Many people don't see the real value in Travel Insurance. So Let’s talk about it!
It is too expensive. Actually, travel insurance is pretty affordable. Now if you purchase a $10,000 trip, expect to pay a little more, but that is because your insurable interest is higher. Most basic polices are not much more than $100.00. For that amount, you’ll have protection and peace of mind, which are invaluable.
I have a credit card. While it is true that most card issuers provide some travel benefit, it is usually not as comprehensive as a traditional travel insurance plan. In most cases, you must first use your credit card to purchase your travel accommodation(s).
Know that all credit cards are not the same. My Capital One Venture card advertises travel benefits. However, when you look at the fine print you’ll see they provide coverage for lost luggage, roadside assistance, rental collision, and accidental death. That’s it. There is no coverage for medical, trip cancellation, or trip delay. Do you know what coverage your card provides?
I’m not doing anything adventurous. Travel insurance is not just for the adrenaline junkie. Travel insurance covers illness, delays in your vacation, and lost luggage. If you are canceling for a reason laid out in your policy, travel insurance steps in so you don’t lose all the money you paid for your trip. These issues do not just apply to daredevils like myself.
But I have health insurance. This is a big misconception. It’s important to note that if you are traveling internationally, there is a good chance your health insurance will not be accepted. If you need medical attention prepare to pay in full before you are even treated. In emergent situations you can be admitted for treatment, but you may not be released until your bill has been pain in full. I have seen this turn into a life or death situation.
As always, we wish you a beautiful and glorious vacation. But when the unexpected happens, we want you to be prepared. Remember, your vacation is a valuable investment and you should protect it.