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You’ve all been through the process of booking a travel adventure and dealing with all the add-ons companies try to sell. You’re in the middle of booking plane tickets before being hit with suggestions for car rentals, baggage upgrades, etc. Travel insurance is one of the many add-ons proposed, but is it actually worth paying for?
Today’s post will help debunk any myths surrounding travel insurance so you know if it’s worth getting or something to avoid.
What is Travel Insurance?
As explained by Generali, travel insurance is a mixture of insurance coverages that help protect you from a host of unexpected problems during your trip. You will find numerous types of travel insurance policies, offering protection from:
Trip cancellations
Travel delays
Transportation mishaps
Medical expenses
Car accidents
There’s really no end to what travel insurance covers; it depends on the policy you choose to take out, and the level of coverage you deem essential.
Is Travel Insurance a Necessity?
Yes and no.
Travel insurance is a necessity when you’re going on certain trips. Let’s say you’re booking a luxury vacation that costs a lot of money. In this case it makes sense to add travel insurance to your holiday package because you’re already spending lots of money - and it can help you avoid wasting that money if something happens.
Similarly, it should be an essential purchase for any trip that involves flight travel or lasts for more than a week. In both of these instances, you’re increasing the chances of something going wrong, which travel insurance helps to mitigate. It won’t be able to prevent incidents, but it will stop you from being financially vulnerable.
Based on what you’ve just read, you’re probably wondering when travel insurance maybe isn’t a necessity. To be honest, it only makes sense to avoid paying for travel insurance if it costs more than any possible losses you may incur. For example, let’s say you’re going on a trip to stay with family and will take the train. The cost of a new train ticket is less than the cost of travel insurance, so it doesn’t make sense to take any coverage out. If your train breaks down or gets cancelled, you can buy a new ticket - and you’re not paying for accommodation anyway, so there are no issues on that side of things.
With that in mind, it’s also not essential if you’re traveling around your home country. You should already have medical coverage, auto insurance, and maybe other insurance policies that cover all sorts of events. In cases like that, adding travel insurance doesn’t make sense.
Conclusion: Travel Insurance Makes Sense When It Saves Money
For most travelers, insurance will still be essential because of how you’re traveling. You like jetting off to different countries and spending time abroad, in which case some insurance coverage will always be useful.
It's all about weighing up the pros and cons; don’t shy away from travel insurance when there’s a high chance of something going wrong, and you don’t have any other protection in place. It can seem like an additional travel expense, but it may save you a fortune.
*contributed post*
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