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Standard Bank Travel Insurance Review 2023

Standard Bank Travel Insurance

Standard Bank Travel Insurance is a travel insurance product that is automatically activated when purchasing return tickets for both domestic and international trips. Standard Bank Credit Card holders can get up to 90 days of travel insurance with this product.

The Standard Bank Travel Insurance is only available to individuals under the age of 76. The product can only be automatically accessed or purchased by or for those aged 3 months to 75 years.

The insurance plan provides coverage for medical emergencies that range from R70,000.00 to R1 million. An optional travel insurance is also available and provides coverage that ranges from R5 million to R11 million for emergency injuries and illnesses.

The Standard Bank Travel Insurance is available in two options, which are discussed further below.

Standard Bank Automatic Travel Insurance

Any person between the ages of 3 months and 75 years who purchases a return travel ticket(s) with a participating Standard Bank card is eligible for automatic travel insurance.

The plan includes the following benefits without the need for a premium when traveling:

  • Emergency medical and related expenses
  • Accidental death and disability
  • Baggage, money, credit cards , and travel check fraud and baggage delay
  • Personal liability
  • The amount of coverage provided by automatic travel insurance is determined by the Standard Bank card used to purchase a ticket. The following section discusses the coverage amounts and benefits for the various Standard Bank cards.

Blue, Achiever, and Bluebean Mastercard and Visa Cards

While traveling locally, the automatic travel insurance does not cover injury, illness, inpatient, and outpatient treatments. R10,000.00 is set aside for coffin expenses.

Emergency medical expenses are covered by travel insurance for international travel. Injuries are covered for R150,000.00, and illnesses for R150,000.00. The plan covers inpatient and outpatient expenses for R2,000.00 each and requires an excess fee.

Medical evaluation, repatriation, and transportation are all included for both domestic and international travel. Accidental death and disability in flight is covered for R150,000.00 for domestic travel and R450,000.00 for international travel.

International travelers can receive R3,000.00 in hospital cash, with a maximum of 15 days of R200.00 cash per day while in the hospital. Local travel does not have a cash benefit from the hospital.

When traveling, the Blue, Achiever, and Bluebean Mastercard and Visa cards also provide the following benefits:

  • Cash assistance
  • Consular referral
  • Emergency travel and accommodation arrangements
  • Premature return in case of death or imminent death of a relative or business associate
  • Legal assistance abroad
  • Replacement of lost travel documents
  • 24-hour medical emergency and assistance over the telephone
  • Gold Corporate and Travel Agent Cards

Gold Corporate and Travel Agent cards are eligible for a variety of benefits related to automatic travel insurance. For local travel, emergency medical coverage is available, and injuries are covered for R70,000.00.

Local travel does not cover illnesses, inpatient, and outpatient medical emergencies. International travel has R2,000.00 inpatient and outpatient cover, and claiming on these emergency medical expenses requires an excess fee.

R1 million is covered for emergency medical expenses incurred while traveling abroad. Illnesses contracted while abroad are also covered for R1 million.

Coffin expenses are covered by the plan for both local and international journeys with a cover amount of R10,000.00. Other benefits that come with the plan include:

The plan covers accidental death and disability both locally and abroad if sustained in flight and provides R750,000.00 in coverage. Hospital cash is also available for international travel, with a maximum of R3,000.00 for a daily maximum of R200.00.

Platinum and Titanium Cards

Platinum and Titanium cards offer customized travel insurance for private clients. The plan covers injuries for both domestic and international travel, with local coverage of R150,000.00 and international coverage of R1 million.

Illnesses are not covered for domestic travel; however, international travel includes R1 million in illness coverage. International travel also includes coverage for inpatient and outpatient expenses up to R2,000.00 per claim.

The plan covers auxiliary costs incurred during emergency medical procedures up to the actual expenses. These include the return of children, a family member's visit, and the return of a travel companion.

The plan includes additional benefits that can be claimed when traveling locally or internationally, including:

Only international travelers have access to hospital cash, with a maximum cover of R5,000.00. While admitted to a hospital in another country, hospital cash pays R250 per day for a maximum of 20 days.

Personal liability is also covered as part of the plan, with R2.5 million in coverage for bodily injury and material damage. The plan also covers accidental death and disability.

Optional Travel Insurance

Optional travel insurance costs a premium and provides injury and illness coverage ranging from R5 million to R11 million. Terrorism-related emergency medical and related expenses are also covered up to R2.5 million.

Standard Bank's optional travel insurance covers the following:

Emergency medical and related expenses, accidental death and disability, motor hijack extension, baggage, money, credit cards & traveller's cheque fraud, and baggage delay, travel delay and missed connection, personal liability, cancellation and curtailment, ticket upgrade, cattery and kennels, natural disaster, identity theft, and end supplier insolvency are all covered by Standard Bank's optional travel insurance.

There are three options for optional travel insurance, each with a fixed premium. We will discuss each option and what each option covers, including the extent of the cover below.

The first option for optional travel insurance provides the fewest benefits of the three available. The option comes with a premium of R690 for trips ranging from 1 to 30 days.

Trips ranging from 30 to 90 days have a premium of R1,140.00. Those who want to travel for 91 to 180 days must pay a premium of R2,420.00 to access the plan's benefits.

The plan covers emergency medical expenses, injuries, and illnesses sustained while traveling internationally, and they are insured for R5 million. The plan also covers inpatient and outpatient medical treatments.

Since the plan does not provide in-hospital cash benefits, one can find an alternative cash source while in the hospital. The plan covers pre-existing medical conditions for R100,000.00.

Accidental death and disability while flying are covered for R300,000.00. Accidental death and disability caused by terrorism are also covered for R250,000.00 under the plan.

The plan does not cover motor vehicle hijacking, personal injury, and post-traumatic stress disorder therapy.

The plan covers baggage delays of more than 24 hours for R2,000.00; however, an excess fee of R500.00 is required when filing a claim.

Theft of money, credit cards, and traveler's cheques are covered for R2,000.00, with an excess payment of R500.00 required when filing a claim.

Baggage theft or damage is also covered by the option for a fee of R7,500.00. Baggage damage or theft has a single item limit of R1,500.00 per claim.

Cancellation and curtailment of the journey is covered up to R10,000.00 with an excess payment of R500.00. Visa protection has a R10,000.00 cover amount, and no excess fee is charged when claiming.

Option 2 of the optional travel insurance provides extended coverage than Option 1. The premium for the option starts from R750 for trips lasting 1 to 30 days.

Trips of 30 to 60 days require a premium of R1,230.00 to access the option's benefits. Those who want to travel for 91 to 180 days can purchase the plan for a premium of R2,660.00.

The plan includes coverage for identity theft, including legal expenses, lost income, legal obligations, and miscellaneous expenses, with a claim limit of R1,000.00.

The cost of an essential upgrade of a conveyance ticket during an international journey is R4,000.00. Furthermore, a natural disaster that necessitates lodging is covered for R2,500.00.

One of the best ways to obtain travel insurance without paying a premium is through Standard Bank Travel Insurance. The automatic coverage requires only the purchase of return travel tickets with a participating card. The cover for automatic travel insurance can be significant, especially for those who use corporate or premium cards.

For those seeking a more comprehensive level of protection, Option 3 is the most prestigious optional travel insurance option, with the highest cover amounts. The plan requires an R850.00 premium for trips lasting 1 to 30 days.

Travelers who plan to stay for 30 to 90 days can also purchase the product for R1,330.00. Travelers of 91 to 180 days can also be insured under the plan for an R2,940.00 premium.

Option 3 covers medical emergencies, including injuries and illnesses, for a maximum cover amount of R11 million. Pre-existing medical conditions are also covered under the plan, up to a maximum of R250,000.00.

Medical emergencies caused by terrorism are also covered to the tune of R2,500.000.00. Accidental death and disability due to terrorism are also covered by the plan to a maximum of R750,000.00.

The cover amount for 24-hour accidental death and disability is R2 million. The plan covers accidental death and disability in-flight up to R1 million.

Baggage delay is covered by the plan for a R3,500.00 cover amount and requires an R500.00 excess fee. Theft of money, credit cards, and traveler's cheques is covered for R3,000.00 and requires an R500.00 excess payment.

Advantages of Standard Bank Travel Insurance

  • The automatic travel insurance provides cover for both local and international travel.
  • The automatic travel insurance covers many incidents and acts.
  • The automatic travel insurance provides high cover amounts for international travel.
  • Choosing the optional travel insurance provides additional cover of up to R11 million for medical emergencies.
  • The travel insurance covers international travel for up to 90 days.
  • Cancellation is a simple process. Travel companions are partially covered by the plan.

Disadvantages of Standard Bank Travel Insurance:

  • Individuals over the age of 70 are not covered for cardiac or cardiovascular diseases.
  • Individuals over the age of 75 cannot be covered by the plan.
  • The optional travel insurance does not have a cooling-off period.
  • Local travel does not offer as many benefits as international travel under the automatic travel insurance.

