When travelers need to cancel or interrupt their trip, it can lead to a significant financial – and sometimes personal – loss. And, although there are some countries that require travel insurance in order for foreign visitors to gain entry, it is typically not a requirement.
If you’re traveling to a country where travel insurance is not required, how do you determine whether or not you should buy a policy? Travel insurance comparison site, Squaremouth, explains the most common traveler concerns and whether or not it is worth it to buy trip insurance.
You’re worried about not being able to travel due to an illness or injury
This is the most common reason travelers buy travel insurance. Policies with Trip Cancellation coverage can reimburse 100% of your prepaid and non-refundable trip costs if you need to cancel due to an illness or injury.
You’re worried about not being able to travel due to inclement weather
Most policies with the Trip Cancellation benefit include coverage for severe weather that forces you to cancel your trip. It’s important to not that travel insurance only covers unforeseen events, so you must buy a policy before a storm is known to have coverage.
You’re worried about traveling due to a recent terrorist attack at your destination
Fear of traveling is never covered by a standard travel insurance policy. Only policies with the Cancel For Any Reason upgrade can cover travelers to cancel out of fear, however Squaremouth only recommends this benefit when absolutely necessary, because it typically increases a policy’s premium by 40% and only reimburses up to 75% of your prepaid and non-refundable trip expenses.
You’re worried about getting sick during your trip
Travel medical insurance is one of the main reasons travelers buy coverage for their trip. If you get sick during your trip, you can be covered for the costs incurred to treat the illness. If your illness results in an evacuation or forces you to cut your trip short, you can be covered for that as well.
You’re worried a family member will get sick during your trip
In addition to providing coverage if you get sick, you can also be covered if a family member gets sick, injured, or passes away during your trip. This can be covered under the Trip Interruption benefit.
You want coverage in the event your trip is delayed
Most travel insurance policies include Travel Delay coverage. This benefit reimburses the expenses you incur during a delay, including meals, hotel accommodations, and local transportation.
In addition, some policies include Missed Connection coverage to catch you up to your cruise or tour if you miss your connecting flight.
You want coverage for expensive items you’ll be traveling with
While most travel insurance policies offer some reimbursement for personal items that are lost or stolen during your trip, this benefit is not designed to cover expensive items. Most policies offer between $500 and $3,000 per person it coverage for lost items, but also include a per item limit. Squaremouth recommends insuring expensive items valued above $1,000 through other sources, such as your homeowners insurance or the credit card you used to buy the item.