Package Plans-Types of Travel Insurance
The most common type of travel insurance is called a Package Policy. A Package Policy combines many different coverages in one convenient insurance plan, and for this reason they are very popular with the “everyday” travelers.
Package Plans go by many names depending on the company selling it. Some call these types of plans Trip Insurance, Vacation Insurance, Comprehensive Insurance, or simply Travel Insurance. When most people say Travel Insurance, they are referring to a Package Plan.
As opposed to a Travel Medical or a Medical Evacuation policy that provide very specific coverage for a specific need, Package Policies cover a comprehensive list of risks that matter to the common traveler.
These risks include canceling a trip and losing your pre-paid expenses, lost baggage, a missed connection, or an accident/illness that requires treatment while traveling.
Recommended Package Plans (click link to visit site and get a quote)
Worldwide Trip Protector Gold from Travel Insured International
My Travel Guard from Travel Guard Insurance
Travel Max from Travelex Travel Insurance
What does a Package Policy cover?
Package Policies are very common because they provide a variety of coverages in one convenient plan. Many travelers like the simplicity of these plans, while others want nothing less than “full coverage”.
A typical Package Plan will cover:
- Trip Cancellation
- Missed Connections
- Lost, Stolen or Damaged Baggage
- Baggage Delay
- Travel Delay
- Emergency Medical Treatment
- Medical Evacuation
- 24/7 Assistance
In Addition, many specialty Package Plans cover:
- Rental Car Collision
- Identity Theft
- Sports Equipment
- Adventure Travel
How is a Package Plan different from other types of travel insurance?
Many travelers like Package Policies because they are easy and simple. Instead of analyzing many different types of plans looking for just the coverage you need, you can buy a Package Plan and know you have a complete line of coverage.
In other words, a Package Plan is a combination of all the other types of plans. It provides the medical coverage of a Travel Medical plan, the evacuation coverage of a MedEvac plan, the flight coverage of Flight Accident insurance, the AD&D coverage of an AD&D plan, and oftentimes the rental car collision coverage of a Rental Car policy.
Are there different types of Package Plan?
Many travel insurance companies provide different Package Plans for different budgets. Hence, you will often find a Basic plan, a Standard plan, and a Premium plan. (Note: these are not necessarily the names, but simply a representation of the levels).
When you get a quote for travel insurance, most companies will give you a comparison of their different plans. When you see a difference in price it means you are looking at their different levels of plans.
“Basic” Package Plans are designed to provide the essential coverages at an economical price. They usually provide lower levels of coverage, but still enough to protect you. For example: the emergency medical coverage might be $10,000 as opposed to $25,000 with a more expensive plan.
Extra coverages like financial default or pre-existing medical condition are usually cut out to keep the cost low. You might not have as many “bells and whistles”, but a Basic Package Plan will provide a very good level of protection for may travelers.
“Standard” Package Plans offer the best of both worlds, combining the basic coverages and budget-friendly price of a Basic Plan with higher coverage levels and more options usually provided by a Premium Plan. Standard Plans are very popular because they provide adequate coverage, and many options to add additional coverage.
“Premium” Package Plans provide the highest level of protection for travelers. Coverage levels are typicaly higher, with emergency medical limits up to $50,000 and evacuation limits up to $1M. Premium Plans often automatically include some of the coverages that are optional on other plans, such as financial default, terrorism, and pre-existing conditions.
Premium Plans cost more, but many travelers like the rock-solid protection they provide.
How much does a Package Plan cost?
The wide variety of coverage mentioned above is very nice, but it also comes with a price. When you purchase a Package Policy, you will typically pay 5-7% of the total trip cost. This is a very general rule-of-thumb, but since the premium amount is directly related to the risk (the potential loss), it usually works.
This amount can vary with the different types of Package Plans. Basic plans are the cheapest and most budget-minded, Standard Plans are in the middle range, and Premium Plans will puch the higher range of 7-8%.
Travelers must take several factors into account when deciding on which plan to purchase. It is recomended to decide what type of coverage you need, and see if the plan that provides it fits into your budget. Many travelers make the mistake of buying “cheap travel insurance”, only to be upset when they submit a claim and discover it wasn’t covered in the plan. You get what you pay for, and the last place to save some money should be with your insurance.
Why would I need a Package Plan?
Travelers buy travel insurance for many reasons, but in general they are concerned about the various risks associated with travel. These risks include the potential for financial loss, but also the safety and well-being of you and your family.
