Let's Talk Travel Insurance: A Q&A with Luxury Travel Advisor Mallory Bankson

Photo Credit: @bluxetravel

In the midst of a pandemic and so much uncertainty, how do you continue to plan travel while protecting your future investment? Travel insurance! But with so many travel insurance options, how do you choose the right one for you and your trip? The key is having a travel advisor to guide you through the process at no additional cost beyond the cost of the travel insurance.

After a guest signs up for a Fit & Fly retreat, we offer to make an introduction to Mallory Bankson, Luxury Travel Advisor and Co-Owner of B. Luxe Travel, an affiliate of Valerie Wilson Travel.  Mallory is a recognized expert in the luxury travel industry who makes personalized customer service her top priority and has extensive destination knowledge and longstanding industry relationships.  Her expertise spans from honeymoons, wellness, and family travel, to small groups and meetings.  Mallory has been included in both Travel Agent Magazine’s “30 Under 30,” and Travel + Leisure’s “Rising Stars” list.

Fit & Fly has worked with Mallory for over two years, and she has become our go-to travel advisor for our retreat guests who wish to obtain travel insurance.  We recently interviewed Mallory to get her take on the different types of travel insurance, what type of travel insurance she recommends for her clients, and how to maneuver travel insurance during COVID (she provides an excellent tip below for what to say to the travel insurance company when making a claim!).

Fit & Fly:  What are the different types of insurance available for someone who is planning a trip? 

Mallory:  Travelers may choose from a wide variety of plans such as trip cancellation, emergency medical coverage, or comprehensive plans that include both trip cancellation and emergency medical coverage (recommended and most popular).  Plans range from more basic limited coverage, to increased more robust coverage.  Plan offerings vary by the traveler’s state of residence, total trip cost, and premiums are typically calculated based on the traveler’s age and trip cost.  A traveler should review their specific needs with their Travel Advisor so that appropriate plans can be recommended.

Fit & Fly:  For people who are concerned about needing to cancel travel due to COVID-19, does regular travel insurance cover those types of cancellations?

Mallory:  No.  Governmental travel warnings, restrictions or bans are not eligible reasons for trip cancellation or trip interruption coverage due to the plan exclusion for any loss resulting in whole or in part from any government regulation or prohibition.

If an insured or traveling companion contracts COVID-19 or is physically quarantined while coverage is in effect, they are eligible for trip cancellation/trip interruption coverage. The sickness must be certified by a physician at the time of cancellation/interruption.  An insured is also eligible for emergency medical/evacuation coverage if the insured contracts COVID-19 while traveling.

It is important to note that fear of travel, travel advisories and destination being inaccessible due to this illness are not covered risks under trip insurance plans. However, insureds are still eligible for trip cancellation/interruption coverage in the event they are prevented from taking their trip due to one of the other reasons listed in their policy.

Fit & Fly:  What about "Cancel for Any Reason" insurance?  Does that cover canceling for concerns over COVID-19?  Does it literally mean canceling for "any" reason?

Mallory:  Yes, Cancel for Any Reason (CFAR) generally covers canceling for any reason, and because it is any reason we are advising our clients to use any other reason - NOT COVID - when filing a CFAR claim to avoid issues with their claim.  CFAR must be purchased at the time a policy is purchased and within 1 – 21 days of making the initial trip deposit, depending on the specific vendor requirements and plan being purchased.  Many insurance companies have stopped offering CFAR polices due to COVID.  Two of our partners, Travel Guard and Allianz are still offering modified CFAR policies with restrictions, which vary depending on the traveler’s state of residence. 

Fit & Fly:  How much of a premium is typically attached to CFAR travel insurance compared to regular travel insurance?

Mallory:  CFAR is generally about 40% more expensive than standard premiums and offers anywhere from a maximum of 50-80% of the total trip cost back depending on the plan purchased and the traveler’s state of residence.  There is usually a maximum trip cost per policy to be eligible for CFAR insurance.  Again, it is important to note that due to COVID insurance policies are changing on a regular basis and offerings will vary depending on the traveler’s state of residence. 

Fit & Fly:  What do you typically advise your guests to obtain in terms of insurance?  In other words, do you typically recommend they purchase CFAR?  Or does it depend on their circumstances?

Mallory:  Travel Insurance recommendations vary based on the specific circumstances of the traveler.  Generally speaking we always recommend a plan that offers both comprehensive trip cancellation and emergency medical & evacuation coverage.  

Fit & Fly:  Is there anything else you would add about travel insurance or precautions travelers can take if they want to book travel but are concerned about having to cancel due to COVID-19?

Mallory:  We strongly recommend avoiding non-refundable room rates at hotels, and if you are making nonrefundable payments, trip cancellation insurance is always recommended.  We recommend the Travel Select plan offered by our partner Travelex, as this plan offers comprehensive trip cancellation insurance as well as emergency medical coverage and medical evacuation while traveling.  The Cancel for Business Reasons is a key component of this policy, as we find most of our clients or members of their immediate family are professionals and this policy allows the insured to be self-employed, which many other competitors do not. 

You can follow B. Luxe Travel on Instagram at @bluxetravel, and you can learn more about B. Luxe Travel at www.bluxetravel.com.