Do You Really Need Travel Insurance?ReviewAdviceFAQ's

How Necessary is Travel Insurance?

Frugal minded people tend to pass over "extras." We don't buy warranties for our TVs, and we often turn down basic upgrades for our home, car, or life in general. However, there are certain situations where glossing over extras can actually be a detriment. An example of this is neglecting to buy travel insurance, especially if you're traveling internationally.

If you've always wondered whether or not you need to buy travel insurance, here are some of the benefits you might not know:

Trip Cancellation Coverage

When people think of travel insurance, they usually envision having protection if a trip is canceled. Even if you feel secure in your current job and are in excellent health, it's still wise to purchase insurance just in case you need to cancel your trip.

For example, let's say you purchased non-refundable plane tickets because they were less expensive. As you are packing for your trip, you get the unfortunate news that a close family member passed away unexpectedly.

You want to attend the funeral and cancel your trip, and the only reason you can recoup your costs is because you bought travel insurance. Otherwise, you would have lost the non-refundable amount or had to make a difficult decision to miss the funeral. Whether you're ultra frugal or not, no one can argue with the benefits of travel insurance in this scenario.

How Necessary is Travel Insurance?

Flexible Plans

An elderly couple visiting India will have different travel needs than two young friends going backpacking together through Germany.

Depending on your age, health, your destination, and the type of coverage you want, travel insurance plans can and will vary. This is to the benefit of the customer because travel insurance companies understand that one size does not fit all.

You can buy insurance with trip cancellation, as discussed, which only covers specific cancellation reasons or you can pay for the opportunity to cancel for any reason at all. You can also get different levels of health coverage and help. Although it might seem complicated at first when you review different travel insurance plans, it's actually pretty simple to find one that best suits your situation.

Phone Support

There's nothing more frustrating than needing help while traveling and not being able to get it. Instead of standing in long lines waiting to speak with tired and overworked airline employees, put in a call to your travel insurance agent instead.

They can often help you work through problems, whether it's an emergency evacuation, a major delay, or lost bags. Why deal with the airlines when you can have your agent help you through these issues with a quick phone call? It's nice to be able to rely on someone 24/7 when airlines employees are only available in the airport at certain times per day.

Medical Support

Although many insurance companies do offer coverage if you're traveling internationally, it's beneficial to purchase additional insurance for specific situations. For example, if you are traveling extensively for several months to a variety of different countries, you might want to have additional help if you run into a medical emergency. You will likely have to pay for some care out of pocket if you need it depending on where you are, but it should prevent you from spending unnecessarily.

Not many people realize you get all the benefits above if you research and purchase travel insurance. Remember that different plans offer different levels of coverage, and it's important to take some time to research them before finding the one that's best for you.

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