Is Travel Insurance Worth It?
Travel insurance is important. However, before you get one, ask yourself: “Do I really need it?” One out of three tourists buy travel insurance plans, according to research. It puts together medical emergencies, coverage of personal effects and interruption or cancellation of trips. If you were to make computations, cancellation of trips make up five percent of the cost of travel insurance. However, check your existing plans to make sure that these do not overlap. Look into the termination benefits of your credit cards as well. Big travel agencies also provide refunds on cancelled trips.
At the same time, the coverage on personal items may also be repetitive since your homeowner’s plan may be providing the same coverage. Besides, airline companies are mandated to recompense passengers for a maximum of $3,300 on lost belongings for domestic flights and $1,500 for international travel. Certain credit card providers also give such perks to clients.
With regards to travel medical insurance plans, it is practical to add insurance policies for high-risk activities such as adventure sports when you go to another country. The regular plan may not include standard plans. If ever you have a health insurance policy, you still have to pay the costs and request for refund once you go back to the United States. The key factor here is to review the benefits and compare it with the premium which is roughly $2,000 for the annual policy.
Reasons for Buying insurance
Travel insurance can be expensive especially if your potential losses are expected to be minimal. You may be paying hundreds of dollars but you never get the opportunity to use it. However, if something goes wrong, and you will never know when it can happen, the protection will prove to be very useful.
Your reasons for purchasing travel insurance plans are varied. Your flight can be cancelled due to unforeseen circumstances. The bags that you have checked in containing important belongings get lost. It is also possible that you lose your passport, travel documents and wallet containing money while traveling. Definitely, you will need cash and a replacement for the passport. You may get sick while in another nation or meet an accident. Again, you will need emergency treatment, hospital confinement or be airlifted back to the U.S. and if one of these situations takes place, insurance will be of big help.
Getting a plan is optional and you can always look for cheap travel insurance. On the other hand, medical bills can be relatively expensive in any part of the globe. The last thing you will surely want to happen is to be paying for hospitalization and medicine personally. While you can opt for the coverage offered by credit card firms, this may not be sufficient since maximum coverage normally lasts up to 15 days only. The best way is to make calculations and determine the exact coverage together with the protection period. Moreover, find out if the travel insurance plans you are inclined to choose will also protect your spouse and kids. This will take away much of the stress caused by thinking about the welfare of your family.