Should You Buy Travel Insurance?
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You know that moment when you finally click the 'Book Flight' button? Maybe you've even booked your hotel already. But then, as I often do, you start wondering, "Do I need travel insurance?" Sure, it might not be at the top of your to-do list, but trust me—travel insurance is worth considering, especially if you’re planning to fly abroad.
I’ve found that when planning a trip, especially one involving flights or cruises, you're often locking yourself into those plans months in advance. It’s how you snag the best rates and ensure availability. But then life happens—you get sick, or someone else does. Maybe you lose your job. Suddenly, that dream vacation doesn’t seem like such a great idea anymore. But here’s the kicker: you’ve already shelled out money for the tickets, and now you’re stuck.
This is where travel insurance has saved me more than once. By getting travel insurance, you can be reimbursed for those unforeseen problems that prevent you from traveling. Of course, you’ll need legitimate reasons for canceling, which I’ll cover below. And it's not just about cancellations—travel insurance also helps protect your belongings while traveling and serves as medical insurance when your health coverage doesn’t extend out of the country. I’ve even found policies that cover missed connections or travel delays, which gives me peace of mind when plans don’t go as expected.
VIDEO:Have you ever wondered if travel insurance is truly necessary for your trips? In this insightful video, Ben Tennis, a seasoned travel agent, breaks down three essential questions to help you decide whether travel insurance is a must for your next adventure. From covering unexpected medical expenses to protecting your investment in case of cancellations, Ben's expert advice has personally saved me from potential financial pitfalls on several occasions. Don't miss out on these valuable tips that could make your travel experience safer and more worry-free. Click play to learn more!
What Plan Do You Need?
Not all travel insurance companies are created equal—something I learned the hard way. When selecting a travel insurance company, keep the following criteria in mind:
Length of Coverage
In my experience, the right policy will cover you for the entire duration of your trip, whether it’s a week-long getaway or a year-long adventure. Many policies become prohibitively expensive once your travels extend beyond a month, so you might need to shop for specialized long-term policies. I’ve even had to extend my coverage while on a trip, which was a lifesaver when my plans changed unexpectedly.
Activities
I’ve found that your insurance should cover anything you plan to do on your trip. For instance, I love jet-skiing, but many policies exclude it. If you’re an active traveler like me, you’ll either need to extend your policy or shop for a specialized one. And for those adrenaline junkies out there, high-risk activities like bungee jumping, skiing, or scuba diving may require additional coverage. Be sure to dive into the fine print and even reach out to the insurer directly if your planned activities are in a gray area.
Medical Insurance
Medical coverage is non-negotiable when I travel abroad. Your policy should include emergency medical treatment, hospitalization, and repatriation. I always make sure the policy includes personal accident and liability coverage. And here’s a tip: look for a policy that offers 24-hour emergency service. On one trip, I got sick in a remote area, and having that service was a lifesaver—literally. Some policies even cover pre-existing conditions, but make sure to declare these upfront to avoid any unpleasant surprises.
Belongings
I never travel without ensuring that my policy includes coverage for belongings. This includes money and important documents, but I also check the limits on valuable items like electronics or jewelry. I’ve had friends who didn’t, and they regretted it when their claims were denied. If you’re carrying high-value items, it might be worth purchasing additional coverage.
Related Article: Packing for your Flight
Trip Cancellation Policies
Your trip cancellation policy should kick in as soon as you purchase your insurance and cover you until you leave for the trip. I always check that I’m also covered if I need to return early. Reading the fine print is crucial, which I’ve learned this the hard way. Make sure you’re covered for the following reasons:
Illness & Injury
Not only for yourself but for traveling companions, family members, and business partners. The only time I ever needed it (so far), a close relative fell seriously ill, and because I had the right coverage, I was able to cancel my trip without losing a fortune.
Related Article: Tips for staying healthy while flying
Airline or Cruise Line Cancellations
I’ve been caught in an unannounced strike, a coup attempt in Venezuela and even a near-bankruptcy situation with a cruise line. Your insurance should cover these scenarios if they cause your flight or cruise to be canceled for more than 48 consecutive hours. I also appreciate policies that cover missed departures due to reasons beyond my control, like severe traffic delays.
Weather
We’ve all had our fair share of weather-related cancellations ( I sure have), and it’s essential that your insurance covers cancellations for more than 48 consecutive hours due to weather. (Just a heads-up: most policies won’t cover a trip cancellation to your destination due to bad weather unless your flight has been canceled for 48 consecutive hours. I learned this the hard way during hurricane season—simply purchasing insurance with the intent to cancel because of a storm might not work out as you expect.)
Related Article: Airline cancellation fees
Layoffs & Firing
If you’ve worked for the same employer for at least three years (length of time may vary from policy to policy) and you get canned, you should be able to get out of your trip. I’ve seen some policies that even cover voluntary redundancy, but this often requires additional proof of circumstances.
Military Duty
If you or your traveling companion is called to emergency military duty other than war, you should be covered. I’ve noticed that some policies also cover you if you’re a reservist and your leave is canceled, forcing you to postpone or cancel your trip.
Terrorism
Not all policies offer coverage for this, so if you’re traveling to a country with a high risk of terrorism, you might want to splurge for a better policy. I can’t stress enough how important it is to check whether the policy covers acts of terrorism in your destination country or if it only applies to specific locations.
Choosing the Right Policy
Costs and plans can vary widely, and I’ve learned that shopping around is key to finding the policy best suited to your needs. A less expensive policy is likely to offer less coverage, so be sure to examine the fine print carefully to fully understand what’s excluded. Some policies offer additional benefits like coverage for missed connections, travel delays, or even rental car excess insurance, which I’ve found handy on more than one occasion.
If you’re traveling abroad for a long period of time, consider skipping traditional trip coverage options and looking instead for long-term medical coverage, since many policies don’t offer comprehensive plans for extended periods. For frequent travelers like myself, annual multi-trip policies can be a cost-effective solution that provides coverage for multiple trips throughout the year. It can been a real money-saver.
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