Is travel insurance worth the cost?


When we book our dream vacation or plan a business trip, we are sometimes tempted to scrimp and do away with travel insurance. We say to ourselves, "What's going to happen to me during my trip, anyway?" Indeed, is travel insurance really worth it, or are we just adding an unnecessary expense towards the cost of our trip?

Well, in travel, as in many things, Murphy's Law may rear its ugly head. Remember Murphy's Law? It states that things that can go wrong will go wrong. Your dream vacation may turn into a nightmare when you miss your connecting flights, have to cancel your trip and forfeit your non-refundable tickets, get sick while you're out of the country, or when you meet an accident. Yes, there are many things that can go wrong when we are traveling.

When these things happen (and they can!), we find that it is a relief when we have these eventualities covered by insurance. Yes, travel insurance may seem expensive at the onset, but when you find that you have to make a claim, you will realize that the extra expense sure is worth it.

So, the question is when is travel insurance worth the cost?

Of course, when you are only traveling short distances (like a three-hour trip by car), you may not need travel insurance. The same applies when you are traveling within the country and you are already covered by health insurance. 

But still, even when you are just within your country's borders, there still are a lot of possibilities - lost baggage, forfeited deposits, delayed flights. These are things that a travel insurance policy can help you with respect to the financial aspect.

Also, if you are traveling out of the country, travel insurance is really something you can't afford to say no to. Remember, even if you are covered by health insurance in your country, the same may not be true for other countries. The level of service and the price of the hospital treatments may also vary.

There are also many other benefits when you buy travel insurance. Depending on the policy and the level of coverage that you buy, this may enable you to claim against hospitalization and doctor's fees, emergency evacuation costs, lost baggage, canceled trips and a host of other possible events. There are also some policies that will reimburse the amount or the portion of the amount in the event that you need to cancel your trip or when circumstances cause your trip to be delayed or canceled.

Travel insurance helps you save on possible expenses, as well as the hassle and stress you may have when something goes wrong. When you keep this in mind, you will definitely agree that travel insurance is surely worth the cost.

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