What is group travel insurance?

It’s always advisable to cover yourself with a travel insurance policy whenever you take a vacation. Whether you’re gone just a couple of days or on an extended stay, it’s worth the expense to make sure you don’t wind up the protagonist in a horror story rife with medical bills.

There are a few different ways you can get coverage. You can go online and purchase a policy, you can see if your credit card offers protection (but you’ll have to use that card to book the trip) or your employer may provide travel insurance through your work benefits, also known as “group insurance.” Organizations such as schools or unions can also coordinate their membership to offer them a group insurance rate.

Group Travel Insurance is Similar to Regular Travel Insurance

Group travel insurance offers the same protections as policies you find on your own. The policyholder is able to specify the type(s) of coverage desired, and can customize the policy to meet their needs. For the most part.

Group travel insurance sometimes come with restrictions on the amount of coverage you can get, and you may be disqualified if you have a pre-existing medical condition. It comes down to the insurers that your group is associated with.

The Benefit of Group Travel Insurance

The main benefit of group insurance, be it for your car, home or vacation, is that there is a discount. Insurers are willing to offer you a better price because if every member of a group takes out a policy, the offer is very lucrative. It’s like when grocery stores incentivize you to buy in bulk; it’s cheaper on a per item basis, but the seller also earns more.

There isn’t a set discount for group travel insurance. Some insurance providers offer better group discounts than others, and it can even vary from group to group.

Where You Get Group Travel Insurance From

Check if you’re covered through your employer’s group travel insurance first. If not, then see if your school’s alumni are eligible for a group rate. You can usually find this out by visiting your school’s alumni website. After that, think about any memberships you have that might qualify you.

If you are eligible for group travel insurance, make sure that there are not limitations that will leave you vulnerable. The benefit of a group policy is that it will likely be cheaper than an individual policy, but that should be of secondary importance. The first priority is to make sure you have enough protection.