You've spent months planning a getaway to an exotic location. But if something comes up and you need to cancel your vacation, return early or find emergency medical attention on the go, have you planned for how you’d handle it?
If you want peace of mind that you’ll be protected even while you’re away from home, travel insurance might be a wise investment for you.
When to buy travel insurance
If you’re taking a day trip to the beach or just camping in the woods for a weekend, travel insurance might not be worth the investment for you. However, here are just a few scenarios where spending a few extra euros for coverage could prove invaluable while you’re away from home:
• If you or a family member is injured or gets seriously ill on a cruise or any trip outside your country., travel insurance could help you make arrangements for health care or pay for a medical evacuation.
• You arrive somewhere in Europe for a three-month backpacking trip, only to find that your backpack – including your wallet and passport – has been stolen. If you purchased travel insurance, you could receive help getting your hands on some emergency cash and replacing your passport.
• You've rented a villa in Spain for a week, but a flood causes you to evacuate early. Travel insurance could help you recover what you lost in your vacation investment.
• One of the kids gets appendicitis the day before you’re scheduled to fly to Disneyland and you have to cancel your trip. You could be reimbursed for prepaid, non-refundable expenses if you’re covered with travel insurance.
As you plan your trip, take into account what kind of potential complications you may encounter away from home and determine whether travel insurance is a smart inclusion in your budget.
How to buy travel insurance
Get the biggest bang for your buck by comparing prices and products. Some providers offer a variety of coverage options for different types of trips. For example, if you’re going rock climbing in the Andes mountains or scuba diving at the Great Barrier Reef, you may be interested in different types of coverage than someone going on a historic fact-finding quest to Scotland or travelling to Tokyo for a business convention.
Make sure you've got a couple of key pieces of information handy before you call your agent or purchase travel insurance online. You should already know all of the details of your trip, including travel dates, destination, total cost of the trip and more. You may also be asked to break down the cost of the trip per traveller being insured.
Is it worth it?
Travel insurance typically is a smart investment for those travelling overseas or outside of their country., but it also can prove invaluable if you have to cancel a prepaid trip within the country. Consider your budget and plan for potential complications.
Standard travel insurance vacation plans usually range from between 4% and 8% of the total cost of the trip. But be sure you know what's included in yours.
Some plans cover only medical expenses. Others, known as travel insurance package plans, will take care of cancellations as well.
No one wants to spend more than they have to, but travel insurance can be a bargain if you run into complications either before or during your trip.