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Here Is How To Determine If Travel Insurance Is Worth The Extra Cost
This summer, millions of Americans are projected to go on vacation.
Planning a vacation is time-consuming and can be quite expensive during the summer season.
Although travel can be expensive, life is unpredictable and adding this extra expense can save you from losing out on money.
With travel insurance, you will get reimbursed if something comes up before your trip — whether it’s flight delays, lost baggage, medical expenses or having to cancel your travels.
Steven Benna, content director at travel insurance comparison site SquareMouth, says that the average travel insurance can range from 4% to 10% of a trip’s cost. Benna also says, “the main factors are overall trip cost, age of travelers and length of the trip.”
Before deciding whether you should get travel insurance or not; it is important to ask yourself if you’re willing to take a loss financially if something comes up.
Spencer Houldin, president of Ericson Insurance Advisors in Washington Depot, Connecticut tells CNBC that “you may want to consider insurance if you are traveling out of the country or are concerned about a medical condition that could flare up that may not be covered by your existing health plan.”
If you do decide to get travel insurance, it is best to buy it at the same time as booking your travel plans, especially because some plans are only available shortly after bookings are made.
Steven Benna says, “the two big ones are ‘preexisting conditions’ and ‘cancel for any reason’. Those benefits can only be purchased within 14 days to 21 days of making your first trip payment.”
If you’re traveling abroad or to a place where natural disasters usually occur, then dishing out a few hundred dollars for a safety blanket is worth the extra cost.
It is also important to pay attention to the exclusions section on your policy — it will specifically state what is and isn’t covered in your policy.