You probably never think about it until it’s staring you back in the face, but every time you go to book a new trip overseas, it’s brought up again: traveler’s insurance. It is certainly something you should consider, depending on where you are going, your experience with travel, and your age. Many choose to risk it and go without, however, so when do you know that it’s worth it? Under what circumstances should you absolutely have traveler’s insurance, or are there any such instances?
Below are the biggest factors to consider when figuring out if traveler’s insurance is right for your situation and can help you decide for good.
Pros of Travel Insurance
Feeling Safer Abroad
The main draw of traveler’s insurance is that in case something does go wrong, you will be prepared for it and have the adequate coverage you need. Sometimes your plans go awry, and you can end up in a bind – those are the moments where you will absolutely breathe a sigh of relief in having insurance to help pay for any unexpected costs. Having to call in the paramedics, go to the hospital, or getting into an accident would all be taken care of with the help of your insurance.
Spare Your Wallet
Paying the premiums associated with your new insurance can be somewhat annoying at first, but that doesn’t mean it won’t be worth it. Your flights could be moved, which can have a domino effect on the remaining reservations, plans, and bookings you have had in place for months now. The worst part – is many of these things are non-refundable which is where the insurance would come in to save you.
Cons of Travel Insurance
Understanding Your Policy
The biggest downside to having traveler’s insurance overseas can be trying to get through all of the policies and understanding the fine details. If you aren’t well-versed in insurance language trying to decipher another long booklet of information for an unfamiliar health insurance system can be stressful. The biggest letdown could be submitting a claim and not having it get approved because of a misunderstanding. You can count on having everything you need to submit your claim and get it approved without issues if you do your proper research at the outset.