Travel insurance tips for busy families planning vacations

Busy families often find it hard to plan in advance for a vacation. Personal schedules paired with world events can make travel insurance worth pondering.

Here are five tips to consider.

Where to start?

Selecting travel insurance can feel a bit overwhelming. Therefore, you can begin to simplify the process by taking note of the various components of your trip — air, car rentals, hotels, or perhaps a cruise or adventure trip. The cost and what coverage you might need or want will be dependent on these variables.

Check in with the insurance broker who provides your home or auto coverage. They may be able to help. Also, consider visiting one of several aggregator sites where you can get a broad overview of the insurance marketplace. Sites including Squaremouth.com or Insuremytrip.com can clarify how coverage can help should you or a family member become ill or lose a passport, or should a natural disaster make travel impossible.

These sites can provide insight including sample quotes, comparisons and customer reviews.

If you find a company you like or have received a strong recommendation from a friend, you can dive deeper with a single organization.

What might be covered?

You’ll want to review the details of a range of policies and how various mishaps will be handled. What happens with the loss, delay or damage of your baggage or when your trip is delayed or canceled? What does the policy cover should you need to interrupt the trip due to an injury or illness or as the result of a family emergency at home? Can you acquire coverage that provides assistance if you or a family member needs emergency medical coverage or evacuation? Policies that promise you can "cancel for any reason" may have some exclusions, so be sure to dial in to the details.

Your credit card may provide coverage

Check your credit card’s website to determine if the cards you carry provide coverage should your flight be canceled or your luggage be lost, delayed or damaged. You might be pleasantly surprised. Know what coverage you have before buying additional insurance so you aren’t wasting resources. And of course, you will only be covered for services paid for by that card. If you have a Mastercard you can check for coverage on www.mycardbenefits.com.

What about cruise coverage?

The length of your trip, the multiple stops and adventure activities in various ports and countries can make cruise travel insurance seem like a good idea. The right policy can provide coverage if you miss a leg of the trip, weather alters the itinerary resulting in added expense or a family member requires an emergency evacuation at sea.

How much does it cost?

Estimates vary from 4% to 8% of the cost of your trip. Experts advise travelers to consider how much they are willing to risk by not insuring the trip. It’s also possible to mix and match resources by utilizing coverage provided by your credit card, an employer, your existing medical insurance and additional coverage where you see a gap. The age and number of travelers will also affect the cost. (Older people are more likely to file medical claims.)

Further, review the impact of timing on your insurance purchase. You may lose some benefits if you wait too long to buy coverage.