For most people, travel insurance is not worth the money. Travel insurance companies have carefully calculated the costs of the premiums so that the what you pay offsets the chance that you will get sick or otherwise meet the conditions to be reimbursed for a trip you can’t take. That’s how the insurance companies make money. In other words, the system is rigged in their favor.
However, there are cases when travel insurance makes sense. Basically, insurance is a protection. Sometimes a loss is worth more to you than just the money. For example, if you need to travel for medical treatment, that trip is extremely important, maybe life or death, for you. You may be able to afford the costs of the trip, but you don’t have enough money to pay for the costs twice. If you can’t travel on a trip you booked because of illness, you may not be able to buy that ticket again. In that case, a small insurance premium is worth it to you to insure that you will be able to get to the medical treatment you need.
We recommend this service for easily comparing the costs and conditions for a variety of travel insurance options:
Things you should know about travel insurance:
- Travel insurance reimburses you for any travel expenses you have already paid for a trip you can’t take because of a covered reason.
- Covered reasons typically include:
- You or someone you’re traveling with becomes sick or has an accident.
- You or someone you’re traveling with is laid off from their job
- Your trip cannot be completed because of weather, natural disaster, bankruptcy of the travel provider
- Carefully check the conditions that allow you to make a claim (the covered reasons). Especially since you are already sick, make sure that the policy does not have any exclusions for pre-existing conditions.
- Remember that the insurance covers you before the trip, and during the trip. For example, if you become sick at your destination and cannot travel home on your original itinerary, the insurance will cover the additional costs to get you home.
- Many policies also cover costs of medical care at the destination that are not covered by your insurance, if you get sick at the destination
- Check the reputation of the company providing the policy. Using travelinsurance.com will insure that you’re buying a policy from a reputable company.
- For further research: