Vacationers often spend a great deal of time planning the perfect trip, but unforeseen circumstances can cause travel plans to change unexpectedly. Traveling involves certain risks, and it’s important to protect yourself from situations that are beyond your control. A travel insurance policy will provide monetary compensation if an unanticipated event negatively impacts your plans. Let’s explore whether it is worth it to buy travel insurance.
The Benefits of Travel Insurance
Whenever you purchase insurance, it’s important to carefully read the policy to determine the actual level of coverage the issuer is providing. This is essential if risk activities are part of your itinerary. Behaviors and actions that increase the likelihood of injury may not be covered under a standard travel insurance policy. Coverage can vary, so you should always compare plans online and read details to tailor a policy to fit your specific needs.
While trip insurance providers may offer a variety of specialized provisions, coverage for the following events and activities is usually included in most standard polices.
- Trip Cancellation: This coverage will reimburse you for expenses resulting from cancelling your trip due to covered reasons – an unexpected emergency such as a death in the family, medical crisis or a catastrophe in your home.
- Accident Coverage: If you are injured or die during your trip, you or your loved ones would be entitled to compensation (similar to life insurance).
- Medical Care: If you are involved in an accident or become ill while traveling, you will be covered for medical care and transportation. It’s important to read the policy to identify coverage limitations and exclusions.
- Personal Possessions: This type of insurance covers your bags and belongings, including computers, smartphones, cameras and jewelry. Most policies also offer coverage for lost money and passports as well.
Is Travel Insurance Worth It?
Before you purchase a trip insurance policy, check your current health insurance plan to find out if you are covered for medical treatment when traveling abroad. If your plan lacks this coverage, adding medical insurance makes good sense. For as little as $25 per week, you can receive medical benefits for treatment, transportation and medication. Travel insurance can be worth it for those with itineraries requiring substantial upfront payments, trips that include a moderate amount of risk or complex journeys that involve multiple flights and hotels.
The Basics of Travel Insurance
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