Is Travel Insurance Really Worth the Hassle?
Having insurance is just one of those things that a person never needs until they suddenly do. Most persons can never know when that sudden time will happen to them or their loved ones. Unless there is a perfect clairvoyant around advising each decision being made, there is always the risk of something unexpected happening.
Dating as far back as 2250 B.C, the King of Babylon wrote laws to protect debtors against the loss of overseas products being imported. Coming through to the present ages, the coverage needs have not changed much. Travel has always been a risky prospect and business needs drove the development of a modern system to protect an investment or a person should something happen overseas. Having an ace up the sleeve in cases of an emergency does allay the fears many travelers, but there is always the hidden chance of not being covered based on the information initially provided.
There are thousands of stories where persons have fallen ill or have received an injury while on a trip. The natural course would have been to seek treatment while abroad and have the insurance cover it because that’s why it was purchased. The kicker comes when six months later a bill arrives at their homes demanding payment sometimes in the thousands of US dollars. Why you may ask. The person filled in one MAYBE two responses incorrectly and the insurance company deep dived into the person’s medical history and used these answers as proof of misrepresentation and denied the claim leaving many in or on the verge of financial ruin.
Those facts aside, the question still remains- is travel insurance worth it? The answer is- that depends. It depends on the steps you are willing to take to ensure the insurance fits you- your needs, current lifestyle and the type of insurance wanted. Before researching online, take the time to speak with the following people:
- Credit/ debit card providers
- Home or auto insurance provider(s)
- Life insurance provider(s)
- Investment and loan providers
In most of the cases above, there is usually some form of insurance associated with the products offered by these institutions maybe they can cover your upcoming trip. For example, if an RV is rented, your home auto insurer may be able to cover the vehicle but not the RV air conditioner bought in case of an accident. If no coverage can be extended, there are many types of travel insurance to choose from and here is a list of ten:
- Trip Cancellation
- Trip Interruption
- Cancel For Any Reason (CFAR)
- Pre-Existing Conditions
- Travel & Baggage Delay
- 24/7 Worldwide Assistance
If you are traveling with $10,000 USD worth of equipment then options four and nine would be the best ones to consider. But if you have a concern for medical emergencies then options five to eight and option ten are your best bet. Most insurance companies will offer a combination of coverage options with the ability to bolt on additional coverage as you deem fit. The most important thing to do though is to consult BOTH your doctor and attorney to have their help in filling out the form. A single incorrectly checked box may end up being a $100,000 dollar mistake.