Is Travel Insurance Worth it?
Each time you book flights, you are often offered travel insurance. Do you really need it or is it just a waste of money? If you travel extensively, there will always be risks. For example, you can get sick, lose your valuables, or miss your flight. Travel insurance takes care of all these and more.
Below is a list of the five major types of travel insurance. These can be purchased individually or in combination depending on your needs.
Major types of travel insurance
Flight insurance – This is a kind of life insurance policy that gives you coverage in case of a plane crash.
Baggage insurance – For when you arrive in your destination and luggage does not, there is baggage insurance. This covers you if your luggage is delayed, lost, or damaged in transit.
Cancellation insurance – Useful in many circumstances, this policy provides coverage for you if your trip is interrupted for some unforeseen reason like health issues, accident, inclement weather, or the organized tour you booked gets cancelled.
Medical insurance – Any fee excluded from your current health insurance will be covered by this medical travel policy.
Evacuation insurance – In case of an emergency and you need to be evacuated to a medical facility, this policy will cover for you.
Do you need travel insurance
If you travel extensively, travel insurance is worth it. It protects you from financial or physical loss that may occur during your trip. You can always enjoy your adventures better when you have peace of mind. However, if you rarely travel or already have coverage through another type of policy, getting travel insurance may only be a waste of money.
Check your policies for travel perks
Check your homeowners or renters insurance. It may already cover some travel-related losses. Do the same from your credit card company. Most banks offer travel coverage when you sign up. If you are going to buy additional travel insurance, make sure there are no duplicates so you save your money.
Only you can decide
Do you want to be covered for risks that come with traveling? Ultimately, you decide whether travel insurance is worth it or not. If you travel extensively, make sure you are protected. Shop around for the best value policies and compare all offers to find the most useful travel insurance for you.