Standard Bank Travel Insurance is one of the best ways to obtain travel insurance without paying a premium. The automatic coverage requires only the purchase of return travel tickets with a participating card. The cover provided by the automatic travel insurance can be significant, especially for those who use corporate or premium cards. However, those seeking a more comprehensive level of protection can opt for the optional travel insurance, which provides coverage of up to R11 million for medical emergencies.

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Nonhlanhla P Dube is a senior news reporter. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her on: Email: [email protected]

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travel insurance cover standard bank

Standard Bank welcomes new travel insurance partner in 2020

<strong>By: Standard Bank</strong>

Effective 1 March 2020, Standard Bank welcomes Bryte Insurance Company Limited (Bryte) as our new partner for all your travel insurance needs. This transition from AIG to Bryte is part of our ongoing effort to bring you the best banking and insurance solutions, especially in your time of need.

Remember, as a Standard Bank Credit Card holder, you qualify for up to 90 days automatic travel insurance for both local and international journeys when you purchase your return travel ticket(s) with your Standard Bank Credit Card. Automatic insurance is available for travellers between the ages of 3 months and 75 years inclusive.

Please note that all tickets bought before 1 March 2020 are covered by AIG and they can be contacted on 0860 104 146 for any claims or queries. For all other subsequent or new claims, contact Bryte.

You can view the full list of updated terms and conditions in the below

<a href=" https://www.cover.co.za/wp-content/uploads/2020/03/Travel-Insurance-Statutory-Disclosure.pdf ">Travel Insurance Statutory Disclosure</a>

<a href=" https://www.cover.co.za/wp-content/uploads/2020/03/BRYTE-Travel-Insurance-terms-and-conditions.pdf ">BRYTE Travel Insurance terms and conditions</a>

For the full policy features, benefits, definitions, terms, conditions and exclusions, please contact Bryte Customer Care Centre on 0861 114 494 or email <a href=" mailto:[email protected] ">\[email protected]</a>

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travel insurance cover standard bank

The best travel insurance policies and providers

Katie Genter

It's easy to dismiss the value of travel insurance until you need it.

Many travelers have strong opinions about whether you should buy travel insurance . However, the purpose of this post isn't to determine whether it's worth investing in. Instead, it compares some of the top travel insurance providers and policies so you can determine which travel insurance option is best for you.

Of course, as the coronavirus remains an ongoing concern, it's important to understand whether travel insurance covers pandemics. Some policies will cover you if you're diagnosed with COVID-19 and have proof of illness from a doctor. Others will take coverage a step further, covering additional types of pandemic-related expenses and cancellations.

Know, though, that every policy will have exclusions and restrictions that may limit coverage. For example, fear of travel is generally not a covered reason for invoking trip cancellation or interruption coverage, while specific stipulations may apply to elevated travel warnings from the Centers for Disease Control and Prevention.

Interested in travel insurance? Visit InsureMyTrip.com to shop for plans that may fit your travel needs.

So, before buying a specific policy, you must understand the full terms and any special notices the insurer has about COVID-19. You may even want to buy the optional cancel for any reason add-on that's available for some comprehensive policies. While you'll pay more for that protection, it allows you to cancel your trip for any reason and still get some of your costs back. Note that this benefit is time-sensitive and has other eligibility requirements, so not all travelers will qualify.

In this guide, we'll review several policies from top travel insurance providers so you have a better understanding of your options before picking the policy and provider that best address your wants and needs.

The best travel insurance providers

To put together this list of the best travel insurance providers, a number of details were considered: favorable ratings from TPG Lounge members, the availability of details about policies and the claims process online, positive online ratings and the ability to purchase policies in most U.S. states. You can also search for options from these (and other) providers through an insurance comparison site like InsureMyTrip .

When comparing insurance providers, I priced out a single-trip policy for each provider for a $2,000, one-week vacation to Istanbul . I used my actual age and state of residence when obtaining quotes. As a result, you may see a different price — or even additional policies due to regulations for travel insurance varying from state to state — when getting a quote.

AIG Travel Guard

AIG Travel Guard receives many positive reviews from readers in the TPG Lounge who have filed claims with the company. AIG offers three plans online, which you can compare side by side, and the ability to examine sample policies. Here are three plans for my sample trip to Turkey.

travel insurance cover standard bank

AIG Travel Guard also offers an annual travel plan. This plan is priced at $259 per year for one Florida resident.

Additionally, AIG Travel Guard offers several other policies, including a single-trip policy without trip cancellation protection . See AIG Travel Guard's COVID-19 notification and COVID-19 advisory for current details regarding COVID-19 coverage.

Preexisting conditions

Typically, AIG Travel Guard wouldn't cover you for any loss or expense due to a preexisting medical condition that existed within 180 days of the coverage effective date. However, AIG Travel Guard may waive the preexisting medical condition exclusion on some plans if you meet the following conditions:

  • You purchase the plan within 15 days of your initial trip payment.
  • The amount of coverage you purchase equals all trip costs at the time of purchase. You must update your coverage to insure the costs of any subsequent arrangements that you add to your trip within 15 days of paying the travel supplier for these additional arrangements.
  • You must be medically able to travel when you purchase your plan.

Standout features

  • The Deluxe and Preferred plans allow you to purchase an upgrade that lets you cancel your trip for any reason. However, reimbursement under this coverage will not exceed 50% or 75% of your covered trip cost.
  • You can include one child (age 17 and younger) with each paying adult for no additional cost on most single-trip plans.
  • Other optional upgrades, including an adventure sports bundle, a baggage bundle, an inconvenience bundle, a pet bundle, a security bundle and a wedding bundle, are available on some policies. So, an AIG Travel Guard plan may be a good choice if you know you want extra coverage in specific areas.

Purchase your policy here: AIG Travel Guard .

Allianz Travel Insurance

Allianz is one of the most highly regarded providers in the TPG Lounge, and many readers found the claim process reasonable. Allianz offers many plans, including the following single-trip plans for my sample trip to Turkey.

travel insurance cover standard bank

If you travel frequently, it may make sense to purchase an annual multi-trip policy. For this plan, all of the maximum coverage amounts in the table below are per trip (except for the trip cancellation and trip interruption amounts, which are an aggregate limit per policy). Trips typically must last no more than 45 days, although some plans may cover trips of up to 90 days.

travel insurance cover standard bank

See Allianz's coverage alert for current information on COVID-19 coverage.

Most Allianz travel insurance plans may cover preexisting medical conditions if you meet particular requirements. For the OneTrip Premier, Prime and Basic plans, the requirements are as follows:

  • You purchased the policy within 14 days of the date of the first trip payment or deposit.
  • You were a U.S. resident when you purchased the policy.
  • You were medically able to travel when you purchased the policy.
  • On the policy purchase date, you insured the total, nonrefundable cost of your trip (including arrangements that will become nonrefundable or subject to cancellation penalties before your departure date). If you incur additional nonrefundable trip expenses after purchasing this policy, you must insure them within 14 days of their purchase.
  • Allianz offers reasonably priced annual policies for independent travelers and families who take multiple trips lasting up to 45 days (or 90 days for select plans) per year.
  • Some Allianz plans provide the option of receiving a flat reimbursement amount without receipts for trip delay and baggage delay claims. Of course, you can also submit receipts to get up to the maximum refund.
  • For emergency transportation coverage, you or someone on your behalf must contact Allianz, and Allianz must then make all transportation arrangements in advance. However, most Allianz policies provide an option if you cannot contact the company: Allianz will pay up to what it would have paid if it had made the arrangements.

Purchase your policy here: Allianz Travel Insurance .

American Express Travel Insurance

American Express Travel Insurance offers four different package plans and a build-your-own coverage option. You don't have to be an American Express cardholder to purchase this insurance. Here are the four package options for my sample weeklong trip to Turkey. Unlike some other providers, Amex won't ask for your travel destination on the initial quote (but will when you purchase the plan).

travel insurance cover standard bank

Amex's build-your-own coverage plan is unique because you can purchase just the coverage you need. For most types of protection, you can even select the coverage amount that works best for you.

travel insurance cover standard bank

The prices for the packages and the build-your-own plan don't increase for longer trips — as long as the trip cost remains constant. However, the emergency medical and dental benefit is only available for your first 60 days of travel.

Typically, Amex won't cover any loss you incur because of a preexisting medical condition that existed within 90 days of the coverage effective date. However, Amex may waive its preexisting-condition exclusion if you meet both of the following requirements:

  • You must be medically able to travel at the time you pay the policy premium.
  • You pay the policy premium within 14 days of making the first covered trip deposit.
  • Amex's build-your-own coverage option allows you to only purchase — and pay for — the coverage you need.
  • Coverage on long trips doesn't cost more than coverage for short trips, making this policy ideal for extended getaways. However, the emergency medical and dental benefit only covers your first 60 days of travel.
  • American Express Travel Insurance can protect travel expenses you purchase with Amex Membership Rewards points in the Pay with Points program (as well as travel expenses bought with cash, debit or credit). However, travel expenses bought with other types of points and miles aren't covered.

Purchase your policy here: American Express Travel Insurance .

