The two questions that may be plaguing you before traveling might be where you should go and where to stay. However, that is not the only question you should be asking. Whether or not you should buy travel insurance is another question that should be at the forefront of your mind. More often than not, buying travel insurance is necessary to cover your non-refundable travel expenses.
When To Buy Travel Insurance
Though you aren’t bound to buy travel insurance, it is a good idea for trips on the pricier side. No one wants to see hundreds of dollars go ‘poof!’ due to an unforeseen event. Travel insurance is bound to help you out in such scenarios. The tips given below can help you decide whether travel insurance is for you.
1. 15-Day Time Constraint
If you intend to buy travel insurance, you should do it within 15 days of booking your trip. This ensures full coverage. Anything later gives the impression that you are trying to cheat the system. Moreover, you should always notify the insurance provider within 72 hours of your intent to cancel. The longer you wait to get a policy, the less likely it is that you can file a reimbursement claim. A jeopardizing headline can also contribute to your claim getting denied.
2. Credit Card Trip Protection Benefits
Most credit cards offer trip protection benefits like reimbursement of non-refundable travel purchases, rental car collision damage waiver protection, and incidental delay-related expenses. Though these trip protection benefits may be good in their own right, you may still want to buy travel insurance for the following benefits:
- Emergency Medical Visits and Transportation
- Pre-Existing Conditions
- Change Fee Coverage
- Extreme Sports
Every destination isn’t without its perils and risks. Travel insurance plays a pivotal role in protecting you from said risks.
Emergency medical assistance is something that can also tip the scales in favor of buying travel insurance. Without the benefits of travel insurance, you can easily spend thousands of dollars on medical assistance and transportation. This is especially true for foreign countries and remote areas.
3. Travel Benefits Exceed Credit Card Benefits
Most credit cards can reimburse up to 5000 dollars’ worth of non-refundable travel expenses. However, should these expenses exceed the limit, your trip could end up being significantly pricier. Travel insurance not only offers supplemental coverage but can also provide reimbursement on the items your credit card can’t cover.
4. Flexible Reimbursement Policies
Travel insurance provides flexible reimbursement policies. A few reasons to buy travel insurance include:
- Cancel for Any Reason
- Unexpected Work Requirements
- Military Deployment
- Personal or Family Illness
- Legal Divorce or Separation
- Travel Provider Goes Bankrupt
It is prudent to mention that every insurance provider has their own cancellation and reimbursement policies.
The purpose of the insurance is to protect you if something unforeseen happens. Hence, there is a chance you will be covered only if something unexpected happens. If there is a chance that you might not be able to make the trip due to personal or business reasons, it is best to skip the trip altogether. Your insurance might reimburse your purchases, but why take the risk in the first place?
When Should You Not Buy Travel Insurance?
Though travel insurance gives you peace of mind, it isn’t always necessary to buy insurance. You don’t need to buy insurance if your trip cost is low. Less costly trips are generally insured by the travel provider. You only need to buy travel insurance if the travel provider doesn’t provide protection. Moreover, you shouldn’t buy travel insurance if you miss the 15-day time limit or if you already have trip protection benefits that are sufficient for your trip.