Is travel insurance really necessary?
Traveling is expensive enough, isn’t it? The cost of airfare, cruises, hotels, ground transportation, food, activities, and entertainment are already high enough. I don’t know about you, but I work hard for my money, and when I travel, I want to keep as much money as possible in MY pocket. Is travel insurance a necessity or a luxury? Why not cut a few corners here and there? Why buy something if you really don’t have to?
My personal answer is, of course, that I am not independently wealthy and cannot bear the potential financial losses that I would incur if I required medical attention while traveling. Not being independently wealthy also means that I am in the market for adequate but cheap travel insurance. I suspect that you are in the same situation, which is why you also need cheap travel insurance. If you’re still not sure about that, consider the following.
Did you know that if you get sick or injured while traveling abroad, your medical plan may not cover all of the expenses you will incur? If your treatment costs are higher than the maximums for your medical plan, you will be responsible for the difference, unless you have already purchased travel insurance. In fact, you may not even be admitted to hospitals in some countries without proof that you have health or medical insurance.
This is true for everyone, regardless of age or length of time abroad. Suppose you become ill within hours of reaching your destination. Or suppose you take a day trip to another country and are injured in a traffic accident. Or suppose that one of your children is part of a group that goes on a class visit abroad, gets food poisoning, and requires hospitalization. In all cases, without adequate travel medical insurance, you will be responsible for costs beyond the limitations of your existing medical plan.
Therefore, before traveling abroad, you must ensure that you are adequately covered by travel medical insurance that does not break your budget. You should check to see if the appropriate coverage is already available to you through your medical plan, employee benefits, or even through a credit card. If the coverage is sufficient for your needs, you can enjoy your trip without incurring the additional expense of travel insurance. However, if you are unsure of your coverage, or if your coverage is inadequate or non-existent, your next step should be to research and purchase the travel insurance coverage you need.
How much can you expect to pay?
When I bought my first plane ticket to China a few years ago, it was around $ 2000 round trip, and my travel insurance cost me over $ 500 because I didn’t look for cheap travel insurance online.
A few years later, a little older and wiser, and my travel insurance for another trip to China cost me a lot less, around $ 300 for roughly the same coverage. The difference? Before buying my travel insurance for the second trip, I did a search online and got the coverage I needed, at the right price. If I had bought my travel insurance for this last trip with my travel agent, it would have cost me around $ 600 for the trip, and my plane tickets are only $ 1,500! Not exactly the smart way to do it.
So how much will it cost you? Not as much money as it will cost you if you get sick or injured abroad and don’t have travel insurance coverage! That is the obvious answer to the question.
In fact, the cost of travel insurance will depend on your age and the type of coverage you choose. Basic policies cost as little as $ 5.50 for $ 1000 of coverage. On the other hand, you can expect a full coverage policy to cost you 7-10% of the cost of your trip, depending on your age. The higher it is, the more you pay. However, no matter what the cost of the policy is, it will surely be much less than the cost of medical evacuation!
The good news is that you can easily, conveniently, and quickly search and find great yet affordable travel insurance online and lower costs while making an informed purchase. This is much better than accepting what the travel agency offers you because you can choose from hundreds of travel insurance companies and sources and save a lot of money in the process. One place where you can start your search is Travel Insurance Central, [http://www.travel-insurance-central.com]
What to consider when buying travel insurance
To help you in your research, here are some tips to help you make an informed purchase.
1. Consider the worst case scenario. If you can financially endure the worst case scenario, you may not need travel insurance or you may not need a comprehensive policy.
2. Make sure the policy you are considering provides adequate medical / dental coverage, including medical evacuation coverage. in case you need medical attention in a place where the best available treatment is below the standards to which you are accustomed in your country. This can happen if you get sick in a developing country or even on a cruise ship.
3. Check your existing insurance policies for possible coverage. There is no point in paying more for what you already have on your homeowner or renter policy, like theft and loss coverage.
4. If you are a frequent traveler, you should consider annual or year-round travel insurance policies. They are sometimes called multi-trip travel insurance policies. Whatever the name, these policies can be relatively inexpensive compared to single trip travel insurance policies.
5. Know what you are buying, so read the fine print. Make sure you understand what the company considers a legitimate reason for cancellation or discontinuation. If the list is too restrictive, maybe you should consider another policy.
6. Don’t just buy from your travel agent. You probably only have one company’s products available, and it’s there for your convenience, but that convenience can be quite expensive!
7. Ask a lot of questions about coverage. Play the “what if” game. Ask for clear explanations of terminology. Make sure you and the travel insurance company speak the same language.
8. Don’t buy insurance through your transportation provider. If the airline goes bankrupt, how adequate will its insurance coverage be?
Once you have purchased your travel insurance
Remember that your travel insurance policy covers you between certain specific dates, so do not start your trip earlier or extend your trip without first changing the coverage dates of your travel insurance policy. Of course, this may cost you more, but it’s cheaper than running out of coverage when you need it most.
Also, it almost goes without saying that you should carry your travel insurance policy when you travel abroad. You cannot consult the policy if you are sitting at your desk at home. You should also carry your travel insurance company’s toll-free support phone number and other contact information with you wherever you go. It is of no use to you if you get sick or injured and the necessary policy information is in your hotel room. It’s also a good idea to carry your regular health coverage cards and information with you.
I hope these tips help you find the best travel insurance for you. Then start your trip with the peace of mind of knowing that you are insured by the right travel insurance policy at the right price. Good trip!