Is Travel Insurance Worth It? Here’s the Surprising Truth!

Written and researched by Michael Kays (Travel Insurance Expert) | Fact Checked by Danya Kristen (Insurance Agent).

Travel insurance is one of those things that people often debate over whether or not it is worth the cost. On one hand, it can give you peace of mind while on vacation. On the other hand, you might never need to use it and end up wasting money.

What does travel insurance cover?

Most travel insurance policies will cover you for unexpected medical expenses, trip cancellation, lost or stolen baggage, and other unforeseen events that could disrupt your trip.

Some policies will also cover you for adventurous activities like skiing or scuba diving. Be sure to read the fine print of your policy to see what is and isn’t covered.

Recommended Plans

✅ Atlas America

Up to $2,000,000 of Overall Maximum Coverage, Emergency Medical Evacuation, Medical coverage for eligible expenses related to COVID-19, Trip Interruption & Travel Delay.

✅ Safe Travels Comprehensive

Coverage for in-patient and out-patient medical accidents up to $1 Million, Coverage of acute episodes of pre-existing conditions, Coverage from 5 days to 364 days (about 12 months).

✅ Patriot America Platinum

Up to $8,000,000 limits, Emergency Medical Evacuation, Coinsurance for treatment received in the U.S. (100% within PPO Network), Acute Onset of Pre-Existing Conditions covered.

How much does travel insurance cost?

There is no definitive answer to this question as the cost of travel insurance will vary depending on a number of factors, such as the destination, the length of the trip, the type of policy, the age of the traveler, and any pre-existing medical conditions.

However, as a general rule of thumb, the average cost of travel insurance for a one-week trip to Europe would be around $30-$40 for a basic policy.

This would cover you for things like medical expenses, lost or stolen belongings, and cancellation or interruption of your trip.

If you are looking for a more comprehensive policy that also covers things like adventure activities, then the cost would be higher, typically around $100-$150 for a one-week trip.

Of course, the best way to get an accurate quote for travel insurance is to use an online comparison tool, which will take into account all of the relevant factors and provide you with a list of policies from different insurers at different price points.

Do I need travel insurance?

There are a few things to consider when trying to determine if you need travel insurance for a trip.

The first is the length of the trip.

If you are only going to be gone for a short period of time, then travel insurance may not be necessary.

The second is the destination of the trip.

If you are traveling to a country with good medical care, then travel insurance may not be necessary.

However, if you are traveling to a country with poor medical care, then travel insurance may be a good idea.

The third is the activities you will be doing on the trip.

If you are planning on doing any risky activities, then travel insurance may be a good idea.

What are the risks of not having travel insurance?

If you choose not to purchase travel insurance, you are assuming all of the financial risk associated with your trip. This means that if you need to cancel your trip for any reason, you will not be reimbursed for any of your non-refundable expenses.

Additionally, if you get sick or injured while on your trip, you will be responsible for all of your medical expenses.

If you are traveling internationally, your regular health insurance may not cover you in another country, so you could be left with a very large bill.

In the event that something happens and you need to be evacuated from your location, you will be responsible for the entire cost of your evacuation, which can be tens of thousands of dollars.

What are the key components of travel insurance?

There are many key components to travel insurance, but the most important ones are medical coverage, trip cancellation/interruption protection, and baggage protection.

Medical coverage is important in case you get sick or injured while on your trip. Trip cancellation/interruption protection will reimburse you if you have to cancel or interrupt your trip for a covered reason.

Baggage protection will reimburse you if your baggage is lost, stolen, or damaged.

Other important components of travel insurance include emergency assistance, 24/7 customer support, and coverage for pre-existing medical conditions.

How do I choose the right travel insurance policy?

There are a few things to consider when choosing the right travel insurance policy for your trip. First, you’ll need to decide what type of coverage you need.

Do you need comprehensive coverage that includes medical expenses, trip cancellation, and lost luggage? Or, do you just need basic coverage for medical emergencies?

Next, you’ll need to consider the cost of the policy. Travel insurance policies can vary widely in price, so it’s important to get quotes from a few different companies before you choose one.

Finally, you’ll need to read the policy carefully to make sure that it covers everything you need it to.

For example, some policies exclude pre-existing medical conditions, so if you have a medical condition that you need coverage for, be sure to check the policy carefully.

What are the benefits of having travel insurance?

There are many benefits to having travel insurance when you are planning a trip.

This type of insurance can protect you from financial losses if you have to cancel your trip due to an illness or other unforeseen event.

It can also cover medical expenses if you get sick or injured while on your trip. Travel insurance can also provide protection for lost or stolen luggage and other personal belongings.

Are there any drawbacks to having travel insurance?

There are a few drawbacks to having travel insurance. The first is that it can be expensive.

The second is that it may not cover everything that could happen on your trip.

For example, if you get sick while traveling, your travel insurance may not cover the cost of your medical treatment.

Not all travel insurance is the same

There are many different types of travel insurance available on the market, and it is important to carefully consider which one is right for you before making a purchase.

Not all travel insurance policies are created equal, and some may not cover certain types of events or activities that you are planning on doing while on your trip.

It is important to read the fine print of any policy before buying it, so that you know exactly what is and is not covered.

Some travel insurance policies will only cover you for medical expenses, while others will also cover things like lost or stolen luggage, trip cancellation, and missed flights.

It is important to think about what type of coverage you need before buying a policy so that you can be sure to get the right one for you.

Additionally, different travel insurance policies will have different deductibles, so it is important to be familiar with those before making a purchase.

A high deductible policy may only require you to pay a small amount out-of-pocket before the insurance begins to cover any expenses, while a low deductible policy may only require you to pay a portion of the expenses if something goes wrong.

It is important to compare different policies to see which one is the best fit for your needs.