What is luxury travel insurance?
Luxury travel insurance is a specialized policy tailored for high-end travelers. It offers comprehensive coverage for trip cancellations, elevated medical expenses, high-value belongings, and exclusive activities. With options like "Cancel for Any Reason" (CFAR) and 24/7 concierge services, it ensures premium protection and peace of mind for luxury trips.
Why do you need Luxury travel insurance?
Luxury travel insurance is essential for safeguarding your significant financial investments and ensuring peace of mind during premium trips. Here's why it's a must-have for luxury travelers:
- Protect your investment: Luxury trips often involve high upfront costs for first-class flights, exclusive accommodations, and bespoke experiences. Travel insurance protects these non-refundable expenses in case of cancellations, delays, or interruptions caused by unforeseen circumstances such as illness, natural disasters, or emergencies.
- Comprehensive medical coverage: Luxury travel insurance offers elevated medical coverage, ensuring access to premium healthcare facilities worldwide. This is especially critical for international travel or remote destinations where medical costs can be extraordinarily high.
- High-value belongings protection: Luxury travelers frequently carry expensive items such as designer luggage, jewelry, or high-end gadgets. Insurance policies with higher reimbursement limits safeguard these belongings from theft, loss, or damage.
- Flexible Cancel for Any Reason (CFAR) Coverage: This add-on allows travelers to cancel their trip for personal or unforeseen reasons, offering greater flexibility and financial protection.
- Coverage for exclusive activities: Whether it’s a luxury cruise, safari, or private yacht charter, these policies can be tailored to cover high-risk or exclusive activities that standard plans might exclude.
Luxury travel insurance is not just about protection—it's about ensuring that your premium adventures remain as enjoyable and stress-free as possible, no matter the circumstances.
What to look for when insuring a high-cost trip?
- Comprehensive coverage: Make sure the policy includes protections for trip cancellations, interruptions, and delays. For high-cost trips, "Cancel for Any Reason" (CFAR) coverage is especially valuable, allowing you to recoup a significant portion of your expenses under almost any circumstance.
- High medical coverage limits: Look for a policy with elevated medical and evacuation coverage. This is essential for high-cost trips to remote or international destinations where medical care might be expensive or require transportation.
- Coverage for non-refundable costs: Ensure the policy covers all non-refundable expenses, such as first-class flights, luxury accommodations, and exclusive activity reservations. This is critical to protecting your investment.
- Special coverage for valuable items: For luxury trips, you may be traveling with high-value belongings like designer luggage, jewelry, or electronics. Look for policies that include baggage protection for delayed, lost, or damaged items with higher reimbursement limits.
- Adventure and Activity coverage: If your trip involves activities like luxury cruises, safaris, or skiing, confirm that the policy covers these specific activities. Some require additional riders for hazardous or high-risk experiences.
- 24/7 Assistance services: Opt for insurance plans that offer concierge services or 24/7 travel assistance. These can help you deal with emergencies, rebook flights, or provide medical referrals while traveling.
- Reputation of the Provider: Choose an insurance provider with strong customer reviews, a straightforward claims process, and a reputation for reliability in handling high-value policies.
- Policy exclusions: Review the fine print carefully to understand what is not covered, such as pre-existing medical conditions, specific activities, or destinations with travel advisories.
- Flexibility in coverage options: Tailor your policy to meet your trip's unique needs, adding riders or enhanced benefits if necessary.
- Ease of claims process: Research the provider's claims process—quick and straightforward claim settlements are a must, especially for high-cost trips.
Travel insurance for expensive trips
Are you going on the trip of a lifetime? Your dream safari? The perfect long cruise through turquoise waters? Worried about the uncertainty of the world and economics right now?
We have the perfect solution! You can insure the value of your trip, even a high cost trip with the iTravelInsured Travel LX plan offered by IMG. You can insure the value so that, if something comes up, like an unexpected illness or family emergency, you will get the non-reimbursable portion of the trip costs you would have lost. This is one of the few plans that also pays you for change fees and frequent traveler rewards you may lose as well (not available in all states). You can also purchase riders that allow you to Cancel for Any Reason (CFAR, not available in NY) which means you can choose not to take your trip for any reason and get 75% of money lost on your trip.
