When it comes to getting ready for a significant trip, you might be similar to us. You pack excessively, only to discover that your suitcase won’t shut, and then you start removing items. The snorkel gear, the sarong, that extra jacket… you can manage without them. However, there’s one thing you absolutely must pack: travel insurance.
Many individuals consider the added cost and question whether purchasing travel insurance is truly worthwhile. In most cases, the response is a resounding YES. Here’s why.
Top 5 Reasons to Have Travel Insurance:
Most of us can’t afford to lose our vacation investment
For instance, suppose you spend $7,000 on a lavish Mediterranean cruise to commemorate your 25th wedding anniversary. However, the day before your scheduled departure, your mother experiences a severe fall and is hospitalized. Although the cruise line expresses sympathy when you contact them and explain the situation, you will not be reimbursed. The company’s policy explicitly specifies that cancellations made within 14 days of the trip’s start date are not eligible for refunds.
Instances like these emphasize the importance of obtaining travel insurance. If you have travel insurance that includes trip cancellation coverage, you may receive compensation for prepaid, nonrefundable trip expenses if you must cancel for a covered reason. Covered reasons may involve events such as the covered severe sickness or injury of the policyholder, a traveling companion, or a family member; the demise of the policyholder, travel partner, or a family member; a natural calamity or another incident that makes your destination uninhabitable, among other possibilities.
Medical emergencies overseas can be really expensive.
Imagine this situation: During a road trip in Argentina, a truck collides with your rental car, resulting in a broken leg and other severe injuries. Upon arriving at the hospital, you present your health insurance card, but the staff merely shakes their heads. You’ll need to pay for treatment upfront, and your medical bills quickly rise into tens of thousands of dollars. If you require medical evacuation, the expenses can exceed $200,000, depending on the nation and the distance to the nearest hospital.
According to the U.S. State Department, “numerous foreign healthcare institutions and practitioners demand upfront cash payment and do not accept American insurance policies. Medicare does not offer coverage beyond U.S. borders.” Also Read: 10+ Cheap Insurance Quotes for Cars in the United States, It’s Affordable
If you possess travel insurance that includes emergency medical benefits, it may reimburse you for expenses related to covered medical and dental emergencies that occur during your trip. Emergency medical transportation coverage can compensate you for medically essential transportation to the nearest suitable healthcare facility, as well as the expenses of returning home after experiencing a covered illness or injury. The Allianz Global Assistance helpline staff can also help you arrange payment in advance for covered emergency medical services. Ultimately, when contemplating whether “is travel insurance worth it?,” consider the modest expense of obtaining insurance against the enormous costs of an overseas medical emergency.
You don’t want minor mishaps to ruin your trip.
A holiday is, essentially, an investment in your contentment. However, if that getaway commences with a canceled flight, a lost connection, a misplaced piece of luggage, or another travel disruption, that sensation of joyous travel swiftly dissipates.
Travel insurance can aid in mitigating such circumstances. For instance, travel delay benefits may compensate you for additional travel expenses or accommodation and lost prepaid expenses as a result of a covered departure delay lasting six hours or more. Meanwhile, baggage delay benefits can reimburse you for reasonable purchases of vital items throughout your journey if a common carrier misdirects or delays your luggage for 24 hours or more. Furthermore, several other benefits cater to common travel mishaps, so it’s best to review your policy to determine what’s covered.
The U.S. Department of State says so!
What’s the initial course of action when confronted with an emergency abroad? Numerous American travelers contact their local U.S. embassy for assistance. However, these individuals are frequently let down when they realize the embassy’s abilities are restricted. While embassy personnel can aid in replacing a stolen passport, contacting family or friends back in the U.S., seeking medical attention or legal aid, conversing with local law enforcement, and referring you to various resources, they’re not authorized to cover your medical bills, provide emergency transportation (apart from rare, catastrophic events), or address any financial losses you experience while traveling.
The State Department recommends that American travelers have travel insurance, particularly one that encompasses emergency medical benefits, emergency medical transportation benefits, and coverage for other unforeseen expenses such as trip cancellation and lost or stolen luggage.
It’s easy to find affordable travel insurance.
The main reason people skip purchasing travel insurance is the cost, and we get it. When you’re already spending a significant amount on a much-anticipated cruise or resort vacation, adding insurance to the expenses can be difficult to justify.
Many people are not aware that travel insurance can be quite affordable. When you request a quote, you’ll have access to several coverage options that fit your trip and budget. For instance, our OneTrip Cancellation Plus plan, which was previously known as the Essential Plan, is our most affordable plan that offers three essential benefits: trip cancellation, trip interruption, and trip delay coverage. If you’re planning on taking more than two trips this year, you can opt for an AllTrips plan, which covers all of your travels in a 365-day period, making it the most cost-effective travel insurance option.
To find an affordable travel insurance plan, the recommended approach is to request a quote for your upcoming trip and compare available options. It’s worth noting that if you are not satisfied with the plan, you can request a refund within a specified period, usually 10 days or more depending on your state of residence, as long as you haven’t commenced your trip or filed a claim. After this period, premiums are non-refundable.