GeoBlue is different from most other providers described in this piece because it only provides medical coverage while you're traveling internationally and does not offer benefits to protect the cost of your trip. There are many different policies. Some require you to have primary health insurance in the U.S. (although it doesn't need to be provided by Blue Cross Blue Shield), but all of them only offer coverage while traveling outside the U.S.

Two single-trip plans are available if you're traveling for six months or less. The Voyager Choice policy provides coverage (including medical services and medical evacuation for a sudden recurrence of a preexisting condition) for trips outside the U.S. to travelers who are 95 or younger and already have a U.S. health insurance policy.

travel insurance cover standard bank

The Voyager Essential policy provides coverage (including medical evacuation for a sudden recurrence of a preexisting condition) for trips outside the U.S. to travelers who are 95 or younger, regardless of whether they have primary health insurance.

travel insurance cover standard bank

In addition to these options, two multi-trip plans cover trips of up to 70 days each for one year. Both policies provide coverage (including medical services and medical evacuation for preexisting conditions) to travelers with primary health insurance.

travel insurance cover standard bank

Be sure to check out GeoBlue's COVID-19 notices before buying a plan.

Most GeoBlue policies explicitly cover sudden recurrences of preexisting conditions for medical services and medical evacuation.

  • GeoBlue can be an excellent option if you're mainly concerned about the medical side of travel insurance.
  • GeoBlue provides single-trip, multi-trip and long-term medical travel insurance policies for many different types of travel.

Purchase your policy here: GeoBlue .

IMG offers various travel medical insurance policies for travelers, as well as comprehensive travel insurance policies. For a single trip of 90 days or less, there are five policy types available for vacation or holiday travelers. Although you must enter your gender, males and females received the same quote for my one-week search.

travel insurance cover standard bank

You can purchase an annual multi-trip travel medical insurance plan. Some only cover trips lasting up to 30 or 45 days, but others provide coverage for longer trips.

travel insurance cover standard bank

See IMG's page on COVID-19 for additional policy information as it relates to coronavirus-related claims.

Most plans may cover preexisting conditions under set parameters or up to specific amounts. For example, the iTravelInsured Travel LX travel insurance plan shown above may cover preexisting conditions if you purchase the insurance within 24 hours of making the final payment for your trip.

For the travel medical insurance plans shown above, preexisting conditions are covered for travelers younger than 70. However, coverage is capped based on your age and whether you have a primary health insurance policy.

  • Some annual multi-trip plans are modestly priced.
  • iTravelInsured Travel LX may offer optional cancel for any reason and interruption for any reason coverage, if eligible.

Purchase your policy here: IMG .

Travelex Insurance

Travelex offers three single-trip plans: Travel Basic, Travel Select and Travel America. However, only the Travel Basic and Travel Select plans would be applicable for my trip to Turkey.

travel insurance cover standard bank

See Travelex's COVID-19 coverage statement for coronavirus-specific information.

Typically, Travelex won't cover losses incurred because of a preexisting medical condition that existed within 60 days of the coverage effective date. However, the Travel Select plan may offer a preexisting condition exclusion waiver. To be eligible for this waiver, the insured traveler must meet all the following conditions:

  • You purchase the plan within 15 days of the initial trip payment.
  • The amount of coverage purchased equals all prepaid, nonrefundable payments or deposits applicable to the trip at the time of purchase. Additionally, you must insure the costs of any subsequent arrangements added to the same trip within 15 days of payment or deposit.
  • All insured individuals are medically able to travel when they pay the plan cost.
  • The trip cost does not exceed the maximum trip cost limit under trip cancellation as shown in the schedule per person (only applicable to trip cancellation, interruption and delay).
  • Travelex's Travel Select policy can cover trips lasting up to 364 days, which is longer than many single-trip policies.
  • Neither Travelex policy requires receipts for trip and baggage delay expenses less than $25.
  • For emergency evacuation coverage, you or someone on your behalf must contact Travelex and have Travelex make all transportation arrangements in advance. However, both Travelex policies provide an option if you cannot contact Travelex: Travelex will pay up to what it would have paid if it had made the arrangements.

Purchase your policy here: Travelex Insurance .

Seven Corners

Seven Corners offers a wide variety of policies. Here are the policies that are most applicable to travelers on a single international trip.

travel insurance cover standard bank

Seven Corners also offers many other types of travel insurance, including an annual multi-trip plan. You can choose coverage for trips of up to 30, 45 or 60 days when purchasing an annual multi-trip plan.

travel insurance cover standard bank

See Seven Corner's page on COVID-19 for additional policy information as it relates to coronavirus-related claims.

Typically, Seven Corners won't cover losses incurred because of a preexisting medical condition. However, the RoundTrip Choice plan offers a preexisting condition exclusion waiver. To be eligible for this waiver, you must meet all of the following conditions:

  • You buy this plan within 20 days of making your initial trip payment or deposit.
  • You or your travel companion are medically able and not disabled from travel when you pay for this plan or upgrade your plan.
  • You update the coverage to include the additional cost of subsequent travel arrangements within 15 days of paying your travel supplier for them.
  • Seven Corners offers the ability to purchase optional sports and golf equipment coverage. If purchased, this extra insurance will reimburse you for the cost of renting sports or golf equipment if yours is lost, stolen, damaged or delayed by a common carrier for six or more hours. However, Seven Corners must authorize the expenses in advance.
  • You can add cancel for any reason coverage or trip interruption for any reason coverage to RoundTrip plans. Although some other providers offer cancel for any reason coverage, trip interruption for any reason coverage is less common.
  • Seven Corners' RoundTrip Choice policy offers a political or security evacuation benefit that will transport you to the nearest safe place or your residence under specific conditions. You can also add optional event ticket registration fee protection to the RoundTrip Choice policy.

Purchase your policy here: Seven Corners .

World Nomads

World Nomads is popular with younger, active travelers because of its flexibility and adventure-activities coverage on the Explorer plan. Unlike many policies offered by other providers, you don't need to estimate prepaid costs when purchasing the insurance to have access to trip interruption and cancellation insurance.

World Nomads offers two single-trip plans.

travel insurance cover standard bank

World Nomads has a page dedicated to coronavirus coverage , so be sure to view it before buying a policy.

World Nomads won't cover losses incurred because of a preexisting medical condition (except emergency evacuation and repatriation of remains) that existed within 90 days of the coverage effective date. Unlike many other providers, World Nomads doesn't offer a waiver.

  • World Nomads' policies cover more adventure sports than most providers, so activities such as bungee jumping are included. The Explorer policy covers almost any adventure sport, including skydiving, stunt flying and caving. So, if you partake in adventure sports while traveling, the Explorer policy may be a good fit.
  • World Nomads' policies provide nonmedical evacuation coverage for transportation expenses if there is civil or political unrest in the country you are visiting. The coverage may also transport you home if there is an eligible natural disaster or a government expels you.

Purchase your policy here: World Nomads .

Other options for buying travel insurance

travel insurance cover standard bank

This guide details the policies of eight providers with the information available at the time of publication. There are many options when it comes to travel insurance, though. To compare different policies quickly, you can use a travel insurance aggregator like InsureMyTrip to search. Just note that these search engines won't show every policy and every provider, and you should still research the provided policies to ensure the coverage fits your trip and needs.

You can also purchase a plan through various membership associations, such as USAA, AAA or Costco. Typically, these organizations partner with a specific provider, so if you are a member of any of these associations, you may want to compare the policies offered through the organization with other policies to get the best coverage for your trip.

Related: Should you get travel insurance if you have credit card protection?

Is travel insurance worth getting?

Whether you should purchase travel insurance is a personal decision. Suppose you use a credit card that provides travel insurance for most of your expenses and have medical insurance that provides adequate coverage abroad. In that case, you may be covered enough on most trips to forgo purchasing travel insurance.

However, suppose your medical insurance won't cover you at your destination and you can't comfortably cover a sizable medical evacuation bill or last-minute flight home . In that case, you should consider purchasing travel insurance. If you travel frequently, buying an annual multi-trip policy may be worth it.

What is the best COVID-19 travel insurance?

travel insurance cover standard bank

There are various aspects to keep in mind in the age of COVID-19. Consider booking travel plans that are fully refundable or have modest change or cancellation fees so you don't need to worry about whether your policy will cover trip cancellation. This is important since many standard comprehensive insurance policies won't reimburse your insured expenses in the event of cancellation if it's related to the fear of traveling due to COVID-19.

However, if you book a nonrefundable trip and want to maintain the ability to get reimbursed (up to 75% of your insured costs) if you choose to cancel, you should consider buying a comprehensive travel insurance policy and then adding optional cancel for any reason protection. Just note that this benefit is time-sensitive and has eligibility requirements, so not all travelers will qualify.

Providers will often require CFAR purchasers insure the entire dollar amount of their travels to receive the coverage. Also, many CFAR policies mandate that you must cancel your plans and notify all travel suppliers at least 48 hours before your scheduled departure.

Likewise, if your primary health insurance won't cover you while on your trip, it's essential to consider whether medical expenses related to COVID-19 treatment are covered. You may also want to consider a MedJet medical transport membership if your trip is to a covered destination for coronavirus-related evacuation.

