• Christy Borjes

Should You Purchase Travel Insurance?

When planning a dream vacation, one of the last things people want to think about is whether or not to purchase travel insurance, but it’s worth it to take a little time to better understand this optional coverage, as it could potentially save you from financial disaster. Travel insurance is a type of insurance that provides peace of mind for vacationers and is meant to protect you against unforeseen travel misfortunes. It covers things such as flight cancellations, lost luggage, and foreign medical emergencies. While travel insurance can make a huge difference if things don’t go as planned during your trip, it’s not necessary for everyone. Should you purchase travel insurance? Read on to learn the pros and cons of travel insurance.

Pros of Travel Insurance

Travel insurance is a good way to protect the investment you have made into your trip. If you have booked an expensive trip and paid a lot of money up front, it’s a good idea to get travel insurance in order to cover any money you might lose if the trip is canceled. This is especially true if you are traveling in a high-risk season or going to a high-risk area. For example, if you are going to the Dominican Republic during hurricane season, it is probably wise to purchase travel insurance.

Travel insurance is also important to buy if you are traveling to a location where your regular health insurance will not be honored. Before you leave on your vacation, check with your regular health insurance provider to see if you are covered internationally. If not, be sure to get travel insurance. If you have a medical emergency and you are not covered, the results could wreak havoc on your finances! This is the top reason you should consider travel insurance. Being medically covered becomes more important longer you will be gone and the riskier your activities.

Another pro of travel insurance is that it is not that expensive. For a little over $100 per person, you can have peace of mind for your entire vacation. This is less than you will spend on a jet-ski rental or tour. It’s not worth it to pinch pennies if you risk losing a lot of money in the case of emergency.

Cons of Travel Insurance

Travel insurance isn’t really necessary for a short, low-cost trip. If you haven’t paid a lot of money upfront, losing any non-refundable money won’t be as big of a deal. The cost of purchasing insurance won’t outweigh the risk in this case.

Additionally, most airlines and hotels will allow you rebook if there is an event that causes many cancelations. For example, if there is a severe storm or emergency, most airlines and hotels will allow you to reschedule. If you have the flexibility to switch your plans, it probably isn’t worth it to get travel insurance just for the sake of airline tickets and hotel bookings.

Another drawback of travel insurance is that policies are quite specific and may not cover your trip in the case of certain events. Additionally, you might not be able to get complete health coverage if you have a preexisting condition. If you decide to purchase travel insurance, be sure to read through the policy completely before buying. Know what is included with the policy you choose!

Also, keep in mind that if you do purchase insurance, you will be able to cancel your trip for covered reasons, such a hurricane or natural disaster, or because of an injury or illness of yourself, a family member or travel companion. However, it’s important to note that if you want the option to cancel for any reason, (for example, you just don’t feel like going anymore) that coverage will cost extra.

The Verdict

In summary, do you really need to purchase travel insurance? The answer, it depends! If you have a credit card that provides travel insurance coverage and if your medical insurance company covers you within your destination, you may not need it. Also, if your trip is a quick budget getaway, with little money invested up front, you might not want to add the expense. However, if you have put a lot of money into a long international trip, and your medical insurance policy does not cover you outside the country, then you should definitely consider travel insurance! In the end, it’s really up to you, but when in doubt, go ahead and protect your vacation investment so you can have peace of mind and enjoy your vacation to the fullest extent.

P.S. If you are planning an all-inclusive vacation and would like a travel agent to assist you, please Contact Tropical Travel Boutique today. My service is free, and my goal is to take all of the stress out of your vacation planning while saving you both time and money.

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