Travel insurance – it’s one of those things that we’re used to picking up without really thinking about whether or not it’s financially worthwhile. We’re constantly told that travel insurance is a necessity, that it doesn’t matter how much it costs as long as you have some and it covers you for theft and serious injury. Yet, many financial experts have now begun to question the importance of standard insurance policies when it comes to straightforward, short term trips.
There’s no doubt that travel insurance is a necessity in a lot of circumstances. Extensive, long term travel, risky getaways and holidays with young children are all ill advised if you don’t have comprehensive cover in place. If something goes wrong and you desperately need access to medical care or emergency financial assistance, there’s very little that you’re legally obliged to if you’re not fully covered by a suitable insurance policy. The question is – are there times when travel insurance isn’t worth the extra cost?
When it comes to finding out whether cheap family travel insurance is right for your next holiday, you need to do something that few consumers remember to do. You need to determine whether or not you’re already covered and what for, says Today.com journalist Laura T. Coffey. Many homeowners’ and renters’ are already covered by domestic policies that take into account theft and financial losses incurred whilst away from home. Do note that not all policies will cover losses incurred abroad but many do – make sure to check any existing policies that you may already have for issues that could overlap. Medical and auto insurance is often still valid in other countries. If you have an extensive life insurance policy – this should be enough to cover straightforward, short haul and independent travel. Don’t forget that an airline must reimburse you if they lose or cause damage to your luggage on the way in or on the way out of a country.
To put it simply, one of the downsides of purchasing travel insurance every time you travel is that you might end up paying for something that you already have. If you want to save money on your cover, be sure to check the terms of all valid and existing policies. If you are an experienced traveller on an uncomplicated short haul trip, the risk of illness, injury or theft can be quite low – it is still a risk but it is a small one. Under these circumstances, it is sometimes more worthwhile to travel without an insurance policy but it is done at your own risk and your own possible expense.
As for family holidays and extensive travel – you should never think about embarking without comprehensive cover, says Jennifer Waters from the Wall Street Journal. There are simply too many things that can go wrong, too many problems that are bound to be too expensive if they unfortunately crop up. Suitable travel insurance is more important than ever when it comes to families with young children. If your child becomes ill or has an accident whilst abroad and cannot fly home as planned, your insurance policy must then be able to cover both the medical treatment, the cost of your extended stay in the country and the cost of your eventual travel home.
When push comes to shove, it is never a bad idea to purchase travel insurance, says Money Supermarket expert Felicity Hannah. After all, it is the only financially safe way to travel, no matter where your destination or what your plans. Accidents happen whether or not you’re trying to avoid them and whether or not you’re keen to pack your holidays full of mountain climbing, jet skiing and quad bike biking activities. There will always be people who spend their entire lives trying to avoid danger, only to trip and break a leg stepping off a kerbside. You can’t predict misfortune but you can plan for it – just in case. Always remember to think very carefully about whether or not you need to buy travel insurance. If there’s any doubt in your mind – buy it anyway. It’s much better to be safe than sorry, we all know that by now.
Author Bio : Sophie Wiggins is an experienced backpacker and tour guide. She now gets cheap family travel insurance from World Wide Insure. Sophie broke his arm in Hong Kong in 2001 and his insurance covered the hefty cost of treatment and travel home.