Ultimately, the best pandemic travel insurance policy will depend on your trip details, travel concerns and your willingness to self-insure. Just be sure to thoroughly read and understand any terms or exclusions before purchasing.

What are the different types of travel insurance?

travel insurance cover standard bank

Whether you purchase a comprehensive travel insurance policy or rely on the protections offered by select credit cards, you may have access to the following types of coverage:

  • Baggage delay protection may reimburse for essential items and clothing when a common carrier (such as an airline) fails to deliver your checked bag within a set time of your arrival at a destination. Typically, you may be reimbursed up to a particular amount per incident or per day.
  • Lost/damaged baggage protection may provide reimbursement to replace lost or damaged luggage and items inside that luggage. However, valuables and electronics usually have a relatively low maximum benefit.
  • Trip delay reimbursement may provide reimbursement for necessary items, food, lodging and sometimes transportation when you're delayed for a substantial time while traveling on a common carrier such as an airline. This insurance may be beneficial if weather issues (or other covered reasons for which the airline usually won't provide compensation) delay you.
  • Trip cancellation and interruption protection may provide reimbursement if you need to cancel or interrupt your trip for a covered reason, such as a death in your family or jury duty.
  • Medical evacuation insurance can arrange and pay for medical evacuation if deemed necessary by the insurance provider and a medical professional. This coverage can be particularly valuable if you're traveling to a region with subpar medical facilities.
  • Travel accident insurance may provide a payment to you or your beneficiary in the case of your death or dismemberment.
  • Emergency medical insurance may provide payment or reimburse you if you must seek medical care while traveling. Some plans only cover emergency medical care, but some also cover other types of medical care. You may need to pay a deductible or copay.
  • Rental car coverage may provide a collision damage waiver when renting a car. This waiver may reimburse for collision damage or theft up to a set amount. Some policies also cover loss-of-use charges assessed by the rental company and towing charges to take the vehicle to the nearest qualified repair facility. You generally need to decline the rental company's collision damage waiver or similar provision to be covered.

Should I buy travel health insurance?

travel insurance cover standard bank

If you purchase travel with credit cards that provide various trip protections, you may not see much need for additional travel insurance. However, you may still wonder whether you should buy travel medical insurance.

If your primary health insurance covers you on your trip, you may not need travel health insurance. Your domestic policy may not cover you outside the U.S., though, so it's worth calling the number on your health insurance card if you have coverage questions. If your primary health insurance wouldn't cover you, it's likely worth purchasing travel medical insurance. After all, as you can see above, travel medical insurance is often very modestly priced.

How much does travel insurance cost?

Travel insurance costs depend on various factors, including the provider, the type of coverage, your trip cost, your destination, your age, your residency and how many travelers you want to insure. That said, a standard travel insurance plan will generally set you back somewhere between 4% and 10% of your total trip cost. However, this can get lower for more basic protections or become even higher if you include add-ons like cancel for any reason protection.

The best way to determine how much travel insurance will cost is to price out your trip with a few providers discussed in the guide. Or, visit an insurance aggregator like InsureMyTrip to quickly compare options across multiple providers.

When and how to get travel insurance

travel insurance cover standard bank

For the most robust selection of available travel insurance benefits — including time-sensitive add-ons like CFAR protection and waivers of preexisting conditions for eligible travelers — you should ideally purchase travel insurance on the same day you make your first payment toward your trip.

However, many plans may still offer a preexisting conditions waiver for those who qualify if you buy your travel insurance within 14 to 21 days of your first trip expense or deposit (this time frame may vary by provider). If you don't need a preexisting conditions waiver or aren't interested in CFAR coverage, you can purchase travel insurance once your departure date nears.

You must purchase coverage before it's needed. Some travel medical plans are available for purchase after you have departed, but comprehensive plans that include medical coverage must be purchased before departing.

Additionally, you can't buy any medical coverage once you require medical attention. The same applies to all travel insurance coverage. Once you recognize the need, it's too late to protect your trip.

Once you've shopped around and decided upon the best travel insurance plan for your trip, you should be able to complete your purchase online. You'll usually be able to download your insurance card and the complete policy shortly after the transaction is complete.

Related: 7 times your credit card's travel insurance might not cover you

Bottom line

Not all travel insurance policies and providers are equal. Before buying a plan, read and understand the policy documents. By doing so, you can choose a plan that's appropriate for you and your trip — including the features that matter most to you.

For example, if you plan to go skiing or rock climbing, make sure the policy you buy doesn't contain exclusions for these activities. Likewise, if you're making two back-to-back trips during which you'll be returning home for a short time in between, be sure the plan doesn't terminate coverage at the end of your first trip.

If you're looking to cover a sudden recurrence of a preexisting condition, select a policy with a preexisting condition waiver and fulfill the requirements for the waiver. After all, buying insurance won't help if your policy doesn't cover your losses.

Disclaimer : This information is provided by IMT Services, LLC ( InsureMyTrip.com ), a licensed insurance producer (NPN: 5119217) and a member of the Tokio Marine HCC group of companies. IMT's services are only available in states where it is licensed to do business and the products provided through InsureMyTrip.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not create or modify any insurance policy terms in any way. For more information, please visit www.insuremytrip.com .

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7 Best Cheap Travel Insurance Companies in March 2024

Sean Cudahy

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Finding the cheapest travel insurance is often a priority for travelers hoping to protect themselves and their finances while away from home.

But is it better to err on the side of affordable travel insurance or opt for a more comprehensive plan? That depends on your needs .

On average, a comprehensive plan that covers some combination of trip cancellation and interruption costs, medical coverage and baggage protection (and perhaps a number of other things) will cost you 5%-10% of what you paid for the trip, according to NerdWallet partner Squaremouth, a travel insurance marketplace.

That means a comprehensive policy for a trip that costs you $3,000 could run you anywhere between $150 and $300. Factors like the cost and length of your trip, the age of the travelers and how much protection you want can significantly influence what you pay for your plan.

Ultimately, Squaremouth recommends “the least expensive policy that offers the coverage [travelers] need.”

» Learn more: The best travel insurance companies right now

Factors we considered when picking cheap travel insurance plans

We considered a few factors as we looked for the most affordable travel insurance plans.

Price: If your goal is to find cheaper travel insurance, you want the price to be affordable.

Breadth of coverage: The best budget travel insurance is typically going to be a plan that offers a wide range of protections at an affordable cost, ensuring you’re protected with at least some coverage for a wide range of scenarios.

Uniqueness or customizability : While many travel insurance plans have similar protections, some stand out for particular coverage that can be helpful to certain travelers, like those needing to Cancel For Any Reason , those going on a cruise, or travelers with preexisting health conditions. We didn’t spring for the priciest plans with broad, deep coverage; instead, we picked those that meet a sort of budget "sweet spot" when it comes to cost efficiency.

» Learn more: Is travel insurance worth getting?

An overview of the best cheap travel insurance plans

We looked at travel insurance quotes for a hypothetical 10-day trip to Italy in October 2023. The traveler is a 40-year-old man living in North Carolina who spent $2,000 on the trip, including airfare.

Reliable but cheap travel insurance providers

1. axa assistance usa (silver plan: $70).

travel insurance cover standard bank

Why we picked it:

The $500 missed connection benefit is great for cruise and tour participants. It covers additional transportation, accommodations and meal costs when you miss a cruise or tour departure.

Full trip cancellation and interruption coverage, along with up to $25,000 for out-of-pocket medical costs and baggage coverage.

Among the lowest prices we found.

If you’re willing to spend a bit more than AXA's $70 Silver plan, a Gold plan only costs $19 more and gets you deeper coverage amounts and up to $35,000 in collision rental car insurance.

2. Berkshire Hathaway Travel Protection (ExactCare Value plan: $56)

travel insurance cover standard bank

Cheapest plan we found while still offering a wide array of protections.

Includes a preexisting medical condition waiver.

Add-on rental car collision coverage optional for $10 per day. You can pick how many days you want the additional coverage — it’s not all or nothing.

At $56, this plan comes in at less than 3% of the $2,000 trip cost.

3. IMG (iTravelInsured Lite plan: $77)

travel insurance cover standard bank

Treats COVID-19 like any other illness, which is to say, if your claim accepts flu, strep throat or appendicitis as an acceptable, covered condition, the coronavirus is, too.

Covers costs related to trip interruption up to 125% 

Higher than normal limits on dental expenses, at $1,000. If your teeth are your Achilles heel (or your biggest fear), this plan might be for you.

The iTravelInsured Lite plan doesn’t offer some of the bells and whistles that other plans do, like rental car coverage , Cancel For Any Reason coverage or waivers for pre-existing conditions. But you’ll have relatively solid across-the-board trip protections.

4. John Hancock (Silver plan: $93 for a mid-tier plan)

travel insurance cover standard bank

Mid-level plan (as opposed to a basic plan) at an affordable price for travelers who want more coverage without paying too much.

Includes an optional Cancel For Any Reason add-on for travelers wanting flexibility. It is a bit pricey, at half the cost of the insurance ($46.50 extra for a $93 plan).

