Benefits of Travel Insurance
Taking the time and money to plan an unforgettable vacation is all worth it once you arrive at your destination and start making memories. However, there are unexpected delays or roadblocks that throw your travel plans into a tailspin.
When you have thousands of dollars on the line with a vacation, many people deem it a good investment to secure a travel insurance policy to protect their health, trip, and money should any adverse situation arise to put a wrench in their vacation.
Continue reading below as we cover the main reasons why travel insurance is a worthwhile investment, even though it is an added expense you’ll be tacking on.
Protecting Your Investment
Anyone living on Earth recently may have noticed that the cost of travel and vacation is quite high, especially with rising inflation rates impacting the cost of airfare, food, lodging, and other aspects of travel.
According to a recent report, the average cost for a one week domestic vacation in the United States for a couple is $3,116. This number only increases for families, and if you’re booking a trip internationally rather than within the United States, more than double it.
Thus, many people cannot afford to lose the investment they’ve put into booking their vacation if they are unable to attend the trip for any reason. No matter why you might need to cancel, oftentimes you’ll be unable to recoup payments you’ve made towards hotels, flights, and other activities that cost upwards of thousands of dollars, especially late into the reservation, say within 24 hours of the trip commencing. Even in the event you’re able to retain a refund, it likely won’t be the full payment.
Buying travel insurance can help you avoid adding expenses to an already expensive trip.. Make sure to seek out policies that are as all encompassing as necessary for you. A travel insurance policy that allows you to cancel for any reason while also ensuring reimbursement for any prepaid and otherwise nonrefundable trip costs. Purchasing travel insurance may seem extra at the time, but to avoid being hit with fees for last minute audibles or inevitable mishaps, the option is there for your assistance.
Medical Emergency Coverage
Another reason why you may want to purchase a travel insurance policy is when you’re traveling abroad and will need to cover medical expenses.
Most of the time, your medical insurance policy in the United States will not cover medical expenses abroad. Plus, it’s important to note that Medicare does not provide coverage outside of the United States.
So, if you show up to an international hospital, you will likely be required to pay upfront for the treatment. Depending on the severity of the medical issue you’re facing, like if you got into a car accident or someone has a heart attack, this could cost you tens of thousands of dollars–or even hundreds of thousands in certain cases.
This is why having a travel insurance plan with emergency medical benefits can be so valuable. It can cover the payments you made for medical and dental emergencies that occurred while on your trip, reimbursing you thousands of dollars potentially for a policy that cost you a few hundred dollars.
Takes Care of Minor Mishaps
Even with advanced planning, there are many ways that your travel plans can be disrupted on your way to your final destination. Any missed flight connections, lost luggage, and other setbacks can be costly and may even alter the level to which you can enjoy your trip altogether.
With a travel delay policy, you can be reimbursed for any additional accommodation or travel expenses you incur, or prepaid expenses lost due to a travel delay. Plus, some policies will reimburse you for any required essentials you had to pay for while your luggage was lost or delayed.
Recommended by the U.S. State Department
Above all, travel insurance that has emergency medical benefits, emergency medical transportation benefits, and coverage for unexpected expenses is recommended by the United States Department of State. Thus, you can assume it’s a worthwhile investment for travelers, especially when they’re heading abroad.
While traveling internationally, many US travelers will contact a local US embassy or consulate when facing issues or setbacks while on their trip. However, there are only certain things these staff members can do that are within their power, like replacing a stolen or lost passport, contacting friends and family in the United States, or to help you find medical care or legal assistance.
So, they cannot help you pay for medical care, provide you with transportation, or cover any financial losses you face from an emergency while on vacation. This is why they recommend you have a travel insurance policy while traveling internationally.
Final Thoughts on Travel Insurance: Is it Worth it?
As you can see, there are many reasons why you would want to secure a travel insurance policy after you book your dream trip. For just a few hundred dollars in most cases, you’ll be able to find a solid plan that will cover thousands of dollars in prepaid and nonrefundable costs, emergency medical expenses, and more.
Most of the time, purchasing a travel insurance policy can be more worthwhile if you’re traveling internationally rather than domestically, as trips abroad are more expensive, and there’s a large risk that your medical insurance provider does not provide coverage outside of the United States. Thus, these are some of the main points to weigh as you decide whether to take out a travel insurance policy or not.
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Written by Bailey Schramm