Travel insurance seems like a money grab, especially after you've spent a chunk of your savings paying for your trip in the first place. Here, we'll tell you what you need to know about travel insurance and whether or not it's worth it. But ultimately, the decision is yours, my friend.
What Is Travel Insurance?
Travel Insurance is purchased before you take a trip and ensures that you have financial protection when you experience unexpected travel-related losses.
There are various kinds of travel insurance and depending on your insurance company you the cost of your insurance policy you may suffer no financial losses at all or very minimal. One thing is for sure though, as we'll explore below, it is always better to be safe than sorry.
Types Of Travel Insurance
According to the type of travel insurance policy stated in your contract, you may be covered in terms of cancellations, losses and delays, or medical expenses.
Trip cancellation is usually included in the most common and standard insurance policies.
In short, if you must cancel your trip before you leave, this insurance will provide reimbursement for non-refundable expenses. A great policy to have if you plan on travelling during the pandemic.
In case, you lose items or luggage during your trip, insurance can cover your lost expenses and even your hotel and meals if your trip is delayed.
Travel insurance for medical incidents is what most people consider when asking for travel insurance. These policies can cover illness, injuries and emergency services like dire dental attention while on an international trip–toothaches are very, very pesky.
Is Travel Insurance Worth It?
Depending on where you are travelling and what kind of trip you are taking, like a cruise, for instance, travel insurance may be a requirement.
Basic travel insurance costs between 4-10% of your entire trip and may vary depending on the age and duration of your trip.
Shortly-yes. Purchasing some type of travel insurance will help you in the long run because the cost of paying for expenses you had no idea would come your way, especially in other countries, can and will cost you a lot more.