Reimburses up to $1,000 for lost baggage , far more than many basic plans.

Add-on rental car coverage for $9 per day.

At $88, John Hancock’s basic (Bronze) plan isn’t particularly affordable. But for just $4 extra, you can tap into the benefits of a mid-tier plan at still less than 5% of the total trip cost.

5. Nationwide (Essential plan: $76)

travel insurance cover standard bank

Includes a preexisting conditions waiver.

Add-on rental car coverage for $90. 

Covers trip interruption at 125% of the trip cost while providing comprehensive emergency medical and baggage coverage.

6. Seven Corners (Basic plan: $75)

travel insurance cover standard bank

On top of standard trip protections, it includes a relatively affordable Cancel For Any Reason option for $31.50 extra.

If you plan to rent expensive sporting equipment, you might consider paying $10 extra to cover lost, damaged, stolen or destroyed gear.

COVID-19 coverage reimburses you for costs incurred if you have to quarantine .

Rental car coverage comes in at an affordable $7 per day.

Seven Corners’ Basic plan stands out because it offers a little bit of everything, appealing to athletic travelers, those who need affordable trip protections, those who want the flexibility to cancel for any reason and those still concerned about getting quarantined due to COVID-19.

7. Travelex Insurance Services (Basic plan: $71)

travel insurance cover standard bank

Straightforward: What you see is what you get. This plan’s coverage has fewer rules and caveats than many. 

While not sporting the highest coverage amounts, it offers a solid range of protections to ensure you get at least something back when your travel is disrupted or you have a medical emergency.

Offers add-on rental car coverage for $10 per day.

At $71, the Travelex Basic plan’s cost is just over 3% of the $2,000 trip’s cost.

If you want to get travel insurance at the cheapest possible rate, here’s a trick. Put $0 as your trip cost, Stan Stanberg, co-founder of comparison site Travelinsurance.com said in an email.

“When excluding trip cancellation and trip interruption coverage the cost of a travel insurance plan goes down significantly,” Stanberg said.

That means you won’t get reimbursed if you need to cancel your trip or if it gets interrupted. But you may still have access to the plan’s medical, trip delay , missed connection, baggage and other protections.

You’ll often find comprehensive travel insurance plans cost 5%-10% of your total trip cost, according to Squaremouth. This will often get you full trip cancellation and trip protection, baggage protection, emergency medical coverage and often other benefits.

Typically, the more you pay, the broader and deeper the coverage.

For many plans, you can purchase travel insurance up until you depart. However, to get access to the most protections possible, booking two days to two weeks after making your initial deposit is the best rule of thumb.

That means you won’t get reimbursed if you need to cancel your trip or if it gets interrupted. But you may still have access to the plan’s medical,

, missed connection, baggage and other protections.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

Chase Sapphire Reserve Credit Card

on Chase's website

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®.

Chase Sapphire Preferred Credit Card

1x-5x 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

Chase Southwest Rapid Rewards® Plus Credit Card

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

50,000 Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.

travel insurance cover standard bank

Quick Read Magazine

Standard Bank Travel insurance

Standard Bank Travel insurance makes way for care-free international travel

Consumers who are considering international travel now that lockdown restrictions have eased and airlines activity increasing must ensure they are prepared for challenges they may encounter on their trips by securing the right travel insurance.

Most countries have lifted strict COVID-19 travel requirements such as having to quarantine on arrival in a foreign country, opening the way for South Africans who want to travel internationally. But the pandemic’s unexpected outbreaks in countries that seemingly had COVID-19 under control have shown it is better to be covered for changing your travel plan or flights than scrambling to find the means to cover these expenses.

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Unforeseen events such as the Monkeypox outbreak reported in many countries do occur, and after limiting their activities over the last two years, some South Africans are looking forward to touring and visiting friends and relatives in foreign countries again.

Insurance cover options

When planning trips, you can find comfort in knowing that insurance providers like Standard Bank Insurance compensate travellers for the cancellation or cutting their trip short, for the non-refundable travel bookings and unused portions of their planned trips if they fall ill or sustain injuries, lose their travel documents or face a natural disaster at their destination. Travellers receive automatic medical cover for unexpected medical expenses up to R1 million when they purchase their air tickets or journey on a registered mode of transport with their Standard Bank Mastercard, Visa or Cheque cards.

Travellers who are planning the trips they have been dreaming of during the last two years must note there are now travel insurance options available. These options are for cancelling or cutting their journey short when a government places restrictions on travel or they need to change their travel plans. “This is additional, optional cover that is becoming increasingly popular as it covers eventualities that may occur that are typically excluded from standard cancellation cover,” says Linah Mabena, Head of Operation at Standard Bank Insurance.

Travellers who want to protect themselves against COVID-related and other changes to their plans, need to buy their additional cover options within 24 hours of making the first payment against their travel booking to ensure they are compensated against the cancellation benefit.

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“The insured traveller will, for example, be able to claim against their policy when a government restricts all or any travel to and from South Africa,” says Mabena. “If a traveller falls ill prior to their insured journey and a medical practitioner deems them medically unfit to travel after buying their travel insurance policy, they will receive their cancellation benefit.”

Cover against COVID-19 related challenges

The travel industry has re-evaluated its cancellation policies during the pandemic, but this does not extend to trips that are not refundable and eventualities like testing positive for COVID-19. “The right insurance option will ensure that travellers don’t have to be concerned about getting medical care or being airlifted from remote travel destinations if they test positive for COVID-19 on a foreign holiday,” says Mabena.

COVID-related expenses that are covered under Standard Bank’s optional benefits include emergency medical and related expenses when travellers contract COVID-19 on an international journey. This includes medical evacuation, transport to medical centres, return travel to South Africa and the return travel of stranded children or travel companions. It also covers unfortunate needs like burial, cremation or the return of mortal remains.

“However, it is important to note that medical expenses do not include preventative or diagnostic treatment such as vaccines or COVID-19 tests. If a traveller tests positive for COVID-19 on their insured journey, the insurance will pay for the cost of the test and additional accommodation expenses for quarantine, if they are not hospitalised. It will also cover flight penalties if the traveller needs to change their public transport carrier ticket. These benefits extend to the spouse and children on the same insured journey, so if a traveller tests positive and needs to be quarantined, the insurance pays for them and their spouse and children to be quarantined with them.”

Mabena says Standard Bank advises South Africans who are travelling abroad to consider the financial implications of challenges they might face on their travels. “We are all aware of the rand exchange rate. Medical expenses abroad can be extremely high. It’s best to ensure a carefree journey by taking out the appropriate travel insurance prior to your journey.”

Standard Bank Travel Insurance offer a variety of travel plans that cater to a wide range of travel insurance requirements, ensuring that those with basic travel needs and discerning travellers can enjoy their long-awaited trips to the full.

All cover is subject to terms, conditions and exclusions as outlined in the policy wording. Cover only applies if it reflects on your schedule of benefits.

Image Courtesy: Supplied

Products and features may vary by region.

Travel Insurance Header image with a snow mountain and a guy walking on it.

Your bank account with travel insurance

Your premium bank account, with everyday and travel insurance for that extra peace of mind. Discover what’s included with N26 You and Metal below.

*The insurance on this page is offered exclusively to new-joining customers after 13.11.2019.

Rest assured you’re covered with travel insurance

Alongside free ATM withdrawals abroad, your choice of card color and exclusive partner discounts, benefit from a re-designed package of trip and travel health insurance, provided by Allianz Assistance.

Your travel insurance cover

Emergencies when travelling.

Travel medical insurance up to €1,000,000 for you, your partner and kids in case of emergencies, inclusive of dental and winter sports*.

Travel delay and cancellation

We know how inconvenient it can be when business trips don’t go to plan. Thankfully, if your trip is cancelled or delayed for more than 2 hours, you’ll be covered.

Baggage coverage and delay insurance

Get covered up to €500 for baggage delays over 4 hours, or up to €2,000 if your baggage goes missing.

Trip interruption

Get covered up to €10,000 for unused non-refundable trip costs, plus additional accommodation and transportation.

Mobile phone insurance

With N26 Metal, enjoy extra peace of mind and avoid the extra costs that come with replacing your phone! It doesn’t matter if you’ve paid for it with your N26 card or not—your phone insurance covers you up to €2,000 for mobile theft and damages.

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Medical travel insurance

Get emergency medical coverage for you, your partner and children while traveling, with access to 24/7 medical phone assistance. Dental insurance is included.

Personal liability while traveling

Coverage up to €500,000 for Travel Liability in case you’re legally liable for damage to a third party or their property during a trip.

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Explore your world with travel insurance

Lifestyle and travel insurance is just the beginning. To enjoy all the benefits that come with N26 You or Metal, sign up today and open a bank account in minutes. No paperwork needed.

Frequently asked questions

What is travel insurance.

If you have travel insurance, you’re protected from certain financial risks and losses that can occur while you’re traveling.

What travel insurance is included with my N26 bank account?

If you have an N26 You, Business You, or an N26 Metal or Business Metal bank account, you can claim travel insurance in case of trip cancellation or curtailment. Additionally, you’re covered for flight delays over 4 hours, and if your luggage is held up or goes missing.