Plus, if you do go on your trip without a hitch, you will get excellent cover for travel issues, like delays, lost documents, trip interruption, and even medical expenses! Basic coverage includes medical evacuation and repatriation of remains as well as political or security evacuation. A search and rescue benefit of up to $10,000 per person is also included.
The plan includes coverage for loss of trip costs if you have to interrupt your trip, due to illness or issue and that can also be expanded to be an Interruption for Any Reason (IFAR) with a rider if you choose. The trip interruption benefit on cancellation plans like this one will pay you back proportionally on what you lose if you cannot complete your trip. So, if you fall ill halfway through your trip, you get 150% of the remaining 50% of your trip costs. (The trip interruption benefit pays 150% back unless it is for any reason (IFAR), then it is 75%).
IMG has been in business long enough to have seen it all and they have written their top plan to help you through your travel issues. Now you can plan and invest in that trip you’ve been dreaming about and protect your investment!
Choose the iTravelInsured Travel LX plan for high cost trips or to get the best, most inclusive insurance coverage. Other plans (iTravelInsured Travel SE, iTravelInsured Travel lite, and iTravelInsured Travel Choice) are also available for lower cost trip at more economical prices.
How much luxury travel insurance cost?
The cost of luxury travel insurance can range from $750 to $25,000 for trips cost between $20,000 and $150,000, and with a duration of 15 days. The cost varies based on the age of travelers, trip cost and trip duration.
For example here we are showing the travel insurance cost based on a 50 year old traveler for a duration of 15 days.
| Plan Name | Trip Cost $20,000 | Trip Cost $50,000 | Trip Cost $100,000 | Trip Cost $150,000 |
|---|---|---|---|---|
| Safe Travels Armor | $767 | $1,892 | $3,838 | Not Available |
| Safe Travels Voyager | $1,082 | $2,576 | $5,068 | Not Available |
| iTravelinsured SE | $1,272 | $3,177 | $6,352 | $9,527 |
| Trip Protection Choice | $1,313 | $3,332 | $6,697 | Not Available |
| Travel Insurance Select Elite | $2,142 | $5,355 | $10,710 | $16,065 |
| iTravelinsured LX | $3,224 | $8,057 | $16,112 | $24,167 |
What are the best luxury travel insurance plans?
Safe Travels Armor
- Ideal for travelers seeking the highest level of trip coverage.
- Trip cancellation coverage up to 100% of the trip cost, with a maximum limit of $100,000.
- Maximum trip length is 30 days and coverage up to 85 years.
- Pre-existing condition waiver available if purchased within 14 days of trip deposit.
- Optional cancel for any reason covered up to 75% non-refundable trip cost.
- Optional rental car coverage covered up to $50,000.
- 14 days free look period and Plan is available for purchase 599 days in advance of departure.
- Emergency medical evacuation covered up to $1,000,000.
Safe Travels Voyager
- Ideal for first class travellers taking expensive vacations, maximum trip cost up to $100,000.
- Trip cancellation covered up to 100% of the trip cost, with a maximum limit of $100,000.
- Maximum trip length is 180 days and coverage up to 99 years.
- $250,000 of Primary Medical coverage with options to increase to $500,000.
- Pre-existing condition waiver available if purchased within 21 days of trip deposit.
- Optional cancel for any reason covered up to 75% non refundable trip cost.
- Optional interruption for any reason covered up to 75% non refundable trip.
- Optional rental car coverage covered up to $35,000.
- 14 days free look period and Plan must be purchased prior to departure from the US.
Trip Protection Choice
- Trip Protection Choice is ideal for travelers seeking peace of mind, offering flexible coverage for unexpected events during their trips.
- Trip cancellation covered up to 100% of your non-refundable trip cost up to $100,000.
- Maximum trip length is 180 days available up to 99 years.
- $500,000 coverage for medical expenses in case of unexpected illnesses or accidents during travel.
- Pre-existing condition waiver available if purchased within 20 days of trip deposit.
- Optional cancel for any reason covered up to 75% non refundable trip cost.
- Optional interruption for any reason covered up to 75% non refundable trip.
- Optional rental car coverage covered up to $35,000.
- Emergency medical evacuation covered up to $1,000,000.
Travel Insurance Select Elite
- Ideal for travelers taking expensive vacations, offers trip cost up to $150,000.
