The value of travel insurance – is it worth the investment?
Is travel insurance really needed? Is it worth the extra investment? Or is it another “suggestive sell” ploy like those extended warranties we’re constantly getting pitched when we make larger purchases?
Whether it’s your trip, your possessions, or your health, travel insurance is a critical item to pack on your next trip. And if you decline travel insurance — or don’t take out the right kind of insurance (beware of weak credit card policies) — more than just your trip could be ruined.
The best way to think about travel insurance is to equate it to how you protect your other investments. It would be unthinkable to not insure your car or home. And while you can always replace material goods, you can’t always replace experiences and memories.
Top 10 examples of when travel insurance has made a difference for our clients
1. A flight has been cancelled and you’re going to miss a portion of your trip.
2. Bags are lost and medication is in it. You need to have an emergency prescription filled.
3. Bags are delayed into the final destination and you need to shop for some clothes and personal items to hold you over until they arrive.
4. A passport and wallet are stolen and you need cash and a replacement passport.
5. Illness or injury has occurred to yourself or a family member and you need to cancel your trip.
6. A terrorist incident occurs in the city where you’re planning to visit and you want to cancel your trip.
7. A hurricane causes your flights to be canceled so you can’t reach your destination. Or you need to be evacuated from your hotel or cruise ship due to a natural disaster.
8. You have a medical emergency in a foreign country. (Most U.S. health care plans don’t offer coverage outside of the country.) Many hospitals will provide treatment but they won’t let you leave until you pay. Travel insurance can help facilitate payment and act as an advocate so that you’re not overcharged because you’re an American.
9. You’re involved in an accident and adequate medical treatment is not available. You need to get treated and then evacuated on a jet to fly you to the doctor and medical facility of your choice. Beware: many other policies will fly you to the doctor and medical facility of their choice.
10. Your cruise line, airline or tour operator goes bankrupt. You need your non-refundable expenses covered and to get to your destination.
There are so many variables to consider when purchasing travel insurance. Not all policies are created equal and the fine print can mean the difference between a stressful situation or peace of mind. Your Pique Travel Designer can help explain the nuances so you find the right policy to match your individual needs.