With medical travel insurance in case of emergencies, you can also make a claim up to €1,000,000 for you, your partner and kids. This also includes dental emergencies.

Is phone insurance included?

If you’re an N26 Metal or Business Metal customer, you’re also covered up to €2,000 for mobile theft and damage if the event and phone are eligible.

How can I make a claim?

To make an insurance claim, open your N26 app and go to My Account. Tap on your account name under ‘Manage,’ and go to ‘Allianz insurance coverage.’ Select the type of claim you’d like to make and tap ‘Start my claim process.’ Please follow the step-by-step guide on how to submit the required documents to Allianz.

For more information, please refer to the Terms and Conditions.

*The insurance on this page is offered exclusively to new-joining customers after 13.11.2019. Subject to the policy Terms and Conditions.

Is Travel Insurance Worth It? Evaluating the Value and Benefits

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

  • Travel insurance covers risks like trip cancellations, health emergencies, and lost luggage.
  • Travel insurance costs can range from 4% to 12% of your total trip cost.
  • Travel insurance is best for trips that are long, expensive, nonrefundable, and international.

Vacations can be very expensive. If you're paying a lot for yours, you might wonder if you should purchase travel insurance, especially when some costs are nonrefundable.

The answer isn't always cut-and-dried. Travel insurance isn't necessary for everyone. Whether you need it will depend on a variety of factors. Here are some key points to consider when deciding if travel insurance suits you.

Introduction to travel insurance

When planning a trip, it's essential to think about how you'll protect yourself from the unexpected. That's where travel insurance comes in. It can cover various risks like loss of personal belongings, checked baggage, and more. With the appropriate coverage, you can nullify or mitigate the potential losses. "Plain and simple, travel insurance is a layer of protection against financial loss," says Brad Cummins, owner and principal agent for Insurance Geek , an insurance comparison platform. "Whether it be lost luggage or a lost passport, travel insurance will cover the extra costs during these unfortunate events."

Benefits of travel insurance

Protection against unforeseen cancellation.

One of the top reasons to acquire travel insurance is to cover potential losses from trip cancellations. When canceling a trip due to a covered cause, travel insurance will reimburse you for prepaid, nonrefundable expenses. 

Some covered causes for travel cancellations include:

  • Sickness, injury, or death of traveler or family member of traveler
  • Inclement weather
  • Unexpected work or layoffs
  • Terrorist incidents in a travel location

Some travel insurance covers trip cancellations regardless of the reason. However, you make certain trade-offs when you enroll in a  "Cancel for Any Reason" (CFAR) insurance policy . These policies are more expensive and may only refund a percentage of your trip's cost. You can find our guide on the best CFAR travel insurance  here.

Financial security and peace of mind

While your travel insurance covers any unforeseen issues before your trip, it continues to cover you even after your flight has taken off.

For example, you don't have to be as anxious at baggage claim when your fellow passengers have claimed their luggage and yours hasn't come out yet. Travel insurance offers lost luggage protection and can cover any necessary purchases while you wait for your late luggage to arrive, such as toiletries and a change of clothes.

Medical coverage on travel insurance  can also offer peace of mind as most US health insurers don't provide coverage when you're abroad. A comprehensive travel insurance plan will cover you in an unexpected accident or emergency so you can seek medical attention for an injury sustained while traveling without worrying about mounting medical bills.

Evaluating the cost of travel insurance

The average cost of travel insurance is 5%-6% of your total trip cost. However, the exact cost will vary based on factors such as your age, travel destination, and where you live, and can be as little as 4% of your trip cost or as high as 12% of your trip cost.

If you're wondering whether travel insurance is worth it, you're not alone. There are a few things to consider. If an emergency arises on your trip, travel insurance can reimburse part or all of your vacation expenditure. However, this will depend on factors such as your trip type and whether it's refundable.

Cost vs. potential savings

In general, travel insurance is worth it if you're concerned about losing money if your trip is called off or delayed or if you're worried about medical bills while traveling. However, conducting thorough research and understanding the costs and coverage provided is critical before purchasing a policy.

For example, older travelers or those with pre-existing medical conditions may pay more for their insurance. Similarly, those traveling to high-risk destinations or participating in high-risk activities may also face higher premiums. 

Ultimately, it's important to shop around and compare quotes from different travel insurance companies to find the best coverage and rate for your needs. You can find our picks for the best travel insurance companies here. 

Cost-benefit analysis for different trip types

Travel insurance may be a wise investment if you've already paid for your and can't change or cancel your trip without penalty. Suppose your trip is canceled or disrupted due to a covered cause. In that case, travel insurance will cover the trip's cost and any other nonrefundable expenditures up to a pre-determined amount.

If you're heading to a country where your health coverage doesn't apply, or if you don't have any health insurance at all, travel insurance might provide the protection you need. Travel insurance can also assist you in case of medical emergencies. It's vital to understand that not all travel insurance policies are created equal. Be sure to carefully study the details and understand what is and isn't covered before purchasing one.

Scenarios where travel insurance is essential

Expensive vacations and long-term travel.

It's a good idea to insure trips with a high, nonrefundable price tag because you'll never forgive yourself if your expensive, once-in-a-lifetime trip gets canceled and your money and planning go down the drain. For these vacations, you'll want to find a policy that covers 100% of expenses.

Similarly, if you have long-term travel plans, you'll want to have a policy that protects against travel interruption in case something cuts your plans short. You'll also want medical coverage during extended stay outside the country.

High-risk destinations and activities

High-risk destinations include regions facing political instability, war zones, and areas prone to natural disasters. Travelers headed to these areas should look into travel insurance in case their trip is canceled due to an unforeseen event. 

Additionally, certain areas are known for the thrilling activities they offer, like skydiving and bungee jumping. If you have extreme sports on your itinerary or believe you might build up the courage to plunge down a canyon, you may want to invest in a travel insurance policy. Keep in mind that some travel insurance policies don't cover high-risk activities, so shop carefully.

When travel insurance may not be necessary

Low-risk, short, or domestic trips.

There are also some situations in which you might not need travel insurance. If you are traveling within the US, you do not need travel insurance for health reasons since most health insurance plans will cover you even if you're not in your home state. 

Additionally, travel insurance may not be necessary if you're only traveling over the weekend or exclusively booked refundable experiences.

Making an informed decision

There are a few key considerations when buying a travel insurance policy. The cost of the policy is one factor, but it's also important to look at the coverage limits and what is included and excluded in the policy. Be sure to read the fine print carefully and compare policies between different companies. 

It's also important to consider the purpose of your travel insurance policy. If you're going on a trip where you'll be doing adventurous activities, ensure your policy covers those activities. Finally, remember that travel insurance is there to protect you in case something goes wrong on your trip, so don't hesitate to use it if you need to.

If you decide that you need travel insurance, here are a few things to keep in mind when shopping for a policy:

  • Read the fine print of any policy you are considering to understand what is and is not covered. This is especially important for those who want to add special coverage options. 
  • Compare policies from different providers to find the best coverage at the best price.
  • Purchase your policy well in advance of your trip so that you are covered in case of any unforeseen circumstances.
  • Ensure you're covered for pre-existing conditions because a number of policies will exclude pre-existing conditions if you don't pay extra for a waiver or additional coverage. 

Buying travel insurance can be a pretty quick and painless process, thanks to insurance aggregator sites like SquareMouth .

Using SquareMouth is one of the easiest ways to see multiple coverage options simultaneously. Once you've entered some personal details and information regarding your trip, you'll see a variety of insurance providers and plans from which to choose.

Assessing personal and trip risks

The first consideration you should factor into travel insurance is how much of your trip is already paid for. If you've prepaid for most or all of your travel expenses, you may want to purchase travel insurance if you have to cancel.

Another thing to consider is where you will be traveling. If you are visiting multiple countries, getting insurance that covers you in all of them might be a good idea.

Your age and overall health can also determine whether you need travel insurance. Suppose you are older or have pre-existing medical conditions, for example. In that case, it might be a good idea to purchase travel insurance if you need to cancel your trip or incur unexpected medical expenses.

Lastly, the value of your luggage can also be a factor to consider. If you plan to bring expensive items with you on your trip, it might be worth purchasing travel insurance to cover lost or stolen luggage.

Reviewing policy options and exclusions

When it comes to travel insurance, the ease of use will depend on the provider you choose. If you're working with a reputable insurer, then the process should be relatively straightforward. However, it's still important to understand what is and isn't included in your policy before you purchase it. This way, you can be sure that you're getting the coverage you need and that you won't be caught off guard by any fine print.

Travel insurance isn't necessary for everyone or every trip. But it can bring a lot of peace of mind during your travels and can certainly translate into significant savings if you're faced with a medical emergency while on your trip. It's best to do your research, compare plans, and understand your own level of risk when it comes to deciding whether or not to purchase coverage.

Travel insurance frequently asked questions

Travel insurance is highly recommended for trips that are long and expensive. For example, you should buy travel insurance for any international trips, cruises, adventure travels, and trips with significant pre-paid expenses.

