Making all the arrangements for a trip takes a lot of work, but the work doesn’t end there. Preparing for the unexpected and making the arrangements final is just as important. No one wants a vacation, that they have spent a lot of time and money on, to turn into a nightmare. This is where a travel insurance policy comes into play, and is an integral part of any travel arrangements. With Costco Travel Insurance, members have a great policy on travel insurance they can access.
What is Costco Travel Insurance?
To start, it must be noted that Costco doesn’t have an insurance provider. They are in a partnership as Costco customers are covered by one of the leading travel insurance providers in the industry, Allianz Global Assistance. When a Costco member purchases travel insurance with the company, the policy they receive is from Allianz, but there are member discounts and perks that Costco streamlines.
This relationship in travel insurance is one of the most valuable benefits a customer can receive. For this, customers always receive incredible Costco value when they purchase this type of insurance.
What Is The Importance Of Travel Insurance?
Cancellation of Trip: If you need to cancel your trip due to one of the covered reasons (for example, illness, jury duty, severe weather) recover the non-refundable expenses.
Interruption of Trip: If you have to terminate your journey early, be reimbursed for the additional fees to get back home and for the remaining pieces of the trip that you won’t be using.
Medical Emergencies: Your regular health insurance may not cover the costs. Expenses for dental and other medical emergencies that happen abroad should be covered.
Loss/ Delay of Baggage: If your luggage is lost, stolen, or there is a significant delay, you should be compensated.
Travel Delays: If there is a covered reason for your flight delay, you should be reimbursed for your accommodation and meals.
The Two Most Important Costco Travel Insurance Plans
Exclusively for Costco members, Allianz has two principal programmes: The Basic OneTrip Plan and the OneTrip Prime Plan, which is the more extensive one. Now let’s see the particulars of the two.
1. Basic Plan of OneTrip
Features of this plan include the fact that it is a superb option for beginners. It caters to economically minded travelers and offers essential coverage.
Major Coverage Features:
Trip Cancellation and Interruption: $10,000 (maximum) for each person.
- Emergency Medical Coverage: $10,000.
- Emergency Medical Transportation: $50,000.
- Loss or Damage of Baggage: $500.
- Baggage Delay: $200 (maximum).
- Travel Delay: $300 ($150 per 24 hour period, maximum).
- 24/7 Travel Aid: Allianz Global Helpline.
Who is this plan best for?
Individuals who travel frequently for domestic purposes. Some domestic travel does not mean exorbitant budgets. Some travelers do take domestic trips and travel on a budget and need at least minimal coverage.
People who have solid health insurance that covers them when they travel out of state.
2. OneTrip Prime Plan
This plan is also tailored for Costco members and is one of the most valuable plans you’ll find, with even more benefits and even more coverage.
Some of the most notable coverage:
- Trip Cancellation & Interruption: $100,000 per person, $300,000 for the trip.
- Emergency Medical Care: $50,000.
- Emergency Medical Transportation: $250,000.
- Baggage Loss/Damage: $1,000.
- Baggage Delay: $300.
- Travel Delay: $1,600 with $200 a day.
- Collision Damage Waiver: Up to $40,000 covers rental car insurance. Great for saving money.
- “Cancel Anytime” option: Get back 80% of non-refundable trip costs for reasons not otherwise covered (conditions apply)
Who is this plan best for?
- Families who plan lavish trips to other countries
- People who travel frequently also have more probable needs for travel insurance.
- People who travel frequently for work and need to maintain travel insurance.
- People who enjoy car rentals and do not want to buy insurance from rental car companies.
What are the Advantages of Costco Travel Insurance?
What are the benefits of Costco Travel Insurance over competitors? Member pricing, family coverage, travel insurance are a few of many advantages of Costco Travel Insurance.
- Member Pricing Customers. Costco Travel Insurance covers customers traveling internationally.
- Family Coverage More than 35+ Travel Insurance plans offered.
- Travel Insurance Coverage Costco Travel Insurance covers lost baggage, travel delays, personal injury, lost rent, naturally occurring events.
- Car Rental Coverage Costco Travel Insurance covers primary rental car damage, rental car liability.
- A+ Insurance Provider Allianz covers Costco Travel Insurance.
- Easy Online Process Travel Insurance applies 100% online.
What May Be The Disadvantages of Costco Travel Insurance?
Is Costco Travel Insurance right for you? These are some of the disadvantages of Costco Travel Insurance.
- Must be a Member of Costco: You must be a Costco member to purchase Costco Travel Insurance.
- Limited plan customization: Unlike going to some insurers directly, Costco plans are pre-packaged. It’s not as easy to add-on niche riders (like extreme sports coverage).
- Pre-existing medical conditions: As is the case with most travel insurance, pre-existing conditions are not covered, with conditions such as having to buy the policy within a specific timeframe (usually 14-21 days) of your initial trip deposit.
How to Buy Costco Travel Insurance?
Buying your travel insurance from Costco is as easy as getting a quote, here’s how:
Get to the Costco travel insurance page.
Log in with your Costco membership.
Input your trip details travel dates, destination, total trip cost, ages of the travelers.
Compare the Basic and Prime plans.
Look at the coverage and choose what suits your needs best.
Complete checkout and receive your policy by email.
FAQs
Do I need to book my trip through Costco Travel to buy the insurance?
You may not book your trip through Costco Travel to get their insurance. For Costco travel insurance, all insurance plans are available regardless of your travel bookings. Booking travel insurance does not require buying flights, hotel, or tours. As long as you are a member of Costco, you can travel.
What is the “Cancel Anytime” benefit?
This is a feature of the OneTrip Prime plan that allows you to retrieve 80% of the nonrefundable costs of your trip should you need to cancel for a non-covered reason (such as a trip phobia or work conflict) when cancelling a trip. There are certain conditions that need to be satisfied, and it needs to be purchased within 14 to 21 days from the date of first payment of the trip.
Do you cover pre-existing medical conditions?
Coverage for conditions that pre-exist is purchasable, but requirements are attached. For instance, you will need to buy the trip insurance within a certain (typically 14 day) timeframe from your 1st deposit of the trip, and you must be able to travel at the time of buying. The terms of the policy certificate must be consulted for clarity.
Differentiating primary from secondary rental car coverage?
With primary rental car damage coverage, as offered in the Prime plan, in the case of damage to your rental car, you are to first file a claim to Allianz, and they will pay for all the expenses without involving your personal car insurance. Secondary car damage coverage, on the other hand, will only cover expenses that are incurred after the personal car insurance has been used.
How can I make a claim if I encounter problems on my trip?
In case of an emergency, the first thing you should do is call the emergency hotline for Allianz Global Assistance, which is the travel assistance program you chose. After you have addressed the emergency, you will have to complete a claim form on the website for Allianz, or you can submit a claim through the mail. Your claim form has to include supporting documentation. This can include, but is not limited to: medical bills, police reports, or verification of travel delays from the airline.