Every traveler is looking for the best deal and no one likes to feel they’ve paid more than they should have, but when it comes to insurance it’s hard to judge what an insurance benefit in hand is worth until you need it. Shopping for travel insurance based solely on price may leave you wishing you’d spent a little more.
Think about the costs associated with these scenarios
|What happens if ...||even worse ...||Why Travel Insurance is priceless|
|You are badly injured while traveling abroad and hospitalized||You brought the kids along||With emergency evacuation coverage you'll have coverage for expensive evacuations and some plans return your children home and/or bring someone to your bedside.|
|Your luggage has been lost by the airline||Your tuxedo was in it and the wedding is tomorrow||The airline has limited responsibilities for missing luggage, but travel insurance baggage coverage provides reimbursement for replacement clothing and other necessities (like a tuxedo rental).|
|Your tour operator goes out of business||You pre-paid by check and their doors are locked tight||With travel insurance protection for financial default, your pre-paid money can be refunded to you.|
|Your parents call with bad news while babysitting the kids||Your child has been in an accident and you need to get home now||With trip interruption protection, you can leave your trip and be refunded your un-used pre-paid travel costs and have additional funds to make emergency flight arrangements to get home.|
|Your connecting flight is delayed due to an ice storm||Your wife and kids are very tired and the airline cannot reschedule your flight until tomorrow at the earliest||With travel delay protection, you can be reimbursed for a hotel room and transportation, so everyone can get some dinner and a good night's rest while the storm blows over.|
|Your honeymoon destination is hit by a hurricane||The resort you pre-paid for is completely destroyed||With travel insurance protection that provides 'cancel for any reason' coverage, you'll receive all your pre-paid non refundable trip costs and can reschedule your honeymoon.|
Of course, putting together a comprehensive list of everything that can go wrong on vacation is impossible, but it’s also impossible to put together a comprehensive list of everything that can go wrong with your health, or your home, or your car – that’s why you have insurance protecting those things back home.
Travel insurance is no different – it provides coverage for the things that might go wrong
Shopping based on price alone may get you a bare bones policy that’s cheap, but it may not provide the coverage you need if something happens.
No one wants to think about what can go wrong, but:
- If you can’t afford to lose all the money you paid for a trip, then having ‘cancel for any reason’ coverage could provide a lot of peace of mind.
- If your children are too young to be on their own and you want to be sure they are safe if something happens to you, then having emergency evacuation coverage may be just what you need.
- If your son or daughter is planning a student trip away from you and you want to be sure they have medical coverage, student travel insurance is just the ticket to ensuring their safety.
What risks will you face?
So, how do you know you are covered for the most likely risks? Think a little about who you are, the level of risk you and your personal financial situation can tolerate, and who is coming with you on your trip. Think a little about where you are going, the dangers you might run into, and the coverage you want. See the complete travel insurance coverage guide to understand travel insurance coverage and the options available to you.
- Shopping based on price alone could leave you wishing for more coverage
- Using a comparison engine helps you choose the right plan based on the coverage you need for your trip
- An important step to understanding what travel insurance coverage you need is knowing what’s available