Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Before finalizing your travel plans and dishing out the dough for the perfect getaway, you might want to consider a travel insurance policy to protect your prepaid, nonrefundable expenses. While your vacation will hopefully be restful, remember that flights can be delayed, tours can be cancelled, family members can get sick, and luggage can go missing.
A package insurance policy—sometimes called trip insurance or a trip plan—usually features the most coverage in a single plan by bundling multiple types of coverage into one. This often includes coverage for cancelled or interrupted trips, medical emergencies, emergency evacuations, and lost luggage.
“[A package insurance policy] is a full suite of coverage, and that’s the most common,” says Jim Grace, CEO of insuremytrip.com, which acts as an insurance agent. “Many of the other areas of coverage or types of policies are monolithic and focus on specific coverage.”
Travel insurance typically costs between 5 percent and 8 percent of the insured trip, depending on factors like the type of plan and age of the traveler.
Whether you are shopping for a package policy, a travel medical plan, or a specialty policy designed for adventure travelers, ask yourself these four questions to help you with your purchasing decisions.
1. Is there a chance you might have to cancel your trip?
Whether you are staying within the country or traveling abroad this spring, ask yourself if there is any chance you might have to cancel your trip, especially if you are considering a package policy.
The cancellation coverage is usually what makes a package policy more costly than other plans, says Damian Tysdal, founder of Travel Insurance Review, an online travel insurance resource. But, he adds, extensive cancellation coverage is difficult to find anywhere else.
If you have to cancel your trip because of a weather disruption, a family member getting sick last minute, or an emergency at work, for example, your travel insurance could cover the lost costs.
2. Are you paying for travel activities in advance?
When considering the risk of canceling your trip, also think about how much money you will be paying before you even depart—for cruises, airfare, hotels, or organized tours, for example.
“Cruises and tours are notorious for bad cancellation policies,” Tysdal says. “At least with most airlines you can rebook the flight for a fee so there is some recourse there. With cruises, if you cancel anywhere within a month, I think you are losing at least 75 percent of the cost.”
On the other hand, if you are taking a spontaneous trip with minimal prepaid costs—such as if you are only paying for airfare—you may feel that you can absorb the cancellation risk on your own.
3. Are you traveling outside of the U.S.?
If you are traveling to an overseas destination, consider your medical coverage. Not all medical insurance plans provide worldwide coverage, according to Grace. Plus, if you are out of network for your policy, you could be faced with a large deductible. It’s important to note that Medicare recipients receive no international medical coverage.
Companies that provide travel insurance have networks of doctors and hospitals pre-screened around the world so they are equipped to manage your care abroad. If you are hurt overseas, medical evacuation coverage will take you to the nearest appropriate hospital to receive treatment or bring you home.
4. Is your trip covered through other types of insurance?
Some credit cards come with travel insurance as an added feature, but it may have a low annual limit. Check with your credit card company to see if the insurance provided meets your spring break needs.
If you are traveling domestically, your health insurance should have you covered most of the time, but make sure to familiarize yourself with your out-of-network deductibles.
Instead of coverage for lost luggage, your homeowners or renters insurance may cover off-premise theft, but again, check into the amount of the deductible. You may have to list specific items on your policy in order for them to be covered.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.