What does “self insure” mean?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

I think you're mistaken. Go to squaremouth or insuremytrip and run some numbers. We've never paid more than $150 for any international trip.

I was trying to do the math on how much this poster must have spent on vacations….

OP here...we are spending about 15K on this vacation and prices ranges for insurance seems to be 500 to 1K, We are going low end. Something is better than nothing. We are not going to Yemen. Our Health Insurance will cover our destination.

Are you going outside of the United States? United healthcare told us they will not cover outside of the United States.

We have fed BCBS. They do cover our of the country.

Just insure for primary medical and evacuation for international trips. It's very inexpensive. We self insure for everything else.

I also don't insure for the full cost of the tip--for example, upcoming trip to Switzerland. Whole trip will probably be around 16-18k. I insured for 10k--covers delays, luggage, and some medical. Airline tickets can be cancelled for a credit with some fees but not terrible.

$200,000 in trip insurance would buy about $4 million of coverage

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

Agree! We never buy it. We self insure. The insurance companies take in all of the premiums everyone paid in and use a portion of that to settle a case if needed.

We save our hundreds of thousands and if we ever need it, we will feel fine paying/losing $10k or so for a trip. But we’ve been lucky so far.

We use this mentality for pretty much everything, except health insurance and car liability insurance.I rarely get extended warranties either.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

I think you're mistaken. Go to squaremouth or insuremytrip and run some numbers. We've never paid more than $150 for any international trip.

We just got quoted 2k for a trip to Italy.

Ok. That’s for “Cancel for any reason” insurance. We don’t buy this. Our flights could all be canceled and we’d get airline credit (which is fine for us). I get hotel rooms that can be canceled. So I only buy primary medical and evacuation insurance for international trips. And, obviously, much less expensive.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am curious about this for needing to cancel for health related reasons or get home early

Check with insuremytrip . com or another for estimates but that scenario requires "cancel for any reason" which is pricey and not necessary for most trips.

We always buy primary health and evacuation insurance for international trips. For a family of 5, 10 day ski trip to the Alps cost about $200 over winter break.

In France, don't you need proof of insurance to buy a ski lift ticket?

You pay 2 euros per lift ticket for insurance. (Still comes to less than $80 per day).

When low budget trip, if you want to keep things low cost, don’t try and cover costs for hotels or travel. Just get the emergency evacuation and health. It seems no matter what, primary or secondary coverage, you need to document expenses to be reimbursed. Some health insurance will pay you back amounts they consider reasonable, but you front the money. Same even with some primary trip coverage.

Anonymous wrote:

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

Yeah. I never bought it.

And then got sick with something that kills like 50% of people who get it. In the middle of nowhere in Africa.

You want trip insurance.

That’s not Trip insurance that’s health insurance. I found intl health insurance that also includes evacuating us from any country for only about $150 for our trip. The trip insurance to give us money back for the majority of our trip no questions asked was in the thousands range. Our trip is about 30,000 for 2 weeks in Europe.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

I think you're mistaken. Go to squaremouth or insuremytrip and run some numbers. We've never paid more than $150 for any international trip.

I was trying to do the math on how much this poster must have spent on vacations….

OP here...we are spending about 15K on this vacation and prices ranges for insurance seems to be 500 to 1K, We are going low end. Something is better than nothing. We are not going to Yemen. Our Health Insurance will cover our destination.

Are you going outside of the United States? United healthcare told us they will not cover outside of the United States.

Anonymous wrote:

Anonymous wrote:I am curious about this for needing to cancel for health related reasons or get home early

Check with insuremytrip . com or another for estimates but that scenario requires "cancel for any reason" which is pricey and not necessary for most trips.

We always buy primary health and evacuation insurance for international trips. For a family of 5, 10 day ski trip to the Alps cost about $200 over winter break.

In France, don't you need proof of insurance to buy a ski lift ticket?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

I think you're mistaken. Go to squaremouth or insuremytrip and run some numbers. We've never paid more than $150 for any international trip.

I was trying to do the math on how much this poster must have spent on vacations….

OP here...we are spending about 15K on this vacation and prices ranges for insurance seems to be 500 to 1K, We are going low end. Something is better than nothing. We are not going to Yemen. Our Health Insurance will cover our destination.

Anonymous wrote:

Anonymous wrote:If we had bought if for every trip we would have spent hundreds of thousands.

I think you're mistaken. Go to squaremouth or insuremytrip and run some numbers. We've never paid more than $150 for any international trip.

We just got quoted 2k for a trip to Italy.

Check if your credit card already provides it. Chase sapphire does.