Travel insurance offers vital protection against unforeseen issues like trip cancellations, medical emergencies, or lost baggage, making it a smart investment for any traveler. Initially, I was skeptical about spending extra money on travel insurance, especially when I was already investing in the trip itself. However, after years of traveling and facing medical emergencies abroad, I’ve learned the hard way that travel insurance is absolutely worth it.
For instance, I had an $8,000 surgery in Singapore and another $7,000 worth of hospital visits in Bangkok, both of which were fully covered by my insurance. I’ve also heard stories of broken bones, emergency evacuations, and lost possessions—all of which can happen to anyone.
What Travel Insurance Covers Travel insurance isn’t just health coverage. It protects your entire trip, including medical expenses, trip cancellations, and lost or stolen belongings.
- Trip Cancellation/Interruption: If your trip is interrupted or canceled due to an emergency (like illness or severe weather), your insurance will reimburse you. You can also purchase “Cancel For Any Reason” coverage for more flexibility.
- Lost or Damaged Baggage: If your luggage goes missing or gets damaged, insurance will help cover the cost of replacing your items, though most policies set limits on how much they’ll pay.
- Medical Expenses: Your regular health insurance may not cover you abroad. Having travel insurance ensures you’re protected in case of a medical emergency, which could otherwise lead to costly out-of-pocket expenses.
- Emergency Medical Evacuation: If you’re injured in a remote location or need to be flown back home for treatment, emergency evacuation can be extremely expensive. Travel insurance often covers these high costs, saving you thousands.
Additional Coverage Options Travel insurance policies can also cover other unexpected events:
- Pre-existing medical conditions: Some policies will still cover you, but you may need to pay a bit more.
- Adventure activities: If you plan on doing something high-risk like skiing or skydiving, make sure your policy includes adventure sports coverage.
- Rental car coverage: Many plans cover rental car damages.
- Pet care: If your trip gets delayed, some policies will help pay for your pet’s care.
What It Doesn’t Cover It’s important to note that travel insurance doesn’t cover everything. For example, it generally won’t cover cancellations due to personal preferences or activities deemed too risky, unless you purchase specific coverage. Always read the fine print to ensure you’re covered for what you need.
How Much Does Travel Insurance Cost? Travel insurance is often less expensive than you might think. A comprehensive policy for a year of travel could cost around $450—less than $1.50 a day. This includes coverage for medical expenses, trip interruptions, lost baggage, and more. When you consider the potential costs of an emergency abroad, the price is a small price to pay for peace of mind.
When Can You Skip Travel Insurance? If you’re traveling domestically in the U.S. or to a destination where you already have sufficient health coverage, you might not need travel insurance. However, for international travel or more expensive trips, it’s better to be safe than sorry.
Choosing Travel Insurance With so many options out there, it can be overwhelming to choose the right policy. Look for comprehensive medical coverage, especially if you have high-value electronics or gear. I’ve had good experiences with providers like Heymondo, which offers solid coverage at a good price.
How to Buy Travel Insurance You can buy travel insurance directly from providers or use comparison websites like SquareMouth to compare different plans. I personally prefer to go directly through companies to get customized quotes for my specific needs.
In conclusion, while travel insurance might seem like an unnecessary cost, it’s an essential investment. The unexpected can happen anytime, and having travel insurance ensures you’re protected against major financial setbacks. If you can’t afford travel insurance, you might want to reconsider your trip, as it’s truly a crucial part of safe, worry-free travel.