You don’t plan for anything bad to happen while you travel. Unfortunately, we can’t control the universe, and unexpected things might put a damper on your perfect vacation. It could be anything from flight delays, sudden illnesses, lost luggage — the list goes on.
That’s why experts always recommend purchasing travel insurance. To some people, this might seem like a money-grab that will only add to the cost of your trip. But there are plenty of realistic situations where this insurance can become a real lifesaver.
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If you’re wondering whether it’s worth buying travel insurance for your next trip, here’s what you need to consider.
What Does Travel Insurance Cover?
Travel insurance is a safety net for when you’re away from home and exploring new places. In case there’s an accident or unforeseen loss while traveling, the insurance company will cover the necessary costs. There are different types of travel insurance that cover certain situations.
The most important reason why people are encouraged to purchase travel insurance is for medical coverage. While you don’t plan on getting into any accidents or experiencing a health emergency on a trip, there’s always a chance it could happen. Travel insurance can front the cost of required medical services and provide additional guidance while you’re away from home.
You can also purchase trip cancellation or interruption coverage that will reimburse you for non-refundable expenses. These delays can include a sudden illness or death in the immediate family, flight cancellations, extreme weather conditions or business conflicts that interfere with your travel plans.
Another problem travelers will sometimes run into is lost or stolen luggage. With travel insurance, you might be able to claim money for those missing belongings. Some airlines will reimburse customers for missing items, but only to a certain extent. Insurance can act as another layer of protection.
How Much Does Travel Insurance Cost?
Prices for travel insurance can vary. It depends on a number of factors such as the age of travelers, how long you will be traveling and what the overall cost of the trip is.
CNBC says travelers can expect to pay anywhere from four to 10 percent of the trip’s total cost.
You can purchase insurance for three different travel plans: a single trip, a multi-trip for coverage on any traveling you do in a year, and top-up insurance.
Most insurance companies will not allow you to buy insurance for the first time if you’re already traveling. The only case where you can usually buy insurance on the road is if you’re topping it up. This means you’re a customer that has already bought coverage for part of the trip, but not the entire duration.
It’s reasonable that you might not want to dish out more money for something you might not even need after paying for your travel expenses. Luckily, there are cheap ways to buy insurance you won’t regret paying for and that will be helpful if you needed to make a claim.
How To Find Cheap Travel Insurance
There are a lot of travel insurance options that can help meet your personal needs. When starting your search for a deal, talk to an insurance company you’re already in business with for your home or vehicle. They might be able to offer you a good price because you’re an existing customer.
You should also see if any of your credit cards offer exclusive deals for cardholders. For example, American Express provides basic local and international travel insurance for members if you book travel with one of the company’s cards. Take advantage of these kinds of rewards to enjoy the security of travel insurance, without having to pay extra money. Just make sure to read the details to fully understand what is being covered, in case you want to buy some additional coverage.
One of the best ways to ensure you get the cheapest rate is by using an online comparison website. Squaremouth, InsureMyTrip and Good Neighbour Insurance are some websites that will show you prices from many insurers. All you have to do is fill out some details about your trip and then decide which one is best for you.
Most websites allow you to purchase insurance directly online, so it’s not a difficult or time consuming task. If you were to run into issues on your trip, you’ll be thanking yourself later for taking the time to find insurance beforehand.
Travel Insurance Can Be Worth It
Ultimately, it’s up to you in deciding whether or not travel insurance is worth the extra money. You likely won’t need to ever use it and can choose to save the money instead. But if something were to happen, you could end up paying a lot more than what the initial insurance would have cost.
Buying travel insurance can give you some peace of mind. If something were to happen to you or a family member, having help from an insurance company can make things less stressful and solve a potential financial burden. It’s advised that you purchase insurance for domestic and international travel.
Compare different companies and see which ones offer bundles that work best for you and your trip. It could end up being a harmless add-on that costs a few extra dollars, or a major sigh of relief if something does happen and you’re not required to pay a ton of money before your flight home.