Should I Buy Travel Insurance?
It is not a secret that everything has gotten more expensive over the past few years. Saving money for your dream vacation isn’t as easy as it once was, so do you really need to add on the extra expense of travel insurance to your next vacation? My answer is usually yes. Read on to hear why!
Protect your investment
If you purchase travel insurance, you are protecting your hard earned money. With the exception of some hotel or airline only bookings with flexible cancellation policies, if you have to cancel a vacation or experience some kind of travel delay, you will not receive a refund for the money you spent. If you are booking your vacation as a package (flight and hotel bundled together, etc) or booking a cruise, adding a travel protection plan is the only way to get any sort of refund. Most often when purchasing the protection as an add on to your vacation package, it is in the form of a future travel credit that you need to use within a specific time frame. Please note you will not be reimbursed for the cost of the travel protection plan no matter the circumstance.
What are the options?
Most travel vendors offer some kind of travel or vacation protection plan when you purchase your vacation, but there are also 3rd party travel insurance vendors you can use. What is best for you is usually determined by the type of trip you are booking. Not every policy is the same and it is important to know what is covered. Your travel advisor can give you recommendations and guide you to the information you need to learn about the policy. Travel advisors should never advise you on the actual policy because they are not employees of the provider. Any specific questions should be directed to the insurance company.
Some travel protection plan vendors have a year long travel policy that is much more affordable if you travel a few times each year. This is definitely worth exploring if you are a frequent traveler.
What if I buy the plan and don’t use it?
I certainly hope this is the case for you! Most of the time purchasing a plan just gives you peace of mind for your travels. It is better to be safe than sorry. I have never personally had to use any of the policies I bought, but I do know people who have. Some have used the cancel for any reason clause when something came up and they could no longer travel, some have used it because they experienced travel delays, and some for medical reasons. Trust me when I say you do not want to have to pay for medical services or evacuation from another country out of your own pocket. You never know when an accident might occur. Have you ever had lost luggage? Travel insurance usually covers that, too.
Do you have questions about travel insurance? I would be happy to guide you in the right direction to find the answers.
