While not everyone needs to get travel insurance, it can be helpful for some. Traveling can be risky, depending upon where you go and your own personal needs, and travel insurance can help take away some of the worry and stress of what could potentially go wrong.
If you’re healthy and are planning a trip that doesn’t cost you too much, you probably don’t need travel insurance. However, if you have some health issues or are planning a very expensive trip, getting some travel insurance may be a good idea.
Travel insurance is highly variable, with a lot of different options for coverage depending upon what you need. To make sure the coverage for your travel insurance is the right one for your needs, here is a short list of different kinds of travel insurance.
Trip cancellation insurance
For some trips, you have to pay a lot of money upfront, in addition to the usual expenses such as flights and hotels. Having trip cancellation insurance might be beneficial in this case, provided the reason why you are canceling the trip qualifies as a legitimate reason under the policy.
Qualifying reasons for canceling a trip and being reimbursed for costs would be if you or a family member were seriously injured or sick, a natural disaster, summons for jury duty, a terrorist, etc. Some situations may not be covered—such as if your airline or tour company goes out of business before your trip. Every company has different policies on this type of situation, so dig a little deeper to find out more on this possible situation before you go.
Trip interruption insurance
While the trip cancellation insurance happens before you even leave for your trip, trip interruption insurance covers things that might happen after you’ve already embarked on your journey.
Basically, trip interruption insurance will let you return home early from your travels and will reimburse you for pre-paid and non-refundable expenses for qualifying reasons.
For example, you might experience an emergency back home while you’re away that would necessitate you taking an early flight back, such as a serious illness or death in the family. Trip interruption insurance would help pay for taking a last-minute flight back plus reimbursing any remaining expenses already paid for the portion of the trip that you were not able to finish due to the emergency.
Additionally, you or a traveling partner could get sick or injured during the trip, requiring the cancellation of the remainder of the tip. You could also lose your luggage or credit cards, leaving you unable to pay for things while on your trip, which is often covered under this type of insurance.
Trip medical insurance
Accidents and illness can happen anywhere, so having additional medical insurance coverage in addition to your own health insurance might be a good idea.
You might be able to use your own health insurance some places, particularly the closer to home you are, but if you’re traveling someplace that puts you way out of network or you’re in another country, having additional medical coverage could save you a lot of money in the event you are seriously injured or become ill.
You own health insurance might have overseas travel coverage built in already, so be sure to check with them first before buying any additional coverage.
Travel insurance coverage is highly variable and depending upon our own personal needs and specific travel plans, travel insurance for you might look completely different than travel insurance for your neighbor down the street. While this list is a good start, you will want to check with a travel agent to find out more in terms of what coverage best suits your needs and your wallet.