Insurance is one of the only things the average person will buy and never use, at least that is what everyone hopes. There are several types of insurance that are absolute must haves like health and car insurance. But is travel insurance may not be one.
It is not always necessary, at least not on the same level as some of the other types of insurance, but it does cover some things that other insurances don't. You can't get coverage for lost or damaged luggage or trip cancelations with other kinds of insurance. However, the biggest and most necessary things like medical emergencies and death can also be covered by health and life insurance. So when you are determining whether or not you need travel insurance there are a few considerations you should weigh:
- Do I need coverage for the little things that only travel insurance can cover?
- Does my other insurance cover the big things that travel insurance would cover?
- If there are gaps in my health and life insurance plans, will travel insurance cover them?
Coverage for the Little Things
Travel insurance can cover the little bothersome circumstances that may occur while you are traveling. For instance, if you find yourself waiting in baggage claim for a bag that's never coming back, travel insurance can reimburse you for the loss. Or if you find out weather or airline scheduling caused you to miss your flight travel insurance will cover you. These annoying facts of travel life are very specific and are typically only covered by travel insurance. Consider the following circumstances:
- You frequently check bags with expensive designer clothing or other precious items.
- You like to pay for flights and hotels in advanced.
- Your travels are unpredictable and trips may be cut short, cancelled or interrupted.
If you are worried about things like this, you may want to consider travel insurance for these little exclusive coverages alone.
Coverage Gaps for Big Things
When things get serious it is good to have insurance and emergency services to back you up. Many people have comprehensive life and health insurance that will cover them even while traveling. However, if you have coverage gaps in your typical plans, travel insurance may be able to cover them. For instance, if you were to be injured while travelling, would your health insurance cover your emergency evacuation? Would your health or life insurance cover injury or death if you travel to a high risk country? Coverage for travel specific injuries and accidents are not unheard of in health and life insurance but it may be uncommon.
Will you be Covered?
Think about what you are planning on doing on your trip. There is travel insurance out there that covers very specific types of travellers including business travel and family plans. There is even coverage for athletes traveling to participate in extreme sports. Check your existing plans to see if they cover the circumstances that you plan on participating in on your trip.
Before you purchase travel insurance, check your insurance plans to see if you are covered. You should also check with your credit card company to see if your plan with them covers you as many will reimburse you for some travel disruptions.