Whether traveling across town or across an ocean, it’s best to be prepared. Beyond planning your itinerary and packing your suitcase, there is one more step you may want to consider—purchasing travel insurance.
That’s right. As boring as it may seem, insurance can be a great travel companion. Certain types of insurance are on-demand, meaning that they can be purchased for just the duration of your travels. This can provide you with peace of mind that an accident or delay won’t mess up the trip you’ve saved and planned for.
Here are a couple types of insurance to consider.
Travel insurance protects you from certain financial losses when you travel. For example, what if you get sick before a trip but it’s too late to get a refund for plane tickets and hotel reservations? Travel insurance may reimburse you for the cost of the trip.
You can buy travel insurance on-demand. This means you buy coverage for only a single trip if that’s all you need. If you’ve been saving for that big getaway it may be worth adding the peace of mind provided by travel insurance.
Further, some travel insurance policies may provide coverage for emergency medical care when traveling out of the country. Depending on your nation of citizenship, this may be more or less of a concern. Either way, be aware of what medical bills your health insurance may or may not cover when abroad. Consider whether you might need extra coverage to pay them.
Another form of insurance to consider is accident insurance. What is accident insurance? Accident insurance policies typically pay you directly if you get hurt. You can use the money to pay for out-of-pocket medical expenses like health insurance copayments or deductibles. Or you can use the money for whatever you need—lost or damaged gear, travel change fees, whatever.
If your travels involve more physical activities like outdoors sports, competitions, or a bit of daredevil risk-taking, you may want to look into accident insurance.
Some accident insurance policies are on-demand, allowing you to pay for only the coverage you need, when you need it. You can purchase a policy that covers you for the length of your trip or just part of it, depending on what you need.
Do I need insurance when I travel?
You don’t need insurance to travel, of course, but you may be glad you have it if the unexpected and unpleasant occurs. Remember to check out the details of any policy before you purchase. Make sure you understand what it covers and what it does not.
Whatever you decide, pat yourself on the back for better educating yourself about your options. And have fun on your adventures, travelers.