It’s a love-hate relationship. We love it when we need to use it, but we hate having to purchase it. And what are the chances you would actually need to use it? Higher than you think. Many people have no idea that their health insurance will not cover them if they get sick or injured outside of the US, say, on a cruise or at an all-inclusive resort in Mexico. What if your flight is delayed or cancelled? What if your bags are lost? What if your cell phone, laptop, or camera are stolen while on vacation? What if you are driving to your destination and something goes wrong with your car and you are stranded? What if you have to cancel your vacation because a family member gets sick, your boss decides to “unapprove” your vacation request, or the wedding plans fell through so there’s no need for a honeymoon now? I know, all of these are “what-ifs”. But is it really worth spending thousands of dollars on that big dream vacation and not insuring it?
It has often been said, “if you can’t afford the travel insurance, you can’t afford to travel”. That might be a bit extreme, but you get the point. Travel insurance is a lot like car insurance. You only think about it when you need to use it. SO what all kinds of travel insurance is there, and what all does it cover?
The term travel insurance is commonly used to describe a few different types of insurance. It can sometimes be pretty confusing for new travelers.
You should know what kinds of coverage a travel insurance policy includes, because it may not include everything you think it does.
Travel Health Insurance is coverage for accidents, injuries, and hospital visits while you are away from home.
Medical Evacuation Insurance is coverage for transporting you to a major hospital for treatment.
Trip Cancelation Insurance is coverage for unexpected interruptions in your travel plans.
Baggage/Property Insurance is coverage for theft or damage to your gear while traveling.
Is Travel Insurance Expensive?
The price can vary depending on your age, medical history, where you are going, how long you will be traveling for and what you planning to do during your trip. Activities like hiking in Nepal, which is considered a high-risk activity with potentially enormous costs for medical evacuation, will for instance often add a bit to the price of an insurance.
But on average, for a regular travel insurance, we are just talking a few dollars per day. Less than you spend on a smoothie, a coffee at Starbucks or a beer!
Not all travel insurance are created equal. Make sure you read the fine print of your policy. I can only tell you what we look for and you will have to decide for yourselves. We look for a travel insurance that:
- Has sufficient coverage to pay for any medical expenses.
- Covers both injury and sudden illness.
- Will cover emergency evacuation and care, so if I get injured while ATV riding in the Bahamas, it will cover the expenses to get me to the hospital.
- Will pay for transportation back home to my own country if necessary.
- Includes the activities that I enjoy. If you think you might do a scuba diving course then make sure your insurance covers you for that.
- Can be extended while traveling if my travel plans change.
- Covers my most important valuables should they get lost or stolen.
- Has a twenty-four-hour emergency contact number I can call to get help.
- Cover cancellations if myself or a family member get sick and we can’t travel after all.
- Covers any political unrest or emergency situations that may result in the trip getting cut short.
- Claims can be filed online.
- Is reasonably priced.
The best thing to do is to compare. If you’re taking a cruise, compare the cruise line travel insurance with a different policy that your travel agent can offer you. And if your vacation is something other than a cruise, compare multiple insurance policies and levels. Make sure it is everything you need for your big trip.
Most importantly, don’t travel without insurance. What little money you save is NEVER worth the risk.