- Trip cancellation up to $50,000 per person for US Residents travelling to other countries or within the USA.
- Maximum trip length is 180 days and covered up to 99 years.
- Pre-Existing Condition Exclusion Waiver is covered if purchased within 21 days of the final trip payment.
- Optional cancel for any reason covered 75% of non-refundable insured trip cost.
- Emergency medical evacuation covered up to $1,000,000.
iTravelinsured LX
- ideal for senior elite luxury travelers taking expensive vacations and adventure trips to exotic locations worldwide.
- Offers maximum trip cost up to $150,000.
- Trip cancellation covered up to 100% of your non-refundable trip cost up to $150,000.
- Coverage up to 99 years and Maximum trip length is 180 days.
- $500,000 coverage for medical expenses in case of unexpected illnesses or accidents during travel.
- Pre-Existing Condition Exclusion Waiver is covered if purchased within 24 hours of the final trip payment.
- Optional cancel for any reason covered 75% of non-refundable insured trip cost.
- Rental car damage and theft coverage up to $40,000.
- Emergency medical evacuation covered up to $1,000,000.
What does luxury travel insurance typically cover?
- Trip cancellations or interruptions.
- High medical coverage and emergency evacuations.
- Protection for high-value belongings like designer luggage or jewelry.
- Coverage for exclusive activities like safaris or yacht charters.
Why travel insurance is worth it for an expensive trip?
Absolutely! Travel insurance is particularly worth it for expensive trips due to the higher financial risk involved. Here’s why:
- Protection against cancellations: High-cost trips often include non-refundable bookings like first-class flights, luxury resorts, and exclusive tours. Travel insurance can reimburse you for these expenses if your trip is canceled or interrupted due to unforeseen events like illness, severe weather, or emergencies.
- Medical emergencies and evacuation: While traveling abroad, medical emergencies can become costly, especially in destinations with high healthcare expenses. Comprehensive travel insurance provides elevated medical coverage and even emergency evacuations, ensuring you're not left with huge out-of-pocket costs.
- Coverage for high-value belongings: Expensive trips often involve luxury items like designer luggage, jewelry, or tech gadgets. Travel insurance can help protect these valuable belongings from loss, theft, or damage.
- Peace of mind: Knowing you're covered allows you to enjoy your trip stress-free, without constantly worrying about potential mishaps.
- Customizable add-ons: Policies like "Cancel for Any Reason" (CFAR) or adventure activity coverage ensure you can tailor your plan to meet the unique needs of your trip.
- Costs vs. Benefits: The cost of travel insurance is typically a small fraction of the trip's total expense. This investment ensures you're not financially burdened by unforeseen circumstances.
What are the optional coverages that will directly increase your policy’s premium?
- Cancel for Any Reason (CFAR): Provides flexibility to cancel your trip for reasons not covered under standard policies. Reimburses a significant percentage of your trip cost (typically 50-75%).
- Adventure or hazardous activities coverage: Specifically covers high-risk activities like skiing, scuba diving, safaris, or mountaineering. Ideal for travelers planning adventurous luxury experiences.
- Rental car collision coverage: Protects against damages or theft of rental cars during your trip. Recommended for travelers renting luxury vehicles.
- Pre-existing medical conditions waiver: Ensures medical coverage for pre-existing conditions, provided certain criteria are met. A must for travelers with known health issues.
- Enhanced medical evacuation and repatriation: Covers higher costs for emergency medical evacuation to top-tier facilities. Often includes private air ambulance services.
- High-value baggage coverage: Provides additional reimbursement limits for luxury items like jewelry, designer luggage, or electronics. Essential for travelers carrying expensive belongings.
- Travel delay and Missed Connection Coverage: Offers higher payouts for unexpected delays or missed connections, covering additional expenses like accommodation or meals.
- Identity theft protection: Assists with recovery from identity theft during your travels, including legal and financial support. Valuable for tech-savvy luxury travelers.
- Pet travel insurance: Covers pets traveling with you, including medical emergencies, travel delays, or cancellations affecting their journey. Great for those traveling with high-value pets or emotional support animals.
Adding these optional coverages enhances your protection but will directly increase your premium. It's important to balance the additional costs with the benefits they offer for your specific travel plans.
