Is Trip Insurance Worth It?

From choosing the dates to selecting the perfect accommodations and planning a fantastic itinerary, you put a lot of time, effort and money into planning a trip. While you may attend to all of the details, there’s one important one that you might be forgetting about: travel insurance.

When you travel, especially to overseas locations, there are a number of things that can happen that you don’t plan for, and unfortunately, these things can ruin a vacation. Illness, accidents, evacuations, lost or stolen luggage; while you don’t plan for any of these things to happen, they can, and if they do, they will not only ruin your trip, but they will also put you out of a great deal of money.

Though travel insurance can’t prevent misfortunes from happening, it does provide you with peace of mind knowing that should anything happen, you are protected financially. When you are spending so much money on a vacation, however, you may be wondering if spending extra money on trip insurance is worth the investment. Before you decide to skip out on purchasing a policy, here’s a look at how travel insurance can protect you so you can determine whether or not coverage is money well spent.

Offers Medical Protection

Should you fall ill or suffer an injury while you are traveling, trip insurance will provide you with medical protection. Say you trip, fall and suffer a broken leg, or you get a really bad case of food poisoning and need medical care, travel insurance will help to cover the cost of the medical care that you may need.

Trip Cancellation Coverage

Should your trip get cancelled for any reason, if you have travel insurance, the money you spend will be reimbursed. If your flight or cruise is cancelled or you can’t go on a trip as a result of an unforeseen circumstance, such as an illness, a death in the family or the birth of a child, if you have travel insurance, you will be able to get back the money that you spent on the trip.

Lost or Stolen Luggage Coverage

There is nothing worse than arriving at your destination only to find that your luggage did not. If your luggage gets lost or stolen while you are traveling, your trip insurance will reimburse you for the items that you packed. You will be able to purchase the items that you need for your trip without having to worry about putting out the extra money.

Trip Interruption Coverage

If your trip is interrupted for any reason, you get sick, become injured, or there is a catastrophic weather event (a hurricane or tornado, for example) and you have to go home early, travel insurance will reimburse the money for the portion of the trip that you didn’t use. For example, it will cover the cost of the nights that you didn’t stay in a hotel, or pay for your flight home.

Travel Insurance Tips

Just like any insurance policy, you want to make sure that your trip insurance policy offers you the coverage that you need. For example, lost or stolen luggage may not be covered by your policy unless you add it on. Make sure that you know exactly what type of coverage is important to you so that you can get a policy that will best benefit you.

  • If you plan on partaking in any dangerous activities while you are traveling, such as mountain climbing, skydiving or hang gliding, make sure you check to find out if your policy will cover any accidents or injuries that may occur as a result of such activities.
  • Make sure you have enough coverage. If you’re going to be taking a lot of expensive equipment with you, for example, you want to make sure that your travel insurance coverage will match what your equipment is worth. For example, if your camera equipment is worth $1,000, but you only have coverage for $500, your policy won’t cover the expense of replacing the equipment should it become lost, stolen or damaged.
  • Make sure that you are covered for the full duration of your trip, from the moment you leave your home until the moment you return. This is particularly important if you are going to be flying to a different time zone, as your coverage may end before your trip is over.
  • Find out if there are any limitations. If your travel insurance does not cover the cost of medication, for example, and you end up needing a prescription while you are traveling, you don’t want to find out that you aren’t covered.

So, is travel insurance worth the extra expense? Given all of the ways that it can protect you, we certainly think that it is money well spent.