Is Travel Insurance Worth It? Getting travel insurance is a good idea if you travel a lot or if you intend to go on vacation. It offers financial protection throughout your trip and ensures you find a way around unexpected bills. This insurance covers expenses like canceled trips, hotel bills, medical bills, lost luggage, food, etc. While this has many attributes and sounds good enough, is travel insurance worth it? With travel insurance, you do not need to beat yourself up about expenses like hotel bills, delayed flights, and even non-refundable funds you have paid.
Aside from these, this insurance lessens the extra bills related to traveling that may affect your finances or travel budget. Depending on some factors, you can determine if travel insurance is good enough for you or not. However, before purchasing travel insurance, you need to consider if travel insurance is worth it or not, as well as if it is good enough for you and your family. This write-up contains all the information to help you determine if this insurance is good enough for you or not.
When Is Travel Insurance Worth Purchasing?
To know if travel insurance is worth getting, you need to consider when it is worth getting. There are some cases when it is a good idea to have travel life insurance cover you and your family. Travel insurance is worth it when:
- You travel internationally.
- Traveling to a hurricane-prone place.
- You desire partial reimbursement in case your trip gets canceled or you need to return home before time.
- The non-refundable trip costs more than your budget.
- Traveling to a remote area with little to no healthcare providers.
- Your trip is related to flight connections or multiple destinations.
Depending on what category you fall under, purchasing travel insurance is worth it. However, it is advisable to be knowledgeable about this insurance, what it covers, how much it costs, and so on. This is to help you identify what coverage is best for you as well as what is covered.
When Is Travel Insurance Not Worth It?
Generally, if you are not giving a large amount for non-refundable trip expenses, or if your United States health plan covers your trip, travel insurance is not worth it. Other cases where travel insurance is not worth it are if you are going on a business trip, a less costly tour component, your travel is already insured, and less costly domestic travel. Also, it is not worth getting travel insurance for cases when the trip is taken with points or miles, or if you already have homeowners or renters insurance that offers baggage insurance coverage. If you fall under any of these cases, you do not need to get travel insurance.
What is not covered by travel insurance?
While travel insurance covers a variety of travel-related expenses, there are some expenses it does not cover. Losses caused due to negligence will not be covered by this insurance company. This is because travel insurance is designed to cover unexpected expenses. Travel insurance will not cover any of the following cases:
- Mental health care.
- Physical therapy.
- Routine pregnancy.
- Elective processes.
- Adventure or extreme activities participation.
- Routine dental and physical exams.
Aside from these, travel insurance will also not cover funds you lose during a hurricane, except if your travel insurance covers hurricane damages or if you purchased this coverage before the storm occurred.
Where Can I Purchase Travel Insurance?
Travel insurance can be obtained from different travel insurance companies both online and in person. You can also get travel insurance by contacting a travel insurance agent to help you select the best insurance policy from the best travel insurance company. Aside from them, some tour operators sell travel insurance to travelers, but it makes more sense to purchase one yourself. However, just with a few pieces of information like travel cost, age, travel dates, and destination, you can purchase travel insurance easily online.
How Much is Travel Insurance?
Generally, travel insurance costs between 5% and 6% of your travel cost. Its average cost for a $5,000 trip is $228, while its insurance rate is between $154 and $437 for policies with competitive coverage. Just like other insurance, depending on factors like travel cost, age, gender, etc., your travel insurance cost is determined. Aside from all these factors, your age is the most important factor considered when your travel insurance cost is determined.
