After paying for a trip, whether that be a couple hundred dollars or a couple thousand, the last thing you want to do is pay more money. Especially for something you probably won’t even use: I’m talking about travel insurance. But how do you know if travel insurance is worth it?
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Cons of Travel Insurance
You'll Probably Never Use It
Chances are you’re not going to have to use your travel insurance. So technically, that’s money you could’ve spent on something else for your trip.
Not Everything Is Covered
You Might Already Be Covered by Your Credit Card
Many big travel credit cards include travel insurance as a perk. I use (and love) Chase Sapphire Reserved, and they offer travel and lost baggage insurance.
How to Determine if You Need Travel Insurance
But, WHAT IF. What if you’re on a cruise, have a heart attack, and have to be airlifted to a hospital? This happened to someone on our cruise ship once! One minute our ship was cruising along, the next, the boat is being prepped for an emergency helicopter landing. A man had a heart attack, and had to be airlifted to Houston from the middle of the Gulf of Mexico. We ended up near his family while disembarking and overheard that he had an existing heart condition. Luckily, they had travel insurance and it covered it. I’m sure his policy was expensive, but it was probably a fraction of what it cost to be airlifted from the middle of the ocean.
So how do you decide if you should get travel insurance for a trip or not?
Consider Where You're Traveling To
If you’re an American and traveling within the US, your regular insurance will likely cover any issues that pop-up on your trip. If you’re planning an overseas adventure, then that’s a trip you might want insurance for.
How Many Flights
You should also consider how many flights you’ll be taking to get to your destination. The more you have to change flights, the more likely you are to lose your luggage at some point along the way. Travel Insurance can help pay for any replacement items you have to buy if your luggage gets lost.
What You'll be Doing
Another thing to consider is what you’re going to be doing on your trip. If you’re just going to be doing some basic sightseeing and relaxing on the beach, your chances of an unexpected injury are low. But if you’re planning on skydiving, bungee jumping, or doing a high-risk activity, then consider getting travel insurance.
What You're Bringing With You
When deciding if travel insurance is worth it, you should also think about what you’re bringing with you on the trip. I typically bring a lot of camera gear with me when I travel. If any of that was stolen or broken, I would be heartbroken, not to mention out a good chunk of money.
Many travel insurance plans cover lost or stolen property and that’s something I definitely find worth paying for. Make sure to double-check the plan you’re looking at and make sure it covers your property too.
Which Travel Insurance Should You Get?
I use World Nomads and highly recommend them. They give options for levels of coverage and are very clear on what activities are covered and what aren’t. I used them when I went to Fiji, Australia’s Red Centre, New Zealand, Southeast Asia, and Europe.
Though I’m a big fan of World Nomads, I encourage you to shop around different companies and see what’s going to be best for YOU!
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