To say that travel insurance will save you money in the long run isn't entirely accurate. Travel insurance will save you money when things go wrong, but it won't save you any money if your trip goes smoothly.

Short domestic trips don't necessitate travel insurance. Most health insurance policies cover you from state to state, so unless you're worried about unexpected cancellations, travel insurance isn't a must-have.

Travel insurance policies commonly exclude coverage for pre-existing medical conditions, extreme sports injuries, and travel to high-risk countries.

Cost-benefit considerations should include the total cost of your trip, the refundability of your expenses, your destination's healthcare costs, and your personal health and travel risks.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

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AP Buyline

What is travel insurance and what does it cover?

What Is Travel Insurance?

Fast Cover , a popular Australian travel insurance provider, has committed itself to meeting this resurgence in customer demand. With its award-winning services and customer-focused products, Fast Cover is committed to revolutionizing the way Australians think about and purchase travel insurance.

Established with the intent to simplify the often-complex travel insurance process, Fast Cover has developed a range of policies that can cater to the needs of a wide range of traveler types, from the adventure-seekers to those looking for a relaxed family holiday. Recognizing the evolving nature of travel, especially in the wake of the COVID-19 pandemic, Fast Cover has introduced flexible policy options that offer coverage for certain expenses that may incur when COVID-19 impacts travel.

Fast Cover's intuitive online interface allows customers to obtain quotes and eligible travelers from Australia to purchase insurance in just a few steps - a streamlined process that acknowledges the modern traveler’s desire for efficiency and speed. Their approach to online travel insurance as a coverholder at Lloyd’s is a testament to the company’s commitment to innovation and customer service excellence.

As the travel industry navigates post-pandemic recovery, Fast Cover's agility and adaptability position it well to address the changing insurance needs. Their insurance products which can be customised by the customer depending on the customers individual travel needs, demonstrate an understanding that the landscape of travel has changed, with more Australians seeking domestic travel options.

By offering competitive domestic travel insurance, Fast Cover meets this demand head-on, providing a variety of Benefits with possible coverage for car rental excess, luggage, personal effects, and trip cancellation fees and more.

With the industry on the cusp of a major comeback, Fast Cover's approach to travel insurance signifies a broader shift in the sector towards greater flexibility and customer-centricity. As travel habits continue to evolve, Fast Cover is not just keeping pace but focused on setting the trend for what travel insurance should look like in the 21st century.

For Australians at home or abroad, taking to the skies or cruising the seas, Fast Cover's message is clear: “Our 24/7 Emergency Assistance team is ready and waiting to help our policy holders when they need us most.”

If getting a quote, customers should consider their Product Disclosure Statement and Target Market Determination on their website as any advice provided is general advice only and may not be suitable for the customer.

For more information on Fast Cover’s travel insurance policies which are underwritten by Lloyd’s and to obtain a quote, visit their website  https://fastcover.com.au .

About the company: Fast Cover Pty Ltd ABN 98 143 196 098, AFS Licence 538708 (Fast Cover). Insurance policies are arranged, administered and varied in accordance with the binder issued to Fast Cover by the underwriters and are underwritten by certain underwriters at Lloyd's. Any advice provided is general only and insurance coverage is subject to underwriting eligibility criteria, policy terms, conditions, limits, sub limits and exclusions. Fast Cover's compensation is included in the total amount you pay. Fast Cover receives a portion of the insurer's premium for promoting Fast Cover Travel Insurance policies. Consider the Combined Financial Services Guide and Product Disclosure Statement (PDS) and Target Market Determination (TMD) which are available at fastcover.com.au before deciding whether this product is right for you.

Contact Info: Name: Craig Morison Email: Send Email Organization: fastcover Address: PO Box R1384, Royal Exchange, NSW 1225, Australia Phone: 1300 409 322 Website: https://fastcover.com.au/

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Comerica, other bank stocks take hit in wake of Silicon Valley Bank failure

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The Federal Reserve, the U.S. Treasury and the FDIC joined forces Sunday evening to engineer a swift "Top Gun" move to shoot down any threat to the economy and U.S. banking system.

Friday's dramatic collapse of tech lender Silicon Valley Bank — the nation's 16th largest bank but hardly a household name in the heartland — put Washington on high alert. Suddenly, regulators, including the Federal Deposit Insurance Corp., faced the largest bank failure since the 2008 financial meltdown.

Policymakers needed to act quickly to "forestall a loss of confidence in the banking system and stem any bank runs," said Mark Zandi, chief economist for Moody's.

Zandi called the troubles that led to the sudden failure at Silicon Valley Bank "largely idiosyncratic to the bank." Yet the bank's failure, he said, "threatened to set off a classic run on the entire banking system as depositors lost faith in the system."

On Monday morning, Zandi said he did not think that Silicon Valley Bank's failure will cause difficulty for American households overall, thanks to the aggressive policy response Sunday.

More: Silicon Valley Bank assets seized by FDIC in largest bank failure since 2008

More: Online savings accounts, CDs are tempting while interest rates are high

More: Don't panic: The 'too big to fail' banks – yes, likely your bank – have ample liquidity

The emergency measures taken reassured much of Wall Street on Monday but no doubt raised questions about what's next as experts digest what went wrong in California.

You don't know what you don't know when Wall Street hits a pothole like this one, especially one involving banking. The monumental savings and loan crisis evolved rather slowly over time in the 1980s but ultimately was dubbed one of the contributing factors in triggering the 1990-91 recession.

Many say the Federal Reserve, which meets next week, could put further rate hikes on hold for a bit in light of this latest uncertainty.

The stock market did not collapse in early trading Monday, though bank stocks felt serious pain. Auto stocks got hit a bit harder than the rest of the market, too.

Comerica had fallen by 40.55% in trading at one point Monday morning but it regained some ground.

Comerica closed at $42.54 a share, down 27.67% or $16.27 a share.

Huntington Bancshares saw its stock fall 16.83% Monday to close at $11.12 a share, down $2.25 a share.

Ally Financial fell 10.73% on Monday and closed at $23.05 a share, down $2.77 a share.

Auto stocks did far better than regional banks but still fell slightly early Monday on economic fears.

Ford closed at $12.03 a share Monday, down 7 cents a share or 0.58%.

General Motors closed at $35.76 a share, down 76 cents or down 2.08%.

Stellantis closed at $17.35 a share, down 25 cents or down 1.42%.

The Dow Jones Industrial Average closed down slightly Monday after trading in positive territory for much of the day. The Dow closed at 31,819.14 points, down 0.28% or 90.50 points.

David Whiston, a senior autos equity analyst for Morningstar Inc., said he did not see any impact to the auto industry's efforts to build and sell more electric vehicles as a result of the troubled banking situation. He noted that general fears of uncertainty could be driving Monday morning's decline for auto stocks.

Bank stocks will feel pressure as investors try to figure out how deep the problems might be for some other lenders, as the economy deals with inflation and the uncertainty triggered by the collapse at Silicon Valley Bank, which is based in Santa Clara, California.

David Sowerby, managing director and portfolio manager for Ancora Advisors in Bloomfield Hills, said a few factors seem to causing significant drops Monday in Comerica's stock price, including concerns about the bank's exposure to Northern California's tech economy. The Federal Reserve said it is creating a new program to safeguard banks affected by the market instability of the Silicon Valley Bank failure.

Regulators took emergency moves to protect all deposits at Silicon Valley Bank, enabling depositors to access their money Monday. Shareholders and certain unsecured debtholders will not be protected.

Regulators also said additional funding will be made available to eligible depository institutions to help assure banks are able to meet the needs of all their depositors. 

One trouble spot for Silicon Valley Bank was what experts call an "asset-liability mismatch." Loans are an asset for banks and Silicon Valley Bank had made a heavy bet on longer-term mortgage securities with more than 10 years to maturity. As interest rates rose, those securities lost value. The building buzz about the bank's troubles ulitimately led to customers trying to withdraw $42 billion last Thursday, causing a run on the bank.

"The precipitous deposit withdrawal has caused the bank to be incapable of paying its obligations as they come due, and the bank is now insolvent," according to a California regulatory filing Friday. Regulators shut the bank Friday.

Some called it "a hysteria-induced bank run" in the venture capital community, according to a CNBC report.

Now, as is often the case in these things, everyone wonders: Who is next?

Sowerby noted that the ongoing concern is how other banks have deployed their asset liability management as interest rates have risen. What's the impact of higher rates on the market value of assets, such as mortgages and U.S. Treasuries?

And Sowerby said there's another important question: How "sticky" are deposits? Does a bank have savers who have money in 12-month to 36-month certificates of deposit that cannot easily leave the bank without penalty? Or, Sowerby asked, are they dealing with a large amount of more liquid deposits, which are rate sensitive and can leave the bank quickly?

Regional banks, such as KeyCorp, Comerica, Fifth Third and Huntington, saw stocks tumble into double-digit losses in trading Monday over growing concerns about the health of such players next to giant banks, such as JPMorgan Chase, which was down only 1.62% Monday afternoon in trading.

