The Pros And Cons Of Travel Insurance
Is It Worth The Cost?
Traveling is just one of those things that often involves many unknowns, moving parts, and variables. Planning a trip requires the anticipation of these unknowns, and forces you to be as prepared as possible for anything that might come up, as being unprepared can lead to serious consequences. These consequences can range from dealing with a sunburn because you weren't prepared for a day at the beach, to dealing with unexpected medical bills because you weren’t prepared for illness. Or like more recently you may have to contend with a raging volcano.
But we all know that you can't be prepared for everything—that's how the concept of insurance came about. When it comes to travelers insurance, many people aren’t aware of the specific incidents covered, and this can lead to indecision, or even to people not considering it as an option at all. Do you know the pros and cons of travelers insurance? If not, we've compiled a list of things to consider in your decision of whether to buy coverage or not.
Pros:
Can Offer Widespread Coverage. From trip cancellation, to bankruptcy of your travel company, to loss of luggage or personal property, some travel insurance policies offer a wide range of coverage, allowing you to relax and enjoy your trip, without doubt that you will be covered no matter what comes up.
Overseas Protection. When you're out of the country, everything you do becomes more complicated. Just look at everything you have to do to simply get out of the country, let alone operate business as usual when you get there. It's near impossible. Pair the difficulty of being out of the country with medical conditions, and you could be in for a rough ride if you're not covered. Travelers' insurance can help a stressful medical situation from turning into a nightmare due to the fact that it happened out of the country. This is especially helpful if you're on Medicare, as this plan does not cover anything that occurs outside of the United States.
Cons:
Might be Unnecessary. In the case of trip cancellation and medical coverage, these are sometimes covered by you current health insurance or sometimes even by your credit cards. Before you fork over the dough for a full coverage trip insurance plan, check with all other sources of coverage, including your cruise line or travel agent to make sure you're not already covered.
Possibility for Restrictions. Of course not every plan will cover every cent of your original trip costs, but make sure you're at least getting good coverage for what you're paying. If you're uncomfortable with the percentage being insured, look for another plan. Also, make sure you read the fine print. For example, HomeAway, a vacation rental company, claims to offer insurance for vacation rentals that are "significantly not as described" upon arrival. However, a closer look into this policy reveals that the home has to practically not exist at all for you to cash in on this policy. Bottom line, do your homework.
So overall, is travelers insurance worth the cost? As with almost everything else, the answer is not black and white. It all comes down to doing the research to see how much coverage you already have and deciding whether it's worth the cost to you to have the extra protection you'll need beyond that. Do remember, if you're able to buy the extra coverage, there are few things better than peace of mind, especially during a time you've set aside for yourself to relax.
