Is Travel Insurance Worth It? When to Get Travel Insurance

If you’re planning a trip, you’re probably wondering, is travel insurance worthwhile? It’s easy to feel like you can skip buying travel insurance to save money, but there are certain situations where you definitely need it, such as for international travel or for medical coverage.

Possessing travel insurance is also worthwhile if you want to cover any unexpected circumstances that may come up while you’re traveling.

You could be hiking in the wilderness, injure your leg, and need air transportation to the nearest medical clinic. Your travel companion could contract a serious case of food poisoning and require hospital treatment. You could come into contact with an individual infected with COVID-19 and need to isolate for two weeks (which is why possessing travel insurance with COVID-19 coverage is so crucial). A flight could get canceled or seriously delayed, and your luggage could become lost.

In this article, I’ll discuss the cost of travel insurance, who necessitates travel insurance, and when to procure travel insurance. Keep reading to find out when it’s worth it to purchase travel insurance.

Why Get Travel Insurance?

Why obtain travel protection? The major justification for purchasing travel insurance is to have medical coverage abroad and/or travel safeguards. You can also add any elective coverage if needed, such as cancel for any reason, adventure sports, or electronics.

Ensuring coverage for unexpected expenses or emergencies means that any issues that arise will not need to be paid out of pocket.

The main types of travel protection coverage and add-ons include:

• Emergency health costs – This is the most critical type of coverage for any trip. You never know when you’re going to get sick or hurt while traveling, and medical bills can be pricey. At the very least, make sure you have travel medical insurance coverage before you embark on a trip.

• Transportation in case of emergency and return home – Coverage for medical transport to the nearest healthcare facility or repatriation back to your home nation may not even come to mind as being necessary. However, if you fall seriously ill and need treatment in your home country or get injured in a remote area and require air transport to the closest hospital, it will be quite costly to pay for transportation fees solely by yourself. Evacuation and repatriation coverage guarantees that these transportation costs will be protected by insurance instead of coming out of your personal funds.

• Travel delay/interruption/cancellation – Unexpected scenarios can develop at any moment and mean postponing, interrupting, or calling off your trip. While adjusting your trip plans can be disappointing and frustrating, with travel delay, interruption, and cancellation coverage, you won’t have to worry about losing what you paid for your trip as long as you delay, interrupt, or cancel your trip for a reason that’s protected by your policy.

• Luggage loss/delay – While not extremely common nowadays, bags can still get lost, damaged, or taken. Coverage for lost or delayed baggage will help avoid paying out of pocket to replace any valuable or essential items you may lose.

• Cancel at any time – Standard travel insurance cancellation policies will only reimburse you for trip cancellation if you cancel your trip for one of the reasons covered under the policy, such as sudden illness or inclement weather. If you want to be able to cancel your trip for absolutely any justification, even if it’s not included under your policy, this extra feature will allow you to do so and still get reimbursed. You can find out more about cancel at any time travel insurance in our guide to cancel at any time travel insurance.

• Sports and adventurous activities have the potential to result in injuries. Adventure sports coverage ensures that treatment can be received for any medical issues that may surface when participating in energetic or hazardous activities during a trip.

• Electronics – This additional coverage protects any valuable electronic devices, such as laptops, tablets, and cameras. If you plan on traveling with expensive equipment, electronics coverage is suitable because you won’t have to replace the electronics with personal funds if they are stolen, lost, or damaged.

Who Needs Travel Insurance?

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Travel protection is additionally a smart concept if you have booked any flight, lodging, or different reservation that cannot be canceled or reimbursed simply by the company, website, and so on.

You may not necessarily require travel insurance if you will only be traveling domestically and just want medical coverage because you will already have domestic health insurance to cover you. You also don’t need to purchase a flight ticket protection add-on for travel insurance. Your airline is accountable for any delays or cancellations of flights, so they should reimburse you without your having to file a travel insurance claim.

Should You Buy Travel Insurance?

Travel protection may not be necessary or worthwhile for every single traveler. To assist you in determining if you need travel protection, below are some common travel scenarios where travel protection may or may not be valuable.

• Is travel insurance worth it for international travel? Yes, if a trip abroad is being taken, travel insurance is completely worth it. At a bare minimum, medical coverage should be included. Without such coverage, medical treatment abroad will not be covered, and high medical bills could end up being the responsibility. It`s also helpful to have travel insurance so cancellation coverage can be obtained, since flights to overseas destinations and lodging abroad will be more expensive. Therefore, getting reimbursed for those expenses will surely be appreciated!

• Is air travel insurance worth it? You don’t need air travel insurance if it’s specific extra “airline coverage” that’s not included in general travel insurance. Most airlines will reimburse you if your flight gets delayed or cancelled, even without travel insurance, so there’s no need to shell out for extra, unneeded coverage.

• Is annual travel coverage worthwhile? Yes, yearly travel insurance, which provides protection for all of the trips you take in a year, is worthwhile purchasing, but only if you travel frequently. If you only take one or two vacations annually, single trip travel insurance will be more affordable for you. On the other hand, if you travel multiple times per month, the cost of annual travel insurance will be much lower than acquiring individual travel insurance plans for each trip.

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• Is travel insurance worth it for a cruise? Yes, since taking a cruise requires international travel, having travel protection is a prudent choice. You’ll have the necessary medical coverage in the event of an accidental incident or emergency abroad and be able to receive reimbursement should you need to cancel or delay your journey.

Is Travel Insurance Worth the Money?

So is it worthwhile to purchase travel protection? Generally, the cost of travel insurance is much lower than having to pay out of pocket for unexpected medical bills or missing flights and unused accommodations due to mishaps. Thus, travel insurance offers better financial protection than shouldering any travel disasters without coverage.

To demonstrate just how affordable travel medical coverage can be, I’ve generated some travel medical coverage quotes by using the example of a 30-year-old American citizen who resides in Pennsylvania and requires travel medical coverage for Europe for a one-week trip that costs $2,500.

*Price used for example

Why You Should Get Travel Insurance

Still wondering, is travel insurance worth it? Ultimately, travel insurance is worthwhile obtaining if international travel medical coverage or protection from trip cancellation expenses covering hotels, flights, and other costs is needed.

It is more prudent to purchase travel insurance even if it is not utilized than to forego obtaining coverage and subsequently require assistance, so for those unsure about buying travel protection, the safer choice is to acquire it.

Should you decide to purchase travel insurance before your next trip, opt for Heymondo. Their policies furnish comprehensive coverage at an affordable cost, and they cover your medical expenses up front rather than requiring you to submit a claim to be reimbursed. You can even save 5% on Heymondo policies using our discount code.

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