Since most of us only plan a trip after reviewing our cheap traveloptions, including cheapairplane tickets, discount hotel rooms, and cheap vacation packages, theidea of paying even more for travel insurance often seems like an unnecessaryexpense. After all, why pay forsomething you are planning on not using?
Of course, unexpected things can easily happen on atrip. Depending on the travel insurancepolicy, it can cover everything from the ruinous expense of health emergenciesto disruptions caused by bad weather or a terrorist attack. Depending on which policy is purchased,insurance can also be used when dealing with logistical challenges such as lostluggage.
A survey of 1,005 adults in 2015 conducted on behalf of theU.S. Travel insurance Association found that 23 percent of Americans reportedcancelling or interrupting their travel plans between 2014 and 2015. Reasons ranged from health problemsconcerning health, severe weather, and mechanical delays. Over a third of the travelers who sufferedfrom these disruptions had purchased travel insurance.
The following are the factors to consider before making adecision regarding whether to purchase travel insurance:
Travelinsurance tends to increase the cost of a vacation between five to eightpercent. Price varies depending on theage of the travelers and the cost of the trip. Older travelers usually pay more because they are more likely toexperience an illness or injury and historically have a higher claim rate. Over half of the people medically transporteddue to an emergency overseas are 50 or older.
Travelinsurance policies vary widely in what they cover. While many policies cover pre-existingmedical conditions, they almost always require that the insurance is purchasedat the time of the initial trip payment or soon thereafter, other policies donot.
If youopt for a comprehensive travel insurance plan look for one that includesprotection against nonrefundable travel expenses, medical coverage foremergencies or evacuations, and concierge services that will help in the eventof a lost passport or in finding a different hotel. Do your research regarding cost and coverage priorto making any final reservations so that you will be ready to purchase travelinsurance when you are booking your trip. There are blanket travel policies that provide coverage throughout theyear for people who travel often.
If youdecide to opt for travel insurance, do not automatically purchase the oneoffered when booking your trip. Travelers should research other providers policies in advance becausecoverage varies significantly. The bestway to find compare policies is by checking out websites such as InsureMyTrip,SquareMouth, or TravelInsurance. Remember that the value of travel insurance varies widely by individual.
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