Before asking the question “do I need travel insurance” and planning your trip be sure that you understand the pros and cons of travel insurance, and you will surely benefit from your travel insurance policy!

Is Travel Insurance a Worthwhile Gamble?

As probably some of us have experienced, there are many and varied reasons that can be responsible for:

  • The cancellation of a journey
  • To seek emergency treatment during your travels
  • An early return home

When we consider the importance of investing in travel insurance for international trips, the first thought that could come to mind is that like any other insurance coverage, buying, or not buying this protection can be seen as a gamble! In other words, you’re caught between a rock and a hard place because:

  • You might have cover for some contingencies, such as with life insurance, or health insurance that covers emergencies overseas
  • You don’t want to pay for something you will not need
  • But, you also don’t want to need travel insurance and not have it.

What is Travel Insurance and What Does it Cover?

Travel insurance is obtainable from a variety of sources, such as your airline or cruise carrier, an independent agency or your credit card. A rule of the thumb cost is about 5-percent of your total trip, which when you look at the potential return, makes it a reasonable investment.

There are various types of travel insurance primarily depending upon from whom you buy it and the particular insurance coverage involved. Looking at the overall travel insurance scenario, it is a service designed to protect you against unexpected travel misfortunes. They can include:

  • Cancellation of your flight getting due to adverse weather conditions
  • Your baggage is stolen or lost

Some Basic Travel Insurance Logic

Some examples of the common terms and conditions included in the travel insurance are:

  • Journey cancellation and interruption insurance, which reimburses you for determined non-refundable travel costs. This relates to your trip being canceled or subjected to severe delay because of a natural disaster, illness, or a carrier issue.
  • Independent and carrier-provided insurance policies offer you protection up to the amount of your purchase. Coverage is usually a pre-determined sum per person for cancellation and compensation for the interruption of a day trip.
  • In the event of items being stolen from your luggage or it is lost or delayed, travel insurance will compensate you.

The circumstances in which your travel insurance can come to the rescue are far-ranging; from you arriving with our family for a connecting flight, to discover it has been canceled. Your insurance will assist you in finding new flights and/or alternative arrangements.

Or, you could be in another country, and your passport and wallet are stolen, again your travel insurance can assist you in obtaining emergency cash, and replacing your passport. Of major concern to most travelers is the fact of being involved in an accident, with proficient medical treatment not available. Your travel insurance can help provide facilities regarding medical evacuation.

When preparing for your travels, please bear in mind that for international traveling, vaccinations are not just recommended but are regarded as a crucial need within certain instances.

Is There a Downside to Travel Insurance?

This is a question that implies we do not live in a perfect world and likewise, the services we receive can also have a downside! So, yes, there are drawbacks to travel insurance!

Looking at the issue from a cynical perspective, travel insurance can be costly despite the benefits to be gained from your investment. Therefore, if you have an uneventful travel experience you could feel aggrieved at the cost of your insurance that you did not need! Furthermore, if you had foregone the travel insurance, you would have had more money to spend on enhancing your travels.

Another issue could be that your travel insurance benefits may not cover all your particular requirements, such as the protection given by the less expensive insurance. It does not seem logical to spend a significant amount of money on coverage that will not compensate you should there be a mishap. Therefore, consider it crucial that you read and travel insurance policy carefully before signing and ensure any particular issues you have addressed!

The Travel Insurance Crystal Ball

As with any other type of investment and security that affects our lives, if we could look into the future our lives would perhaps be easy. However, in the real world, the potential for accidents and mishaps are an everyday reality. If we are prepared for them, such as with insurance for a flight then we have significant peace of mind.

As you most likely would not sacrifice your medical insurance in everyday life, when traveling abroad it could be regarded as being of equal or of even greater importance to be protected for any unforeseen eventuality. Again, it’s better to have it and not need it, than the alternative!