacuate you to the nearest facility but, if it’s appropriate, will send a medically equipped jet and consult with your own personal physician and fly you to the hospital or doctor of your choice – not the one that protects their bottom line. Average annual premiums are under $400. There are other policies out there, and if you read the fine print, they send you to the lowest bidder, which means you could end up in a bad HMO in Mozambique.
Peter was reminded of the need for insurance this week. As part of a television special for public television that he hosted and produce called “The Royal Tour,” he was playing soccer in a joint Arab-Israeli match in Jerusalem with his co-host for the show, Prime Minister Benjamin Netanyahu. Not many people know he is a soccer player. He scored three goals and then took a penalty shot… and tore ligaments and tendons on his left foot. He’s not out of action as a prime minister, but he is out of action as a soccer player for a few weeks.
Whether you are on or off the soccer field, watch Peter’s CBS This Morning report to find out exactly what kind of travel insurance you need, when you need it, and where you need to purchase it, as well as where you shouldn’t purchase it.
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