Daniil Manaenkov, U.S. forecasting specialist for the U-M Research Seminar in Quantitative Economics, said that some numbers peg potential banking debt portfolio losses from sharply higher rates at around $620 billion , based on FDIC data.

While that can sound large, he said, the extent of the problems could be much smaller. The full number is only relevant, he said, if there’s an unabated bank run that prompts banks to suddenly sell at a loss securities that would have been held to maturity.

He blamed much of the problem on economic policy during the COVID-19 pandemic.

“Too much money injected into the economy simultaneously increased deposits, drove short-term rates to zero, and reduced demand for loans. So, banks just did a ton more of the 'maturity transformation'  — borrowing short, investing long,” Manaenkov said.

Silicon Valley Bank’s portfolio was a lot more exposed to the tech sector, he said, which has been hurting for about a year.

Manaenkov said tech has been one of the few sectors to come under stress in this economy. But he said other areas, perhaps warehousing or commercial real estate loans, could face issues if regulators do not succeed in calming the markets.

What does FDIC insurance cover typically?

Individual savers, of course, have more reason to start paying careful attention to how much money they keep in one particular bank. The standard deposit insurance is $250,000 per individual per bank for each account ownership category, according to the FDIC.

If a person has a certificate of deposit at Bank of Cash, for example, and has a certificate of deposit at Big Dollars Bank, the amounts are insured separately up to $250,000. But money deposited in separate branches of the same insured bank are not separately insured.

Ownership categories matter if you're dealing with one bank. A customer who has multiple accounts at the same bank, the FDIC notes, may qualify for more than $250,000 in insurance coverage if specific rules are met. The FDIC lists detailed scenarios at its web site.

It took highly unusual emergency action in the Silicon Valley Bank situation to eventually offer protection for all depositors there.

Expect more rumblings on Wall Street

Everyday investors can expect more volatility in the stock market in the coming days, as we get more data on other economic concerns, such as inflation, too.

"Like an exhausted boxer in the late rounds, investors have been staggered by a flurry of destabilizing blows to confidence," wrote Sam Stovall, chief investment strategist for U.S. equities at CFRA Research in New York, in his report Monday morning.

Investors saw a stock selloff in February, fears in March that the Fed might raise rates even higher as inflation remains stubborn and now the shock of trouble for some regional banks. State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history.

Stovall said the latest anxiety puts more pressure on small cap stocks, as investors question whether banks will be willing to lend to smaller, riskier companies.

Any reverberations of a recession in tech or California will likely be felt across the U.S., including Michigan, he said, but possibly in a more muted manner.

"If there is a recession, it will likely be dated as starting in the second quarter of 2023," Stovall said. He noted that economists at his firm are not projecting a recession, but the second quarter is projected to be the weakest quarter of the year.The Fed policy committee will meet March 21 and March 22 to determine the next rate hike to fight inflation. Earlier, some speculated that the Fed could raise rates by a quarter point next week. But last week, Fed Chairman Jerome Powell's remarks on Capitol Hill indicated that the Fed could move higher than anticipated and many experts started to say that a half-point rate hike could be ahead in March.

Now there's more doubt about what move the Fed will make next.

Cox Automotive Chief Economist Jonathan Smoke said new banking concerns may contain the ability of the Fed to get more aggressive with rate hikes this spring.

The Fed looks far less likely now to raise rates by 50 basis-points next week, Smoke said, and it's possible the Fed does not raise rates at all in March.

He noted that Treasury yields and interest rates have fallen in trading since last Thursday in response to the Silicon Valley Bank failure.

Zandi said the latest banking upheaval could cause the Fed to pause its interest rate hikes, which will "take some pressure off financial markets and the economy, at least in the near term."

Contact Susan Tompor:  [email protected] . Follow her on Twitter  @ tompor . To subscribe, please go to  freep.com/specialoffer.

Trump posts $91M bond while appealing E. Jean Carroll defamation judgment

NEW YORK —Donald Trump on Friday secured a bond for more than $91 million to cover the defamation judgment he owes writer E. Jean Carroll, clearing the way for him to appeal that verdict even as he tries to secure a much larger bond for a separate business fraud judgment due this month.

A document was posted in federal court memorializing Trump’s agreement with Chubb, the insurance giant that underwrote the bond to cover the $83.3 million in damages that a jury awarded to Carroll in January for defaming her in 2019, when he was president, after she accused him of long-ago sexual assault. Trump also filed a notice saying he will appeal the judgment against him.

Trump, who is seeking a second term in the White House and is the likely Republican nominee to challenge President Biden , had faced a Monday deadline to post the bond. He separately is expected to come up with more than $450 million later to cover the judgment in the fraud lawsuit against him and his namesake company, a staggering amount that Trump’s lawyers have said could force him to sell some properties.

Trump is appealing the larger judgment, as well, and is seeking to delay the deadline for paying it . An appeals panel is expected to review his request for a delay and issue a decision on March 18.

In the lawsuit brought by Carroll, the bond Trump posted still has to be approved by the judge overseeing the case, U.S. District Court Judge Lewis A. Kaplan. Once it’s signed by the judge, the bond will prohibit Carroll’s attorneys from collecting from Trump while the appeal process plays out. It was not clear from court records what collateral Trump presented to obtain the bond from Chubb.

On Friday, shortly after the documents were filed, Kaplan gave Carroll’s attorneys until Monday at 11 a.m. to oppose the bond or aspects of it if they chose to. The judge said he would hear arguments later that day if necessary.

The bond amount proposed by Trump is higher than the judgment because courts tend to require an additional amount be set aside.

The separate $450 million judgment against Trump came in a civil business fraud lawsuit brought against him by New York Attorney General Letitia James.

In that case, New York Supreme Court Justice Arthur Engoron found that Trump, his company, and several current and former executives purposely deceived banks and insurance companies, committing illegal acts to increase profits and savings.

A New York appeals court judge last week denied Trump’s request to stay enforcement of the judgment, requiring Trump to post a bond or risk having his assets seized. That judge also denied a request by Trump’s lawyers to reduce the amount he’d need to post to $100 million. A bond for that amount had been secured by Trump heading into those arguments.

The fraud judgment has created difficulties for Trump’s team in its efforts to secure a bond that large, leading them to explore whether a deal could be made with multiple companies that would essentially split the risk between bond issuers, a person with knowledge of the discussion previously told The Washington Post. That person spoke on the condition of anonymity to share details of a sensitive process.

A full panel will evaluate Trump’s requests, but not before the expiration of a one-month grace period that James’s office agreed to, allowing the defense time to line up financing of a bond. The attorney general could have immediately taken steps to enforce the massive judgment by moving to take possession of Trump’s assets.

Trump also faces four indictments — 91 criminal counts — for his role in the Jan. 6 , 2021, attempt by a mob of his supporters to block the peaceful transfer of power by taking over the U.S. Capitol; for allegedly storing classified government records at his Mar-a-Lago home after being asked to return them; for alleged efforts to reverse his 2020 election loss in Georgia; and for allegedly falsifying records to cover up the nature of a payment to adult-film actress Stormy Daniels before the presidential election in 2016.

He is scheduled to stand trial in the case involving the payment to Daniels in New York state court beginning this month, a proceeding that is expected to last into May.

Carroll has sued Trump twice in connection with what she says was a forced sexual encounter in the mid-1990s and disparaging comments he made about her. Trump adamantly denies any encounter.

Trump has already posted more than $5 million in cash with the court from a separate lawsuit Carroll brought for sexual assault and defamation.

The bond document establishes a deal Trump made with Federal Insurance Company, a direct subsidiary of the international insurance behemoth Chubb, with global headquarters in Switzerland. The company, one of the largest insurance firms in the world and worth about $100 billion, offers a wide variety of insurance and bonds.

The company’s filings do not break down in detail its business that backs court appeals, but the larger unit — called a “surety” business — consists of several entities and is a longtime provider of bonds in the United States, according to bonding experts.

“Our surety division provides appeal bonds in the normal course of business. These bonds are an ordinary and important part of the American justice system, protecting the rights of both defendants and plaintiffs,” Chubb said in a statement.

Trump has a history with Chubb, which has provided him insurance policies in the past — dealings that came under scrutiny in the civil case brought by James.

James alleged that in 2010, Chubb sent an insurance appraiser to determine the worth of Trump’s triplex penthouse apartment at Trump Tower, but that Trump rushed the expert out of the premises within 15 minutes before the assessor could take any measurements.

The Chubb appraiser was also not allowed to see the primary bedroom because he was told that Melania Trump was sleeping. Trump later falsely tripled the size of the 11,000-square-foot apartment, using that false measure to drastically inflate his worth by overvaluing that property and others.

Chubb chief executive Evan Greenberg condemned efforts to keep Trump in power after the Jan. 6 insurrection. The insurance executive said in a statement the day afterward that false election claims threatened democracy, citing “the violence and display of demagoguery we witnessed in our nation’s capital yesterday.”

“We should all hope for a new era of respect and decency as we meet the many common challenges facing our nation,” Greenberg said.

O’Connell reported from Washington. Mark Berman in Washington contributed to this report.

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