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Travel insurance is often considered a necessary expense, especially for those who frequently travel. It provides financial coverage for unforeseen circumstances such as trip cancellations, medical emergencies, and lost baggage. However, with so many travel insurance options available in the market, it can be overwhelming to choose the right one.
In this review, we take a closer look at Costco Travel Insurance and evaluate whether it is worth your money or not.
What is Costco Travel Insurance?
Costco Travel Insurance is a travel insurance policy offered by Costco Wholesale Corporation, an American multinational corporation that operates a chain of membership-only warehouse clubs. The policy is underwritten by AIG Insurance Company and only accessible to Costco members.
Costco Travel Insurance offers different levels of coverage, including emergency medical and dental, trip cancellation and interruption, baggage and personal effects, and travel accident insurance. In addition, the policy provides 24/7 travel assistance services through AIG Assist.
What are the Pros and Cons of Costco Travel Insurance?
Like any other travel insurance policy, Costco Travel Insurance has its advantages and disadvantages. Here are the pros and cons of Costco Travel Insurance:
Pros:
- Costco members enjoy exclusive discounts on travel insurance premiums.
- The policy offers comprehensive coverage for various travel-related risks.
- AIG Assist provides 24/7 travel assistance services to policyholders.
- Policyholders can file claims online or through a toll-free hotline.
- The policy is underwritten by AIG Insurance Company, which has a strong financial rating and reputation.
Cons:
- The policy is only available to Costco members, which may not be ideal for non-members who want to purchase travel insurance.
- Coverage limits may be lower than other travel insurance policies in the market.
- The policy may have more restrictions and exclusions than other policies.
- Policyholders may need to purchase additional coverage for high-risk activities such as extreme sports.
How Much Does Costco Travel Insurance Cost?
The cost of Costco Travel Insurance depends on the level of coverage, trip duration, age of travelers, and other factors. Generally, the policy premiums range from $70 to $200 per person per trip.
Costco members are eligible for exclusive discounts on their travel insurance premiums. On average, Costco members can save up to 10% on their policy premiums compared to non-members.
How to Purchase Costco Travel Insurance?
Costco Travel Insurance can only be purchased by Costco members. To purchase the policy, follow these steps:
- Visit the Costco Travel Insurance website or call the toll-free number to get a quote.
- Select the level of coverage and fill out the necessary information.
- Review the policy details and exclusions.
- Pay the premium using a credit or debit card.
- Receive the policy documents via email.
What Do Customers Say About Costco Travel Insurance?
Customer reviews of Costco Travel Insurance are mixed. Some customers praise the policy’s comprehensive coverage, affordability, and ease of purchase. Others complain about the policy’s limitations, low coverage limits, and poor customer service.
According to the Better Business Bureau (BBB), AIG Insurance Company has an A+ rating, which means it has a strong track record of meeting customer expectations.
Conclusion
Costco Travel Insurance offers comprehensive coverage for a wide range of travel-related risks at an affordable price. Costco members can enjoy exclusive discounts on their policy premiums, making it a cost-effective option for frequent travelers.
However, the policy may have more restrictions and exclusions than other policies, and coverage limits may be lower. Non-members who want to purchase travel insurance may need to look for other options in the market.
Overall, Costco Travel Insurance is worth considering for Costco members who want to protect themselves from unforeseen travel-related risks.
| Pros | Cons |
|---|---|
| Exclusive discounts for Costco members | Only available for Costco members |
| Comprehensive coverage | Lower coverage limits |
| 24/7 travel assistance services | More restrictions and exclusions |
| Easy claim filing process | Additional coverage needed for high-risk activities |
| Underwritten by AIG Insurance Company |
Frequently Asked Questions
Is Costco Travel Insurance worth it?
Costco Travel Insurance is worth considering for Costco members who want comprehensive coverage at an affordable price. However, coverage limits may be lower than other policies, and non-members cannot purchase the policy.
How much does Costco Travel Insurance cost?
The cost of Costco Travel Insurance depends on various factors such as the level of coverage, trip duration, age of travelers, and other factors. Generally, the policy premiums range from $70 to $200 per person per trip.
How to file a claim with Costco Travel Insurance?
Policyholders can file a claim with Costco Travel Insurance online or through a toll-free hotline. They need to provide the necessary information and supporting documents to process the claim.
What does Costco Travel Insurance cover?
Costco Travel Insurance covers various travel-related risks such as trip cancellations and interruptions, emergency medical and dental, travel accident insurance, and baggage and personal effects.