Travel insurance myths busted: What to know
Planning a trip can be expensive and stressful enough. The last thing you want is for something to disrupt those plans and cost you even more money.
While you can't always control what happens in your travels, you can eliminate some of the stress by purchasing travel insurance. Travel insurance could save you hundreds (if not thousands) of dollars in the event of an unexpected incident or illness.
However, travel insurance isn't as well-understood as other kinds of insurance, such as health and auto insurance. There are plenty of misconceptions that might keep you from considering getting coverage. In this article, we'll clear up these myths to help you better determine if travel insurance is worth it for you.
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Travel insurance myths busted: What to know
Don't let these common myths dissuade you from buying travel insurance.
Myth #1: It's too expensive
As with any type of insurance, it can be worth spending a little now to save a lot later.
According to the U.S. Travel Insurance Association, travel insurance typically costs between 4% to 8% of your total trip. So, travel insurance for a trip worth $2,000 would cost $80 to $160. When you consider how much you stand to lose if your luggage is damaged, your flight is canceled or you get sick in a foreign country, the cost can be well worth it.
Plus, you can save money on travel insurance by doing your homework, comparing multiple insurance providers and getting the right amount of coverage.
Myth #2: It doesn't cover much
Travel insurance can cover a myriad of issues. Depending on the type of plan you choose, it could provide up to 100% reimbursement for covered reasons including:
- Trip cancellation
- Travel delay or interruption
- Lost or damaged luggage
- Medical care
Any one of these events could set you back considerably. By considering your needs and comparing travel insurance providers, you can secure the most affordable policy to minimize your losses should the unexpected occur.
Note: Some services offer travel insurance add-ons, such as flight protection, when you book. These add-ons may not provide the best price or most comprehensive coverage, so be sure to research your other options before purchasing.
Myth #3: Your regular health insurance covers you when you travel
Don't rely on your health insurance policy to cover you if you get sick or injured in a foreign country.
"Even if a country has nationalized health care, it may not cover people who are not citizens," the Centers for Disease Control and Prevention (CDC) advises. "Before you go, consider your insurance options in case you need care while traveling."
In fact, some countries require (or at least strongly recommend) that visitors get travel medical insurance coverage. So does the U.S. Department of State. And even if your existing health insurance covers you abroad, the services will be considered out of network and can cost tens of thousands of dollars.
Finally, don't assume you can take your chances if you're relatively healthy and don't plan on engaging in any high-risk activities, such as skydiving or rock climbing. Accidents and illness can happen at any time, and it's better to be safe than sorry when it comes to potentially pricey medical bills.
The bottom line
Even the best-laid travel plans go awry. After spending a lot of time and money planning and booking the perfect trip, it's worth considering travel insurance to safeguard yourself against circumstances beyond your control.
You may even be able to add travel insurance after you've booked a trip. Just be sure to retain all receipts and paperwork so you can make a claim if needed.
Protect the money you've spent and avoid additional costs by looking into travel insurance today. Input your trip information here to see your options.
