Whether it’s vacation or lifestyle, travel is expensive in both time and money. Travel insurance is a safety net for many unforeseen circumstances that could disrupt your trip when the potential financial loss or risk is significant enough that you wouldn’t be able to easily cover it on your own. Medical expenses abroad can be unexpectedly high and often aren’t covered by local health plans. The question is, though, is travel insurance worth it?
If you’re traveling to remote areas or countries with less developed healthcare systems, the protection against medical emergencies, evacuation, or trip interruptions can save you a lot of time. Travel insurance premeditates lost luggage because many policies offer reimbursement for essential items. This blog will address if your trip requires insurance.
Weighing the Costs and Coverage
Deciding whether to buy travel insurance involves evaluating the potential risks of traveling without it against the costs and benefits of various plans. For non-refundable items, such as luggage (essential items), flight delays, and flight cancellations, travel insurance can provide significant financial protection.
Since US plans don’t tend to cover international medical appointments, a minor health issue could lead to substantial out-of-pocket expenses while abroad. Travel insurance does add to your overall trip expenses, but the comprehensive coverage often outweighs the initial cost, especially if travelers wander far from home.
Travel insurance does not cover refundable reservations. If your trip can be canceled without penalty, or if you suffer from a preexisting condition, decide to take up an extreme sport such as cave diving, or cliff jumping, among others (unless you have World Nomads Travel Insurance). Any injuries designated as self-inflicted are not covered.
The Importance of Emergency Assistance
No one wants to think about getting caught in an emergency while they’re traveling. However, a well-prepared traveler is one that is ready in the event of a natural or man-made disaster, sudden health emergency or political event that requires emergency services or evacuation. That said, the most common health related travel insurance is for accidental death and disablement, with 92% of users opting for it. Accidental medical reimbursement (90.4%) and 24-hour emergency assistance (89%) follow.
The emergency medical assistance that travel insurance provides helps navigate the unfamiliarity of local healthcare systems. Assistance services offer support by helping you find medical care, coordinating treatment, and even assisting with language barriers when communicating with healthcare professionals. Plus, emergencies can happen at any time. 24/7 access to a support team due to unexpected events can be invaluable. A bit more spend can alleviate the stress and worry of a trip.
Travel Insurance vs. No Insurance
Consider your nonrefundable reservations (luggage, flight delay, flight cancellation) and medical expenses (if you aren’t traveling internationally, wouldn’t your US plan cover a US trip?). While some travelers may consider going without travel insurance to save money, the potential risks of not having coverage can lead to higher costs and considerable inconvenience if something goes wrong, should the risk be that great. Understand your trip and know your budget, so you can fully grasp the risks and benefits of travel insurance.
Is Travel Insurance Worth It?
Travel insurance is particularly valuable when you’re far from home. The costs vary, but the benefits often make it a worthwhile investment. The coverage for medical emergencies, trip cancellations, and lost luggage mitigates the potential financial loss during emergencies. It may not be as useful for shorter trips within your country, or road trips, but it becomes essential for international travel where unexpected situations can arise more frequently.
