When planning a trip, it’s easy to focus on booking flights, choosing accommodations, and picking activities to fill your itinerary. But there’s one aspect of travel planning that often gets overlooked: travel insurance. While it may seem like an unnecessary expense, experts agree that investing in travel insurance can save you from significant financial losses and stress, ensuring that your vacation is smooth sailing.
Travel insurance protects you against unforeseen events that could disrupt your travel plans. While the specifics of coverage can vary depending on the provider and the plan, travel insurance typically covers things like trip cancellations, lost baggage, medical emergencies, and more.
Lauren Gumport, VP at Faye Travel Insurance, explains that providers offer a range of options to tailor coverage to different kinds of travelers. “You may find add-ons like rental car coverage, vacation rental damage protection, or even coverage for extreme sports,” she says. “These extras can increase the cost of your policy, but they also expand your coverage.”
One of the most important types of coverage for travelers is medical insurance. Since most health insurance policies in the U.S. don’t extend to international travel, buying travel medical insurance is a wise choice, especially when heading abroad. Dana Lewis, owner of DWD Travel & Destination Weddings, emphasizes the importance of this: “I can’t imagine a scenario where I wouldn’t purchase travel insurance,” she says.
Travel insurance isn’t just for frequent flyers or those embarking on long international trips. It’s for anyone who’s traveling, whether for business or leisure, across the globe or within their own country. “Any person traveling, regardless of age or destination, would benefit from having travel insurance,” Lewis advises.
Gumport concurs, noting that both domestic and international travelers should consider getting insured. “Anyone who wants peace of mind should purchase travel insurance,” she says. While it’s something you hope to never need, it can be a lifesaver in case something goes wrong.
Selecting the right travel insurance policy depends on your needs and budget. Daniel Durazo, director of external communications at Allianz Partners USA, recommends different options based on the traveler’s circumstances. Frequent travelers might benefit from an annual plan, while those on a tight budget may opt for a single-trip emergency medical plan that covers medical emergencies and transportation.
One of the most important steps in choosing a plan is doing your research. Gumport suggests reading reviews from other travelers to get an idea of the provider’s reliability and customer service. When you’re ready, get a quote based on your trip’s total cost, your destination, and any add-ons you might need. “Many travelers love the ability to cancel for any reason (CFAR), which lets you cancel your trip for any reason, even if it’s just because you’ve changed your mind,” she adds.
While it’s always a good idea to purchase travel insurance as soon as you book your trip, it’s not too late to buy it last minute. Durazo recommends buying a plan at the same time you book your trip to ensure you’re covered from the get-go. Many plans offer a “free look” review period of about 15 days, allowing you to change your policy or get a refund if it doesn’t meet your needs.
While waiting until the last minute is possible, purchasing insurance early provides better protection for your trip. “The earlier you buy, the more coverage you’ll have for unexpected events that might occur prior to or during your trip,” Durazo explains.
Travel insurance might seem like an additional cost, but it’s designed to protect you against the unexpected. Whether you’re dealing with a medical emergency, a delayed flight, or even the loss of your luggage, travel insurance can help minimize the impact on your vacation. “Don’t risk your perfectly planned trip by leaving without it,” Durazo advises.
Ultimately, travel insurance offers peace of mind, allowing you to focus on enjoying your vacation rather than worrying about what could go wrong.
