These Travel Insurance Tips Can Safeguard Your Wallet

In a recent WOW Wednesday Travel Talk, Stan Sandberg from TravelInsurance.com and Sheri Howell from Medjet answered travelers’ questions about travel insurance and emergency assistance. Watch the video below (recorded on April 30, 2025) to learn about annual vs. per-trip policies, the limited benefits provided by premium credit cards, finding coverage in your 70s and 80s, and much more.

Fast-forward the video to 1:35 to skip the WOW Wednesday preamble. And here’s one tip from our experts that could save you thousands:

Savvy travelers know that the right time to buy trip insurance is as soon as you put down a deposit on a future trip—that way, you can get coverage for pre-existing medical conditions and financial default of a travel supplier, and the option to add a “Cancel For Any Reason” upgrade.

But here’s the secret: When inputting your trip cost, use only the amount of that first deposit. You can update the trip cost each time you make an additional payment. That way, if you have to cancel your trip before those payments are due, you won’t be overinsured. And you won’t have given the insurance company hundreds or thousands of dollars for insurance you never needed.

The key is to remember to update your insurance policy after each payment. So plug reminders into your calendar on the dates those payments are due. If you forget to insure the full cost of your trip, you’ll lose some of the policy’s cancellation benefits, though you’ll still have its medical coverage.

Links to More Useful Resources

How to Buy Travel Insurance: What It Covers, When You Need It

What Medical Evacuation Coverage Do You Need?

“Cancel For Any Reason” CFAR Travel Insurance: What It Is and How It Works

How to Protect Yourself in Case a Travel Company You Pay Goes Out of Business

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