Last Updated on February 15, 2024 by Saira Farman
No one wants to think about what could go wrong on their dream vacation. Unfortunately, the truth is, anything can happen when you’re traveling–no matter how well you plan. That’s why trips can often come with a hefty price tag when you factor in the cost of travel insurance.
For some, the thought of shelling out even more money on top of airfare and hotels is enough to make them second guess buying a policy. But people may not realize that travel insurance protects a person financially if something goes wrong.
Here are a few things you should consider before going without:
Table of Contents
Understand What Travel Insurance Does
Before moving into all the reasons why you don’t want to go without travel insurance, you first need to understand what travel insurance is. Travel insurance typically covers unexpected medical expenses, lost or stolen luggage, and trip cancellation or interruption. There are many policies out there to fit your travel needs, and this coverage can save you more than you realize. Companies that use insurance predictive analytics can offer you faster data and information on the policy that’s right for you.
Overall, having travel insurance provides peace of mind and can help you enjoy your trip more, knowing that you are protected against potential problems.
Sole Responsibility on You
Without insurance, travelers are completely responsible for any medical bills, lost luggage, or cancellation fees they incur while on their trip. And those costs can add up quickly- especially if you’re traveling internationally.
For example, a broken bone can easily cost over $3,000 to set and cast in another country. And if you need to be evacuated back to the US for medical treatment, those costs can climb even higher.
Travel insurance can help cover the cost of medical care, lost or stolen luggage, and other unexpected expenses. It’s also a good idea to have travel insurance if you’re planning to participate in any risky activities, such as bungee jumping or skiing. Without travel insurance, you may be stuck with a hefty bill if something goes wrong.
Lack of Coverage For Pre-Existing or Medical Conditions
If you have a pre-existing medical condition or something medical happens, your regular health insurance likely won’t cover any treatment you need while abroad. That means you’ll be on the hook for the entire bill if something happens.
Even if your condition is well-controlled and you don’t plan on seeing a doctor while on vacation, an accident or illness could still land you in the hospital. In that case, you’d be responsible for paying for any medical care you received out-of-pocket.
Travel insurance can help cover any unexpected medical costs you may incur while traveling. This type of insurance typically includes emergency medical coverage, evacuation services, and trip cancellation/interruption benefits.
No Financial Protection If Your Trip is Cancelled
Life happens, and sometimes that means your long-awaited vacation has to be put on hold. If you need to cancel your trip for a covered reason like a sickness or family emergency, travel insurance can reimburse you for any non-refundable costs like airfare or hotel reservations.
But if you don’t have a policy in place, you could lose out on hundreds or even thousands of dollars. And that’s money that could be better used towards rescheduling your trip for another time.
There are many reasons why your trip might get canceled–from bad weather to illness. While it’s always disappointing when a vacation is cut short, travel insurance can help alleviate some of the financial burdens. Cancellation protection is just one type of coverage that can be included in a travel insurance policy. This coverage can reimburse you for non-refundable trip costs, like airfare and hotel reservations, if your trip is canceled for a covered reason. As you can see, there are many reasons to purchase travel insurance before your next big adventure. It may seem like an unnecessary expense at first, but it could end up saving you a lot of money (and headaches) in the long run.
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