Travel insurance is a type of insurance policy that has recently increased in popularity and availability in Puerto Rico. They are economic for the coverage they offer and are generally easy to purchase. Some travel insurance policies even function more like the traditional roadside assistance policy you may be used to in your auto policy, with a phone number you can call and an assistant will walk you through making alternative arrangements. In this article, we will explain the basics of travel insurance, how much it costs, whether you really need it, and how you can go about obtaining a quote.
What is travel insurance?
Travel insurance is a policy designed to cover someone who is making a trip abroad, i.e. outside the United States, where their conventional policies and existing medical plan will not cover any mishap. They provide tranquility and certainty when traveling as they protect against a wide range of unforeseen events. Insurance companies in Puerto Rico are licensed to offer travel insurance, and residents of the island should be aware that most mainland companies will be able to offer them coverage.
Types of coverage offered by travel insurance
Travel insurance really consists of various different types of protections bundled together in one package. The intent to is to cover as much unexpected costs during or prior to a trip as possible. Below are the most common coverages for this type of insurance:
- Trip Cancellation Insurance – Covers if you have to cancel the trip for health reasons, an accident, or a death in the family
- Loss of Baggage – The policy will cover the value of your lost luggage
- Transfer – Covers reasonable expenses for an emergency medical transfer
- Medical Assistance – Emergency medical expenses incurred while traveling
- Dental Assistance – Emergency dental expenses during the trip
Do I need traveler’s insurance?
It is highly recommended to have an active travel insurance policy before embarking on a trip abroad, but what all travellers should verify is whether they already have coverage. Many would-be buyers do not realize this, but they already have travel insurance coverage and therefore do not need to buy additional insurance. The following credit cards offer travel insurance as one of their benefits; holders of these cards already have coverage provided they purchased air tickets and hotel reservations with one of these cards.
Cards that have travel insurance benefits in Puerto Rico
If you are not sure if your card has this benefit, it is worth calling your bank to confirm. In general, most Puerto Rican credit cards do not include this benefit with the exception of the Popular Black card.
How much does travel insurance cost?
Travel insurance premiums are quoted based on the number of days for which coverage is to be obtained. Insurance companies usually have standard tables for this type of policy, so the price is more transparent than other types of coverage. To give you an idea, a Platinum policy that is the most complete at MAPFRE costs only $ 69 per person for a 7-day coverage. On the other hand, a 3-day Plus coverage costs $ 22 per person; the most economical option. Prices do not vary much between different insurance companies.
Travel insurance premiums (Representative)
Number of Travel Days
|Basic Coverage||Upgraded Coverage||Max Coverage|
1 to 3 days
What insurance companies in Puerto Rico offer travel insurance?
Almost all companies in Puerto Rico have travel insurance products. The following companies are the ones we recommend as these are companies we work with on a regular basis:
What does travel insurance not cover?
Travel insurance is designed to cover emergency expenses that force a trip to be canceled or occur during a trip. In general, they do not cover trip cancellation for non-emergency reasons, such as due to change of plans or due to financial difficulties.
Where can I buy a travel insurance policy?
You must first verify if you meet the main requirements of the policies, namely being under 85 years of age and not being enrolled in a university or college outside of Puerto Rico. If you meet those requirements, you can buy your policy by contacting us at Dynamic Insurance. We are authorized to sell this type of product and we work with it frequently.