Traveling is fun. But like many fun things, it comes with its own share of risk — from flight delays to health complications.
Depending on your risk level, travel insurance may be a smart investment.
Many travelers downplay the importance of travel insurance, seeing it as a luxurious waste of money. In reality, it has the potential to save you tens of thousands of dollars.
In fact, in some travel destinations like Cuba and Thailand, travel insurance is mandatory.
Today, we will discuss three ways buying a travel insurance policy can help you save money:
1. Save on healthcare
It’s common to catch illnesses when traveling to new places, or accidentally break a leg. Depending on the location, these expenses can add up quickly.
But when you are covered, your travel insurer will step in and take on the financial burden, saving you a hefty sum. Travel insurers also offer emergency evacuation when you are in a remote destination. They can airlift you to the best hospitals without charging you an extra dime.
Some insurers consider pregnancy to be a pre-existing medical condition, so pregnant travelers must get a good insurance policy to help them in case of pregnancy-related emergencies.
Review the estimated healthcare costs of your travel destination and connect with your current provider to determine if additional travel insurance is necessary for your trip.
2. Insurance for personal possessions
It’s possible that your possessions might be misplaced or even stolen while traveling. It’s clear that your camera, laptop and traveling gear will have cost you a lot of money, but if they’re stolen your insurer will be there to fund the cost of replacement.
When traveling, we often find ourselves rushing around, whether to catch a plane or a must-see sunset, but in the rush we often forget important possessions. If you leave your possessions at an airport or hotel, your insurer will be able to cover the cost of delivering them back to you.
Depending on the cost of your gear, it may be cheaper to have your personal possessions insured when in a foreign country, rather than having to buy them again if they’re lost.
3. Coverage for certain activities
Not all holidays are as relaxing as sitting by the beach reading a book, or watching sunsets while sipping your favorite cocktail.
If you’re on a more adventurous holiday, find an insurer that will cover those high-risk adventure sports such as scuba diving, mountain climbing, skydiving, jet skiing and windsurfing, among others.
If you choose to buy this premium, your insurer will find the best places you can get that adrenaline rush. Some travel insurers will even bundle your activity and medical together and save you much more money.
Considering a 52 mile air medical trip can cost you $12,000-$25,000 per flight, The few hundred dollars for coverage could save you the downpayment on a house.
Now that you are aware of how much money you can save if you have travel insurance cover, it is time to do your research, find the best policy that works for you and start traveling!