Consider this Before Buying or Denying Travelers Insurance


Most everyone loves to travel, but many people fail to consider purchasing travelers insurance. Perhaps they consider it a waste of money, not worth it, or maybe it’s not anything that ever crosses their mind in the first place. We don’t know what makes people make certain decisions, but we do know that sometimes you just have to think about things a little more before you make a final decision. The idea of purchasing travelers insurance is one of those things you should consider a bit more than just as a fleeting thought. For example, did you know there are actually valid reasons you should purchase this type of insurance?

Before you book your next holiday trip or vacation, learn more about travelers insurance. Once you know what it’s all about, what it covers and how it works, you can make a better, more informed decision as to whether or not you’re going to purchase this or let it go. There are several factors to consider; do you buy the insurance and spend the extra money, or do you save the money? It’s an expensive purchase, which means you have to take a look at the big picture and make the decision for your family as to whether you should save or splurge.

Duplicate Coverage

One of the considerations you have to make when purchasing travelers insurance is whether or not you want to duplicate coverage you might already have. One of the things that many people don’t consider is the fact that these policies not only cover your trip if something should happen and you can’t go, they also cover things such as health insurance, vehicle insurance and even home insurance. Since this is an expensive purchase, you might not want to spend an extra couple hundred dollars on something that you already pay for on a regular basis. Is spending $200 on travel insurance for stuff you already have covering you worth the price? It’s a question only you can answer for yourself.

Traveling Abroad

Most professional insurance companies recommend that you skip out on the travelers insurance if you’re staying in the country. However, they do recommend that you purchase this if you are traveling out of the country. For example, if you get hurt in Sweden, you might have some serious medical bills that you won’t acquire if you get hurt in Colorado because your health insurance covers the bill. Similarly, if you’re traveling abroad and something terrible happens, it’s likely more expensive to do anything about it than it is at home, so you might consider a policy such as this. The purpose is to protect you from financial disaster, which is something that’s far more likely to occur when you are overseas than when you are located just a few states away from home.

Consider What Financial Disaster Means to You

Before you decide to purchase travelers insurance, ask yourself what a financial disaster means to you. To some, it might not mean much. For others, it might mean everything. For example, if you can’t go on your trip and you have to cancel your hotel and airline tickets, is the financial stress going to be too much? Most hotels will allow you to cancel free of charge up to a few days before your arrival date, and many airlines will happily change your tickets for a fee. That fee might be in the hundreds of dollars, but you can spend $200 to change your tickets to a different date or to buy insurance for your trip. Since chances are good you aren’t going to cancel your trip, you might take the chance on skipping out on the insurance and just paying the fee to change your tickets on the off chance that the worst case scenario does occur.

What’s the Cost?

There is no way to tell just how much your vacation will cost, so there is no way to tell you how much your insurance will cost. However, there is rhyme and reason to this policy. For example, your travelers insurance is typically anywhere from 4 to 8 percent of your total vacation cost. This means that if you spend $10,000 booking your vacation, you could spend anywhere from $400 to $800 on insurance. That might not sound like much if you’re already spending this kind of money, but the added expense is not always a possibility. Find out what you can cancel without charge, what you can change and when and for how much, and then make the decision as to whether or not you are going to buy this policy.

Know What’s Covered

You have to read the fine print before you buy this policy. A travel insurance policy is absolutely for some travelers, and it’s not for others. However, you need to know what’s covered. For example, you could be in serious trouble if you do something stupid and get hurt on vacation because you had too many cocktails, and you might end up without that health care coverage you thought you were getting because of it. Knowing what’s covered and what isn’t is going to make it a bit easier for you to determine whether or not this policy is right for you.

Go with a Reputable Company

Never pay the fee for travel or trip insurance without knowing whether or not the company from which you are making your purchase is a reputable one. There are far too many companies out there looking to scam travelers, especially those who are headed out of the country. If you have questions about any company you’re working with, check with the Better Business Bureau or ask a reputable travel agent in your area for a recommendation. This is the best way to ensure that you don’t waste that money on a scam and end up without the insurance you feel you need to cover your trip losses. Protection is good; but only if it actually comes through for you on the off chance it’s needed.

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