Is Travel Insurance Worth it? Benefits Of Trip Protection

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Is Travel Insurance Worth it? Determining The Costs And Benefits Of Trip Protection

If you find yourself asking ‘is travel insurance worth it?’, Then you are not alone. Many people remain confused when it comes to the service and whether it is necessary for travel. Like anything in life, determining whether or not you need travel insurance depends upon you and your trip’s specific circumstances.

For some people, life insurance can be a lifesaver in terms of saving you money in case of an emergency. However, for others, it might be an unnecessary additional cost. So which is the right decision for you? It all comes down to the trip you planned and your specific health concerns while traveling.

Generally, there are three instances when we believe you should get travel insurance. We will expand on them later in the article, but for now, we will only list them. We feel travel insurance may be necessary if you invest a lot into your trip, travel out of your medical insurance networks, or visit a country with poor healthcare.

Now that we know some of the primary reasons why someone might want travel insurance to let us look at the different kinds offered before exploring the question a little more deeply.

What Are The Different Types Of Travel Insurance?

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There are generally two types of travel insurance that people get when they leave the country. The first type is the primary cancellation travel insurance. This type of plan revolves around the flight itself, not your actual trip. Still, it can be incredibly valuable if the unexpected occurs, like delays or the sudden flu.

For example, with an essential cancellation travel insurance plan, most airlines will reimburse you if your luggage becomes lost during transit. They also compensate you if you miss a connection after your first or second flight. Or if you are cannot travel that day because you are too tired or sick, they issue a refund.

The second type of travel insurance is known as comprehensive travel insurance. Unlike primary cancellation travel insurance, this type covers what might happen on the trip itself — explicitly relating to potential dental and medical emergencies.

If you become hospitalized in a country outside your health insurance network, then the medical cost can add up quickly. As such, travel insurance acts as an auxiliary health insurance company. Or, if you travel in a country without proper healthcare available, the company will cover evacuations to an appropriate facility.

This type of health insurance can even help cover the costs in the event of accidental death. While no one like imagining getting hurt in another country, you should consider it if they are out of your network — especially if you plan on participating in sporting or physical activities.

However, pay attention when you look at the small details associated with every plan. Comprehensive plans usually allow for quite a bit of wiggle room when it comes to traveling. For example, plans come with cancel for any reason option.

This type of plan can work great if you plan on traveling in a country that experience frequent political unrest. In the event of an emergency, you can cancel at any time. However, if you do not want to pay the full cost of a comprehensive, then you will also need to accept stricter guidelines.

For example, on more basic plans if you cancel your flight for the reason of an illness, then you will need to provide a doctor’s note as proof that you are not well enough to travel. As you can see, these less expensive plans can also be less desirable. As such, make sure you read the fine print before committing.

Situations Where We Recommend You Get Travel Insurance

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In this section, we will expand on some of the specific instances when you should get travel insurance. The first situation we think you should consider travel insurance is in the case of international flights. Unlike domestic flights, international flights can cost thousands of dollars per person.

As such, if you buy a bunch of tickets for your family and something, then you could suffer a significant financial loss. In these instances, travel insurance could potentially save you a fortune if something unexpected happens.

Another reason you should get travel insurance is for medical insurance reasons. If you suffer from a preexisting condition, like heart or brain complications, then we heavily recommend this option. Or if you plan on partaking in potentially dangerous activities, like hiking or water skiing.

In events like this comprehensive travel insurance can help you avoid paying out of pocket expenses in far away countries. However, before you commit to this plan check your health insurance policy first. Many plans cover reasonable hospitalization costs in major cities like Dublin, Paris or Berlin.

We also recommend getting travel insurance if you take your vacation on a cruise. Cruises hit all the checkmarks that demand comprehensive travel insurance: a sizeable initial ticket investment and a high potential for injuries — especially if you partake in activities like scuba diving.

Since the hurricane season can profoundly affect the voyage of a cruise ship, it makes the need for new insurance that much more critical. If you wait too long, then once the hurricane becomes predicted you would not be able to purchase health insurance.

If you travel to a country with an underdeveloped healthcare system or go on a cruise, then you will probably also want to invest in travel insurance. If the state lacks adequate hospitals, then you will need to be medically evacuated in case of an emergency.

These types of emergency evacuations can cost a ton of money, which you will likely need if you suffer an injury on a cruise. Sometimes these types of removals can cost around fifty thousand dollars — not counting the hospital costs.

If you go on a cruise and want travel insurance, then do not be afraid of going through the cruise company. Many of them offer insurance policies that are virtually identical to traditional ones.

So is travel insurance worth it? In these cases, we think your answer should be yes.

Situations Where We Recommend You Do Not Get Travel Insurance

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Most of the time if you travel within the country in which you reside, then you probably do not need travel insurance. Domestic flights usually do not cost enough to justify the cost of insurance. In terms of health insurance, most policies will cover emergencies if they occur in other states.

However, make sure you check your specific health policy before you commit to anything. Also, check your credit card while you are at it. Many cards that specialize in travel reward programs also offer reimbursements on canceled flights. If your card does not provide this option, then look at ones that do.

Also, remember that many times the airlines will handle the situation in the case of canceled flights, with or without travel insurance. Typically airline companies will offer you the next seat on the next available flight. In these cases, the extra money you paid for flight cancellation reimbursement becomes wasted.

If you experience a particularly grueling set of cancellations or delay, then you can also visit the website AirHelp. If you qualify, then this service can reimburse you up to twenty-five percent back on your flight, even if you did not purchase travel insurance.

If these types of exemption to travel insurance apply for your specific travel plan, then we recommend taking the money you would spend on basic cancellation policy and putting it into a hotel reservation that comes with free cancellations. This option can give you flexibility when you travel that travel insurance lacks.

Ultimately whether or not you need health insurance also depends on your specifically traveling circumstances. Young travelers taking cheap airlines do not need to worry about as much as a parent going with kids. The more people in your travel group, the more likely something wrong will happen, like someone getting an ear infection in which they cannot travel.

We hope this article helped you answer the question ‘is travel insurance worth it?’ in an adequate way. It never hurts being too prepared in case the unthinkable happens. So, if you can afford travel insurance easily, we recommend getting it solely for the peace of mind it will bring you before, after and during the trip.

However, not everyone can readily afford the expensive add-on service. Indeed, in many cases, it makes more sense not to get it and save some money. If you fall into this category, then we recommend sticking to the guidelines set in this article. Good luck and have a good vacation!

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