Amid the worldwide pandemic, people are itching to get back to booking flights and planning trip itineraries.
More people realize the benefits of travel and the freedom from exploring a new destination. You may be in the same boat, looking to pack your suitcase and feel the excitement of traveling abroad or sightseeing on a road trip.
You are certainly aware of the benefits of traveling, but what about travel insurance? Is travel insurance even necessary? Well, in the long run, it certainly never hurts to consider getting coverage while you are exploring the world.
But, if you aren’t convinced (or just curious), here is everything you should know about why insurance is needed when planning that long-awaited trip.
What is Travel Insurance?
This type of insurance does have something (or everything) to do with all things travel-related. Just like getting insurance for your house, car, or your life, travel insurance gives you coverage for when you finally plan that road trip or big vacation abroad.
Its basic definition is a type of plan that protects you from financial losses you might have while traveling, including sickness, trip cancellations, or medical emergencies.
There are things travel insurance does and doesn’t cover. Most of the benefits you’ll have can be viewed in the policy of the plan you chose (more on that later).
What it Does and Doesn’t Cover
Planning your trip can require a lot of investment, energy, and money. It’s important to know the essential things that insurance covers so your time and money aren’t wasted. Travel insurance is an asset to have when things don’t go as planned. However, there are things travel insurance does and doesn’t cover.
What it does cover:
- Trip cancellations:
- Medical emergencies:
- Emergency evacuations:
- Lost luggage:
- Delayed flights:
- Phone assistance:
While you may be thinking that travel insurance is the ultimate safety net to any disaster that could happen while on your next adventure, there is always some things that won’t be covered.
What it doesn’t cover:
- People with pre-existing conditions in some police (always check the fine print)
- Some trip cancellations (you’ll need to have a covered reason to be reimbursed)
As you can see, travel insurance doesn’t cover absolutely everything, but it does cover a lot. It can provide you with additional security and safety if something happens.
How Does Insurance Benefit Travelers?
It can always bring you peace when you know that your travel plans are secure from things that you may not be able to predict. Things are getting even more unpredictable with new versions of COVID-19, so getting coverage for your traveling plans is too important to pass up.
When you think about what you already spend booking flights, hotel rooms, or tickets to tourist spots, adding more money to get insurance can bring some skepticism.
If you’re wondering if it’s worth it, here are a few benefits you may want to look into:
- Travel Insurance isn’t as expensive as everyone says it is
- It gives you and your travel buddies an extra layer of protection
- Unpredictable events are covered
- Reimburses you for canceled trips, delayed flights, or lost luggage
- Can provide you with medical services if you are exploring abroad
- 24/7 phone assistance for those who aren’t fluent in other languages
Anyone can benefit from travel insurance. The benefits stack up and purchasing an insurance plan may be the right way to go so you can enjoy your dream vacation.
What Types of Travel Insurance Plans Are There?
Many people assume that travel insurance only covers things like canceling a trip last minute. That assumption is a common reason people miss out on the benefits of getting insured. More types provide coverage in a variety of situations.
Trip Cancellation Insurance
Imagine putting thousands of dollars into a trip abroad only to have it canceled due to a reason that is entirely out of your control. Sounds frustrating, right? That is where Trip Cancellation Insurance comes in.
It will reimburse you for any financial investment you made into a trip, including airplane tickets. The most common reasons covered are a sick family member, death of a family member, damage to your home due to a natural disaster, jury duty, or being laid off of work.
Travel Health Insurance
Just because you have health insurance, doesn’t mean you’ll be covered if you plan to travel abroad. You should always check your desired location to see if they take nationalized health insurance (most don’t).
If they do not, a travel insurance plan can give you medical coverage for emergencies or injuries sustained while traveling. It can even help you get evacuated in the case of an emergency since a current health care plan will not get you back home.
Medical Evacuation Insurance
This type of insurance helps you get transported back to the U.S. or to another medical facility capable of treating you for whatever illness or injury you might have.
You may want to seriously consider getting this type of coverage if you’re traveling to a place where the medical conditions aren’t as efficient or in a remote area where a hospital is far from reach.
As explained above, your current healthcare provider will not pay to transport you back to the U.S., and airlifts or ambulances can wrack up medical bills costing you thousands of dollars.
How Does Travel Insurance Work?
Travel insurance is simple in the way it benefits its carriers. You will want to pick an insurance plan based on the fine print to see what it covers and how much it benefits you.
Once your plan is active, the coverage begins. If your trip gets canceled and you purchased Trip Cancellation coverage, you will be reimbursed for what you paid (sometimes you may not get a full refund).
Or, say you got sick while overseas. Your travel medical insurance will pay for the expenses you would normally pay out-of-pocket. You will be reimbursed if you lose your luggage. Just remember that your luggage typically will need to be missing for a certain amount of time before insurance carriers reimburse you.
Not every insurance plan covers the same things, so it is always best for you to look at everything they offer and see how it aligns with what you need.
FAQs
Where can I get travel insurance?
You can get access to different insurance carriers on sites like InsureMyTrip.com or find a list of the best companies from customer reviews and ratings. It can let you compare different carriers so you can find the best one for you. Also, if you are booking a tour through a travel company, they sometimes offer travel insurance as an add-on.
How much does travel insurance cost?
Travel insurance plans can be very affordable, especially compared to out-of-pocket costs you might have to pay if you get medical care out of your insurance network or if your trip gets canceled. The average cost is around $95, but can be as low as $61 or high as $210.
Do I need travel insurance if I already have health insurance?
Your health insurance will most likely not cover any medical expenses you may have if you travel outside of your covered network. So, you will need to get travel insurance if you prefer to have that safety net if an emergency comes up.