Like this post? Please share!
Travel insurance is one of the most maddening subjects on the planet. Like other types of insurance, it can be a life saver in a horrible situation. When you have a product that you purchase but really hope you never have to use, it is going to be a pretty unpopular product or service, right? Imagine the uphill climb these guys are facing trying to sell it.
So the question is, do you need it? The answer?
Possibly. It really depends on a number of factors.
Here is a look at the good and the bad.
The Good Aspect of Travel Insurance
Travel insurance can save you from disaster. Lets say you miss your flight, get sick or otherwise have your trip cancelled or ruined. Travel insurance can cover the cost if the disaster is a qualifying event. That means if it was listed on the policy as being covered, you will get your money back. That is a pretty sweet deal if the vacation is expensive.
You can get various levels of travel insurance. Perhaps you don’t want the whole enchilada but you would like to cover some possibilities because of a higher likelihood. Travel insurance can be quite malleable.Travel insurance also covers medical situations in many cases. You will have to check your policy, but that could be vital if you are traveling to a country with subpar health care and you wish to go somewhere safer in an emergency. That can sometimes be written directly into the policy.
The Downside of Buying Travel Insurance
Obviously the big downside to travel insurance would be spending money and then not needing it. That is true of any type of insurance and it is a real possibility. Consider the potential loss and go from there. This is the ultimate factor to consider when deciding to take or pass on travel insurance.
Travel insurance also tends to be extremely specific. If you have a claim and it is not addressed as a qualifying event, there is a chance you will not be covered. Spending several hundred dollars on travel insurance and not getting lucky enough to have the right disaster ruin your trip might be enough to drive you insane. This roulette wheel aspect is frustrating and you have to kind of pay for the right to avoid it and still get insured comprehensively.
The safety of knowing you are covered in an emergency can’t be overstated. The key is to find a policy that fits you and determine if the return is worth the cost. If you are taking a trip for several thousand dollars, you would probably benefit a great deal from protecting that investment. A five hundred dollar trip might not make much sense. Apply the rules to you.
Have you purchased travel insurance in the past? Is it something you would recommend and if so, why?
I took a trip to see relatives in Indiana and rented a car. I was able to find travel insurance to cover the trip and I made the purchase. Fortunately I didn’t have to use it but it did give me peace of mind knowing if I was in an accident then the car and injuries that resulted from it would be covered. I’d do it again regardless that I didn’t have to use it. That peace of mind was worth it.
For me there are more pros than cons for travel insurance. I always get it, I have seen how it has helped friends in the past.
Though we’ve only needed a few times, we always purchase travel insurance. It’s that ‘what if’ situation that I’d rather be safe than sorry
We have never used travel insurance. I always opt out of it but after reading this maybe I need to reconsider it.
I am about to book a vacation and this really helped me out with some questions! Thanks!
I always buy travel insurance- especially medical and evacuation. Usually it isn’t that expensive and the peace of mind is worth it. If not for yourself, think of your family. If you get sick/injured/killed do you want them to suffer financially as well as emotionally?
I only purchased it once because it was a hugely expensive trip. As it turned out, we needed to cancel and I’m so glad we had that insurance.
No, I never purchased travel insurance but my Mom has. Especially if she was traveling in the winter time or to a far off land!! Did she ever need it? Once–there was a blizzard and she had to cancel her plans indefinitely!
I have never purchased travel insurance but it would be important for thought that travel. Thanks for sharing.