Is travel insurance worth it? 

This is a question that many people ask when planning a trip. 

To answer this question, it's important to consider all of the potential risks that could occur. No one wants to think about what could go wrong on their vacation, but it's always better to be prepared. Travel insurance can help protect you from financial loss in the event of an emergency, but there are so many policy options available, it can be difficult to know which one is right for you. 

The following will help you decide if travel insurance is right for you.

What travel insurance covers

Buying travel insurance is buying peace of mind. But what exactly does a travel insurance policy cover? Here's a quick rundown of the most common types of coverage:

Trip Cancellation and Interruption

If you have to cancel or cut your trip short for a covered reason, like illness, bad weather, or a death in the family, this type of coverage will reimburse you for non-refundable trip costs, like airfare and hotels. 

This is very helpful in the event of last-minute cancellations since most resorts don’t give full refunds when you cancel a reservation. Even when you cancel in advance, you’ll still get charged with cancellation fees or be only given a percentage of your money back. With travel insurance, you can be covered when unforeseen circumstances arise that may cause you to cancel your bookings.

Lost Luggage

When you travel, the last thing you want to worry about is your luggage. Unfortunately, lost luggage is a common occurrence. Travel insurance can help alleviate the stress of lost luggage by reimbursing you for the cost of your belongings.

Injury or Sickness

No one wants to think about getting injured or sick while on vacation. But the truth is, anything can happen when you're away from home. That's why it's important to understand what your health insurance will and won't cover while you're traveling, and to make sure you have the right coverage for your needs.

Travel insurance comes in handy if you’re not sure about what your health insurance covers. For instance, Medicare doesn’t provide any coverage outside the United States. Also, most health insurance plans only provide limited coverage when you’re in a foreign country. So if you’re planning to travel internationally, your travel insurance can help supplement medical costs in case you contract an illness or get injured while traveling.

24-Hour Emergency Assistance

There are many different types of emergencies that can happen while you're traveling. For instance, something happens that need you to get evacuated immediately, repatriated back to your home country, or even to find a doctor or lawyer. This can be very costly, but travel insurance can help cover the cost of these emergencies. Having a policy that covers 24-hour emergency assistance ensures that someone will always be there to help if something goes wrong.

Choosing the right travel insurance policy 

When it comes to travel insurance, it can be very complicated to compare all of the different options. There are so many different factors to consider, such as what type of coverage you need and what company you want to use. However, by taking the time to compare your options, you can be sure that you are getting the best possible deal on travel insurance.

Type of Coverage

One of the most important things to consider when comparing travel insurance is what type of coverage you need. There are many different types of coverage available, and each one offers a different level of protection. You will need to decide how much coverage you need in order to be properly protected while traveling.

The company or insurer

Another important factor to consider when comparing travel insurance is what company you want to use. There are many different companies that offer travel insurance, and each one has its own set of benefits and drawbacks.

Which travel insurance is best?

When it comes to finding the best travel insurance, there are a few things you need to take into account:

- The type of trip you’re taking

- Your age and health, and 

- The type of activities you’re planning

There are a few different types of travel insurance policies to choose from, so it’s important to do some research before buying one. If you’re taking a short trip, then a basic policy might be all you need. But if you’re going on a longer trip or doing something risky like skiing or hiking, then you might need a more comprehensive policy.

Age and health are also important factors to consider when choosing a travel insurance policy. If you have any preexisting medical conditions, make sure to get a policy that will cover those.

Then there’s the type of activities you’re planning. If you’re doing riskier activities or extreme sports, you might want to make sure that your travel insurance covers you and doesn’t have limitations against those kinds of activities. You also would want to look into insuring expensive sports gear and equipment against loss and damage.

Comparing travel insurance based on your situation

Most comprehensive travel insurance policies offer similar coverages in terms of trip cancellation and interruption refunds. Where they do differ is often in the other benefits: travel delay, bagge protection, emergency medical coverage, etc. So it’s important to compare travel insurance policies based on your specific situation.

Family-Friendly Policies

If you’re traveling with family, you want to get a family-friendly provider. Look for travel insurance policies that cover kids under 18 years old for free and without the parents needing to add the children's details during the purchase process nor staying within a certain ratio of 'adults to children'.

Solo Traveler Policies

If you’re traveling alone, you’d want travel insurance designed for solo travelers. Look for policies that provide a high level of customer service and deep knowledge of their travel insurance policies and nuanced features. As a solo traveler this is exactly the attention to detail and support you need, when you are making critical decisions about your trip on your own.

Adventurer Policies

If you’re planning an adventurous vacation or are into extreme sports activities, you need travel insurance with adventurer-friendly coverage. Look for coverage that’s underwritten to ensure travelers are covered in "off the beaten track" type of destinations. You also want to ensure that adventure/extreme activities are explicitly included in the policy. 

Even better is if a "cancel for any reason" provision is part of the policy, which would give travelers a refund of up to 75% if their trip cost, if it needed to be cancelled or interrupted for any reason. This would allow you to bypass the long list of complex covered reasons which normally are included in a cancellation and interruption travel insurance policy.

Conclusion

Whether you're taking a quick weekend getaway or a long-awaited vacation, travel insurance is always a good idea. No one wants to think about what could go wrong on their trip, but it's important to be prepared for anything. Travel insurance can help protect you from unforeseen events that may happen and helps put your mind at ease while you’re trying to enjoy a well-deserved vacation.