Do I Need Travel Insurance?

There’s much that’s been written about travel insurance, and we get it: why spend more money on your vacation for something you don’t think you’ll need?  One answer to that question is: Do you prefer to have car insurance to protect you in the case of an accident?

There’s probably a lot of drivers that wouldn’t buy car insurance if it wasn’t mandatory; but I think most of us realize there’s value in having the coverage, even if we don’t enjoy paying the premiums.

Travel insurance protects you from unexpected financial losses that can (and do occur) on a vacation. Perhaps more importantly it can provide medical coverage and evacuation coverage should you need to be airlifted to a proper hospital that can treat you. (That can cost tens of thousands of dollars.) The additional benefits of travel insurance can also provide reimbursement for travel delays,, lost luggage, stolen items and more.

While the benefits of travel insurance may not be as important for a short trip that’s not far from home, for international travel it’s all the more relevant. That’s because international vacations cost much more these days, and there’s far more financial risk to you not having this coverage. Travel insurance provides peace of mind and can save you a lot of money if there’s a covered problem that occurs.

When it comes to medical coverage, your health insurance at home may not provide coverage when traveling overseas, or may be limited to a certain provider who doesn’t have facilities where you are traveling. Medical bills can be huge. Check if your current health care covers emergencies while you are traveling.