With so many affordable and convenient methods of travel now available, it’s tempting to believe that you don’t need to pay extra for travel insurance anymore. Do You Really Need Travel Insurance? After all, wouldn’t your credit card or another method of financing be enough to help you in case anything goes wrong?
7 Types of Travel Insurance Policies You Need to Know About
Reasons for Family Travel Insurance
Never Travel Abroad Without Insurance
Unfortunately, it’s never that simple. While credit cards can cover some of the cost of a canceled flight or even some medical expenses, they won’t offer you any relief if your luggage gets lost or stolen while you’re away on vacation.
Accidents happen
Although travel insurance might not seem necessary at first, chances are high that you will experience some sort of mishap while traveling. Whether it’s a missed flight or a medical emergency, most travel insurance plans cover cancellation fees, lost luggage and medical expenses.
If you end up needing to cancel your trip for any reason—even if you don’t have travel insurance—most major airlines will reimburse 75 percent of what is paid on nonrefundable airline tickets; however, since that is mostly an at-your-own-risk deal, it would be wise to buy travel insurance in case there are any issues or cancellations due to natural disasters or terrorist activities.
A few dollars spent now could potentially save thousands in case something goes wrong during your trip!
Medical Bills are Expensive
By some estimates, medical bills are now as expensive as they were before Obamacare took effect. If you’re traveling abroad and become sick or hurt, do you have enough money to pay for your medical care (assuming your insurance doesn’t cover it)? Even if you do have coverage, how much is your deductible?
If an emergency requires treatment overseas, how would you pay for that coverage? For most people, travel insurance is a great idea.
A trip can quickly turn into a vacation from hell if an accident prevents you from leaving when planned.
Trip Cancellation Happens
If you purchase trip cancellation insurance, you may be able to receive a refund for nonrefundable travel expenses. So, if your trip is canceled due to a covered reason, you could recover some of your travel costs. For example, illness or injury may force you to cancel your international business trip.
The insurance company will also pay for accommodations and other unexpected costs associated with canceling your trip.
The price of coverage varies widely depending on factors like destination, length of stay and when purchased (the closer to your trip departure date, typically more expensive).
Life Happens
Think that travel insurance is a scam to take money from clueless tourists? Think again. The truth is, there are a lot of people who can benefit from buying travel insurance—and you may be one of them.
As you plan your next trip, here are some reasons why it might not be such a bad idea to protect yourself and your investment. Who knows what life will throw at you? Maybe you’ll get sick on vacation. Maybe something will happen to your luggage or passport.
Maybe you’ll have an accident on vacation (that isn’t even related to travel). Or maybe your plane or cruise ship will get stuck in port due to mechanical issues or weather conditions (yes, those do happen).
If any of these things happen while you’re away from home, travel insurance could cover all or part.
Trusted Agents Can Help You Save Money On Your Trip
If you’re considering whether or not to buy travel insurance for your next trip, make sure you speak with a travel agent.
If an emergency occurs while you’re abroad, many policies will reimburse your travel costs and provide you with help finding new flights back home. This isn’t included in all policies, but it can give peace of mind knowing that there’s someone looking out for your best interests and keeping track of any flight changes.
A trusted agent will also be able to shop around and find deals on airfare at different times during high season; in some cases, it may even be cheaper than buying directly from a website.
For example, if you have four weeks to plan a family vacation abroad, search Kayak or Google Flights for flight deals rather than booking direct with an airline.