Traveler's Insurance: Is It  Worth It?

Planning and booking a trip can be an exciting time; thinking about all the fun activities you’re going to do and the memories you’re going to create. We usually don’t think about what could go wrong leading up to or on the trip. Travel insurance is great way to give you peace of mind, especially when you’re investing so much money into a vacation. However, you may not know exactly what it does and does not cover. Here’s a quick rundown.

What Does Travel Insurance Cover?

> You, a traveling companion, or a family member having a medical emergency
> Unexpected death/funeral
> Lost or stolen baggage (more than 24 hours)
> Emergency evacuation
> Bad weather
> Travel delays

What Doesn't Travel Insurance Cover?

> Death or illness of a pet
> Pre-existing medical conditions (can be added on to coverage)
> Cancelled tours
> Losing personal items/documents
> Injury caused by careless behavior
> Pregnancy/birth
> Divorce (this is in most cases, so make sure to read the fine print)

How Much Does Travel Insurance Cost?

On average, it costs between 4%-10% of the trip's total non-refundable cost. So, if your trip costs $4,000, you can expect to pay anywhere from $160 to $400 for insurance.

Do I Really Need It?

It's up to you. If you can afford it, it's probably a wise investment. If you prefer to plan trips over a year in advance, budget insurance into your planning since there's no way of knowing what will happen in the next year. For a last-minute trip, you may be okay with opting out of it. Just look at the cost/benefit ratio. If you are okay with “losing” the money in the event of an emergency, don't buy the insurance.