Why You Need Travel Insurance
When you’re planning a trip, it’s important to think about more than just the cost of your plane ticket and hotel. You also need to consider the potential risks of your journey and how you will protect yourself financially if something goes wrong. That’s where travel insurance comes in.
There are many different types of travel insurance, but all policies generally fall into two categories: trip protection and medical coverage. Trip protection covers things like lost luggage, cancelled flights, or missed connections. Medical coverage protects you in case you get sick or injured while on your trip.
Some people think that travel insurance is unnecessary, but the truth is that it can save you a lot of money if something goes wrong on your trip.
What Does Travel Insurance Cover?
When you’re planning a trip, travel insurance is often an afterthought. But if something goes wrong, travel insurance can be a lifesaver. So what does travel insurance actually cover?
Most travel insurance policies will cover you for unexpected medical expenses, including hospitalization, doctor’s visits, and prescription drugs. If you need to be evacuated due to an emergency, your policy will likely cover the cost. And if your flight is delayed or cancelled, or your luggage is lost or stolen, your insurer will reimburse you for any related expenses.
Of course, every policy is different, so it’s important to read the fine print before you buy. Some common exclusions include pre-existing medical conditions, risky activities like bungee jumping or skydiving, and damages caused by alcohol or drug use.
Why Do I Need Travel Insurance If I Have Health Insurance?
If you have health insurance, you may think you don’t need travel insurance. After all, doesn’t health insurance cover medical expenses no matter where you are? Unfortunately, it’s not that simple. Here’s why you need travel insurance even if you have health insurance.
Your health insurance may not cover you when you travel outside of the country. Even if it does, there may be limits on the coverage. For example, your policy may only cover emergency care or it may not cover care from a provider that is not in your insurance network.
Travel insurance can fill in the gaps in your health insurance coverage. It can provide coverage for things like emergency medical evacuation, which can be very expensive. Travel insurance can also provide coverage for lost luggage, cancelled flights, and other trip disruptions.
How Much Does Travel Insurance Cost?
A recent study by the US Travel Insurance Association (USTIA) found that the average cost of travel insurance for a family of four travelling to Europe is $216. That’s less than $6 per day! And, according to the same study, only 10% of people who purchased travel insurance felt they didn’t get their money’s worth – so it’s definitely worth considering if you’re planning a trip.
Of course, the cost of travel insurance will vary depending on a number of factors, including where you’re going, how long you’ll be gone, and what kind of coverage you need. But as a general rule of thumb, you can expect to pay about 4-8% of your total trip cost for travel insurance.
The Different Types of Travel Insurance
Before you buy travel insurance, understand the different types of coverage available. Most travel insurance policies fall into one of four main categories: trip cancellation and interruption, medical, evacuation, and baggage.
Trip cancellation and interruption insurance reimburse you for non-refundable trip expenses if you have to cancel or cut your trip short. Medical travel insurance covers your medical expenses if you get sick or injured while on your trip. Evacuation insurance covers the cost of getting you to safety in the event of an emergency. Baggage insurance covers lost, damaged, or stolen luggage.
Some policies combine two or more types of coverage. For example, a medical evacuation policy might also cover trip interruption.
What to Look for When Purchasing Travel Insurance
When planning a trip, it’s important to consider all of the potential risks that could occur. One way to help protect yourself and your investment are to purchase travel insurance. But what exactly should you look for when shopping for a policy?
Here are a few things to keep in mind:
- Make sure the policy covers the countries you’ll be visiting. Some policies only cover certain areas, so you’ll want to double-check that your destination is included.
- Find out what kinds of activities are covered. If you’re planning on doing any adventurous activities while on vacation, make sure they’re included in your policy.
- Know what medical expenses are covered. This is especially important if you’re travelling outside of your home country where health care may be more expensive.
- Consider how much coverage you need.