When planning a vacation, one of the many things you have to consider is whether or not you need travel insurance. This can be a tricky decision, especially since it often comes with a lot of questions. What does it cover? What are the pros and cons? In this blog post, we will discuss what travel insurance is, what it covers, and the pros and cons of purchasing it. We will help you make the decision of whether or not to buy it based on your specific needs!
Contents
What is Travel Insurance?
Traveler’s insurance is a type of insurance that covers you in case of an emergency while you are traveling. This can include things like medical emergencies, lost luggage, flight cancellations, and more. It is important to note that travelers insurance does not cover everything – there are usually exclusions for things like pre-existing medical conditions and extreme sports.
Pros And Cons of Travel Insurance
Purchasing insurance for traveling can be a tricky decision. Weighing the pros and cons is essential when making your choice. So, what are the pros and cons of travel insurance?
Pros
The biggest pro is that it can give you peace of mind while you are on vacation or simply wandering the world trying to find yourself. Knowing that you are covered in case of an emergency can help you relax and enjoy your trip.
Cons
The biggest con is that it can be expensive, especially if you are buying it for a long trip. You also have to be careful of what it covers and doesn’t cover – as we mentioned before, there are usually exclusions for things like pre-existing medical conditions.
Where to Buy Travel Insurance
There are a variety of ways to buy insurance for traveling. You can purchase it from your travel agent, directly from the insurance company, or online. Additionally, some credit cards offer travel insurance as a benefit to cardholders.
When buying insurance for traveling, it is important to compare policies from different companies to find the policy that best meets your needs. You should also make sure that you are buying travel insurance from a reputable company. To do this, you can check reviews online or contact the Better Business Bureau.
What to Look For in A Travel Insurance Policy
When choosing a traveler’s insurance policy, you should consider the following factors:
- The length of your trip
- The type of trip you are taking
- Your age
- Your health
- Your travel destination(s)
- The activities you will be doing while on your trip
You should also read the policy’s fine print to understand what is and is not covered. For example, some policies may not cover pre-existing medical conditions or cancellations due to illness. Additionally, some policies have a maximum benefit amount that they will pay out for certain expenses such as medical emergencies.
Most Common Types of Travel Insurance
The most common types of travelers insurance are gap year travel insurance, trip cancellation insurance, trip interruption insurance, medical emergency insurance, and baggage insurance. Some plans include a combination of various types.
Trip Cancellation Insurance
Trip cancellation insurance reimburses you for the cost of your trip if you have to cancel for a covered reason such as illness, injury, or work obligations.
Trip Interruption Insurance
Trip interruption insurance reimburses you for the cost of your trip if you have to interrupt it for a covered reason such as illness, injury, or work obligations.
Medical Emergency Insurance
Medical emergency insurance covers the cost of medical care if you become sick or injured while on your trip.
Baggage Insurance
Baggage insurance covers the cost of lost, damaged, or stolen baggage.
AXA Travel Insurance covers baggage loss (and delay), cancellation for any reason, travel interruption, emergency evacuation, and emergency medical coverage for domestic and international travel. Get a free quote!
What is Not Covered by Travel Insurance
Traveler’s insurance typically does not cover the following:
- Pre-existing medical conditions
- Cancellation due to illness
- Trip interruption due to weather
- Lost or stolen belongings
- Acts of terrorism
- War or civil unrest
- Adventure activities such as bungee jumping or mountaineering
It is important to read the fine print of your travelers insurance policy to understand what is and is not covered.
Traveler’s Insurance FAQs
Here are some frequently asked questions about travel insurance.
1. Do I need travel insurance?
There is no one-size-fits-all answer to this question. Some people feel more comfortable with insurance for traveling while others do not think it is necessary. It is important to weigh the pros and cons of travel insurance before making a decision.
2. How much does travel insurance cost?
The cost of travelers insurance will vary depending on factors such as the length of your trip, where you are going, and what type of coverage you need. In some cases, the cost of travel insurance may be more than the cost of your actual trip.
3. What does travel insurance cover?
Travelers insurance typically covers expenses related to cancellation, interruption, medical emergencies, and lost or delayed luggage. However, it typically excludes pre-existing medical conditions and adventure activities such as bungee jumping or whitewater rafting.
4. I already have health insurance. Do I need travel insurance?
That depends on your health insurance policy. Some health insurance policies will cover you internationally, while others will not. Additionally, even if your health insurance policy does cover you abroad, it may not cover all of the same expenses as travel insurance. For example, travel insurance may cover cancellation due to illness while your health insurance would not. It is important to read the fine print of both your health insurance policy and travel insurance policy before deciding whether or not you need both.
5. I’m a student. Do I need travel insurance?
If you are studying abroad, your school may require you to have traveler’s insurance. Even if it is not required, travel insurance can be a good idea for students as they are often on a tight budget and may not be able to afford unexpected expenses related to cancellations, interruptions, or medical emergencies.
6. I’m retired. Do I need travel insurance?
Retirees may want to consider travelers insurance to protect themselves from the financial implications of an emergency while traveling. Additionally, many retirees have pre-existing medical conditions that would not be covered by travel insurance.
7. I’m pregnant. Can I get travel insurance?
Some traveler’s insurance policies will cover pregnant women, but others will not. It is important to check the terms and conditions of your travel insurance policy to see if it includes coverage for pregnancy. Additionally, even if your insurance policy does cover pregnancy, it may have certain restrictions such as a maximum number of weeks that you can be covered while pregnant.
8. Can I get travel insurance if I have a pre-existing medical condition?
Some traveler’s insurance policies will cover pre-existing medical conditions, but others will not. It is important to check the terms and conditions of your travel insurance policy to see if it includes coverage for pre-existing medical conditions. Additionally, even if your travel insurance policy does cover pre-existing medical conditions, it may have certain restrictions such as a maximum benefit amount or a requirement that you purchase the policy within a certain time frame before your trip.
9. Do I need travel insurance for my business trip?
If you are traveling for business, your company’s travelers insurance policy may cover you. However, it is important to check with your company to see what is and is not covered by their travel insurance policy. Additionally, even if your company’s travel insurance policy does cover you, it may not cover all of the same expenses as a personal insurance policy. For example, travel insurance may cover cancellation due to illness while your company’s policy would not.
10. I’m going on a cruise. Do I need travel insurance?
Cruises typically include traveler’s insurance in the cost of the cruise. However, it is important to check with your cruise line to see what is and is not covered by their travel insurance policy. Additionally, even if your cruise line’s travel insurance policy does cover you, it may not cover all of the same expenses as a personal travel insurance policy. For example, traveler’s insurance may cover cancellation due to illness while your cruise line’s policy would not.
If you do go on a cruise, be sure to check out these cruise hacks to other packing trips to make your cruise even easier and more enjoyable.
So, Should You Buy Travel Insurance?
The answer to this question is that it depends on your specific needs. If you are worried about being covered in case of an emergency, then travel insurance might be a good idea for you. However, if you are on a tight budget or are only taking a short trip, then travel insurance might not be necessary. Ultimately, the decision is up to you!
P.S. If you are planning a vacation, I personally recommend getting a FoundersCard to save you money and get upgrades on everything from flights to cars to hotels.
