Should I Buy Travel Insurance?
I must admit I had never given travel insurance a thought until 2020. My thinking on the subject was that I didn’t plan on cancelling or missing any trip so I didn’t need it. And if I had a medical emergency or an accident my current health insurance would cover it. Then COVID-19 happened. My husband and I had been planning to take our oldest child, who was about to graduate college, on a trip to Cozumel. Everything was booked and we were ready. Then the shut downs from COVID happened. Our flight was cancelled and the company I booked our resort through filed bankruptcy. A nightmare had taken over our tropical vacation.
A lot of people, for the same reasons I didn’t think I needed it, don’t buy travel insurance. They would rather save that money or spend it elsewhere, maybe on an excursion. They just don’t feel like they need it. But one of the most common reasons to purchase is for trip cancellations. Just never know what is going to happen.
Risks of Not Buying…
Let’s talk simply about what you are putting at risk when you skip out on this coverage. You could have flight delays, miss your connecting flight, have a major life event, a car accident, hospitalization, a pandemic, theft, etc. I could go on forever with this list. More than likely you will never use your travel insurance…at least let’s hope not. But you take a chance on all these risks every time you pass on travel insurance.
Policies & What to Look For…
This is not a fun subject to investigate. Much like your health or car insurance it can be boring and confusing. And not all policies are equal. So let’s talk about what is typically covered and the most common reasons to purchase.
- Illness or Injury
- Death
- Quarantined
- Car Accidents
- Pregnancy
- Fired from your Current Employer
- Natural Disaster
- Mandatory Evacuation at destination (or Terroism)
- Medical Emergency Abroad
- Lost or Delayed Bags
- Flight Delays or Cancellation
- And more…
Now a list of what isn’t typically covered.
- Airline, Cruise, Booking Company Goes Bankrupt
- High-Risk Sports (sky-diving, scuba, bungee jumping, etc.)
- Pandemic or Epidemic
- 3rd Party Car Rental Accidents
- Pre-existing Medical Conditions
So when choosing a policy make sure to pick one that is right for you and covers what you need most. You can get coverage for things not typically covered by either paying a higher premium or buying a policy with add-ons. Also check for “Cancel For Any Reason Policies”. These are usually more expensive but cover a more vast area.
How Do You Book Travel Insurance
You can book through a travel agent, google search, online travel sites, and make sure to check out your credit cards (you might already have travel insurance). Once you decide where to get your insurance, read over the policies (and the fine print), choose the best policy for you and follow the instructions.
I recommend purchasing your insurance at least 30 days prior to your trip. The sooner the better. Make sure you choose a reputable company. And be sure to read ALL of the policy before buying. If you are confused don’t be afraid to ask questions. If you travel frequently you may want to look into an annual policy.
How To Use It
Let’s hope you don’t have to use it. But just in case, you want to file your claim immediately. Talk to your travel insurance agent to see what steps you need to take. And, if possible, get proof. What do I mean by that? Well, take photos, videos, and record all conversations (even the ones between you and your agent). Try to write down as many details as possible. It’s hard to argue with someone who is prepared.
A Few Travel Insurance Companies Worth Checking Out
- Atlas
- Allianz
- World Nomads – good for high-risk sports
- Roam Right
- Travel Insured International
- Travel Guard
- Seven Corners
- Trawick International
- IMG
- Travel Safe
- Safety Wing – budget insurance
Some Countries Now Require You To Have Travel Insurance
Since the COVID-19 pandemic some countries now require you to have travel insurance. Some require specific coverage amounts and some European countries require proof that the provider has offices in the country. So before going on that international vacay do your homework. If you don’t you may be forced to purchase insurance upon arrival or be denied entry all together.
Summary
If you are planning an international trip I highly recommend purchasing travel insurance. The what if’s are too expensive and great to look over this option. Domestic travel…well that depends on your current insurance and how much the trip is worth to you. If you want to purchase but don’t like the thought of paying the price, start adding the price into your travel budget. Only get the coverage that is necessary and right for you. And as always, before purchasing, READ THE FINE PRINT.
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