Common travel-related risks include:
- Cancelling your trip because you’re too ill to travel
- Missing a flight and needing to spend the night in an airpot hotel
- Losing your bags or having them stolen
- You bags arrive late and you need some personal items in the meantime
- You get sick or have an accident while traveling
- Your injury requires a medical flight to a safe hospital
Where should I get a quote/buy a travel insurance Package Plan?
There are two options for buying travel insurance.
- Buy direct from the insurance company (Links provided below)- Most travelers like to go directly to the travel insurance company website to get a quote and purchase a plan. All Package Plans are available for purchase online using a credit card, and you can get a quote and buy a plan in under 10 minutes. You will find links to each company below.
- Use a comparison website- The other option is to use a comparison website to purchase a travel insurance Package Plan. Much like Expedia.com or Travelocity.com, comparison sites allow you to compare prices from al companies side-by-side.
What companies sell Package Plans?
There are several travel insurance companies that sell Package Plans. The list below describes the benefits of each company and their plans. Most of the companies here provide different levels of Package Plans, i.e. Basic/Standard/Premium (as described above).
Access America- This company sells 3 different Package Plans, each of which fits into the general categories (Basic/Standard/Premium). Their website is fairly easy to use, and their Access Advisor tool will help you decide on which plan is best. Access America also offers some unique optional coverages. Their BizPack add-on covers business-related reasons for cancellation. Also, their Rental Car Damage Protector add-on covers your rental car while traveling. Read our full review of Access America
Visit Access America’s website here
CSA Travel Protection- CSA has made the decision process much easier by offering 2 plans, a standard level plan called WebDirect, and an upgraded premium version called WebDirect Deluxe. Their site is simple; when you get a quote you will automatically be presented with the premium for both plans. CSA has competitive pricing, a very simple website, and they also offer some unique coverages such as Identity Theft services. Read our full review of CSA Travel Protection
Visit CSA Travel Protection’s website here
HTH Worldwide- This company specializes in Travel Medical plans, but they also sell a couple Package Policies. Their standard plan is called Trip Protector, and their premium plan is caled Trip Protector Preferred. These plans are a little higher priced, in that they have higher medical and evacuation coverage. Read our full review of HTH Worldwide
Visit HTH Worldwide’s website here
MH Ross Travel Inurance- MH Ross is an agency selling a simple line of products; their basic level plan is called Asset, and their standard plan is Bridge, and their premium plan is called Complete. All are fairly competitive from a price-standpoint, and their site is simple to use. Read out full review of MH Ross
Seven Corners- Seven Corners specializes in Travel Medical and Major Medical insurance, but they also have Package Plans. Seven Corners provides 2 levels of plans; their standard plan is called Roundtrip, and their premium plan is Roundtrip Choice. Both of these can have flight protection added, as well as a rental car collision waiver. Read our full review of Seven Corners
Visit Seven Corners’ website here
Travel Guard- Travel Guard has a wide variety of plans, including 4 different Package Plans. These are (from basic to premium) Savvy Traveler, My Travelguard, ProtectAssist, and Cruise, Tour, and Travel. Savvy Traveler is a very stripped down policy for the budget-minded traveler, My Travelguard is their “make your own” option where you can pick and choose coverage and coverage amounts, and Cruise, Tour, and Travel is their premium plan with several included coverages and hign limits. Read our full review of Travel Guard
Visit Travel Guard’s website here
Travel Insured International- Travel Insured International has a great variety of plans, including 4 Package Plans. They are (from basic to premium level): Trip Protector Lite, Trip Protector Lite Expanded, Worldwide Trip Protector, and Worldwide Trip Proetctor Gold. What makes Travel Insured International unique is the optional coverages and coverage amounts available. Their pricing is very competitive, especially for their more “premium” plans. Read our full review of Travel Insured International
Visit Travel Insured International’s website here
Travelex- Travelex provides travelers with a variety of plans, including an impressive 5 package Plans. They are, in order from basic to premium level: Travel Basic, Travel Select, TraveLite, Travel Plus, and Travel Max. These cover the various needs from the cost-cutting traveler to the premium traveler looking for the best coverage. Read our full review of Travelex
TravelSafe- TravelSafe specialized in Package Plans, and offers travelers 4 different levels to choose from. They are called Vacation, Elements, Custom, and Premier. These different plans provide a full array of coverage, and many options to take advantage of. They were also one of the first companies to offer the “cancel for any reason” add-on benefit. Read our full review of TravelSafe
Visit TravelSafe’s website here
