Why You Should (Or Shouldn’t) Get Travel Insurance: Smart Travel Planning Guide
Travel insurance has become a hot topic for modern travelers. Some consider it an absolute must-have, while others see it as an unnecessary expense. In her Forbes article “Why You Should (Or Shouldn’t) Get Travel Insurance,” Judy Koutsky highlights that the decision depends on trip costs, destination, health coverage, and personal risk tolerance. This guide breaks down the benefits and drawbacks, the main types of coverage, and answers the most common questions about travel insurance.
When You Should Get Travel Insurance
- High-Value Trips with Non-Refundable Costs
If you’ve prepaid for flights, tours, or accommodations that can’t be refunded, travel insurance with trip cancellation coverage ensures you don’t lose your investment. - International Travel & Medical Emergencies
Many health insurance plans do not cover overseas medical expenses. Travel insurance provides emergency medical coverage and evacuation if needed. - Unpredictable Weather or Natural Disasters
Trips during hurricane or storm seasons carry higher risks. Insurance protects you against delays or cancellations due to unforeseen events.
When You Might Skip Travel Insurance
- Low-Cost, Domestic Trips
If you’re traveling within your home country and your health insurance already covers you, additional insurance may be unnecessary. - Refundable or Flexible Bookings
Travelers who purchase refundable flights or hotel stays may not need the extra protection. - Credit Card Coverage
Many premium travel credit cards already provide trip delay, baggage loss, and medical coverage. In such cases, check if this meets your needs before buying a separate policy.
Key Types of Travel Insurance Coverage
- Trip Cancellation/Interruption: Protects prepaid travel expenses if you cancel for covered reasons.
- Medical & Emergency Evacuation: Pays for treatment abroad and emergency transport.
- Baggage Loss/Theft: Compensates for lost or stolen belongings.
- Cancel for Any Reason (CFAR): Offers flexibility to cancel for non-standard reasons, though at a higher cost.
What to Consider Before Buying
- Buy Early: Policies are most effective when purchased at the time of booking.
- Read the Fine Print: Some policies exclude pandemics, extreme sports, or “known events.”
- Compare Providers: Not all insurance is equal—compare deductibles, limits, and claim reliability.
Frequently Asked Questions (FAQs)
1. Is travel insurance worth it?
Yes—especially for international trips, expensive bookings, or travel during risky seasons. It can save you thousands in emergencies.
2. When should I buy travel insurance?
The best time is right after booking your trip. Waiting may reduce available coverage.
3. What if I already have credit card coverage?
Credit card insurance is often limited. It may not cover medical evacuation or CFAR options, so read your card’s benefits carefully.
4. Does travel insurance cover pandemics or epidemics?
Most policies exclude pandemics, though medical care for illnesses contracted while traveling may still be covered.
5. Can I insure trips paid for with points or miles?
Yes, many policies cover award travel—just confirm with the provider.
6. Are short trips covered?
Not always. Some policies require trips longer than 24 hours.
7. How do I pick the right provider?
Compare coverage limits, customer reviews, and claim support. Choose a reputable insurer with a strong track record.
Conclusion
Travel insurance is not one-size-fits-all. It’s essential for international, high-cost, or complex trips, but less critical for short, flexible, or domestic travel. The key is to evaluate your risk, destination, and financial investment. With careful planning, you can decide whether travel insurance is a must-have safety net or an optional add-on.