My husband and I enjoy road trips and traveling in general. Having a change of scenery is recharging for us and whenever we get the opportunity, we like to take it. We’ve had some great memories hoping in a rental car and just driving.
For longer trips, like visiting the West Coast, we’ll book some plane tickets. It’s less stressful and gives us more time at our destination. One option I’ve seen with flights when I book my trips is that offer of travel insurance for a ‘small fee’. So far we’ve declined, but perhaps there’s some merit into investigating further.
What is travel insurance? Is it necessary or is it something you could do without? What if you’re working overseas for a bit, should you get it? I decided to look into it and see what the big deal is with travel insurance.
What is Travel Insurance? Comparing Policies and Prices 
As with most insurance policies, it really does pay to shop around for the best deal. Prices and coverage can vary based on the company. Find the best one that works for you and your situation. Typically with travel insurance, your policy will cover some expenses:
- Trip Cancellations
- Medical Expenses
- Rental Property Damage
- Theft
- Legal Expenses
I was surprised at how much travel insurance can protect. I think most people get travel insurance to cover them if they have to cancel a trip due to health concern or an emergency. Is it worth it for you? You have to decide because every situation is different. If you have young children or you have a health concern, having travel insurance may be the way to go. If you’re the only one traveling and you’re in fairly good health, you may want to rely on your personal savings. However if you’re going overseas, you may have trouble accessing your money when needed, so come prepared.
Long Term Travel Insurance – How Does That Work?
For some recent college graduates, employment options may include working overseas for a bit. As the name suggests, long term travel insurance is designed to cover those who will be out of country for a certain period of time. It’s mainly bought to help out with medical expenses if you need it while out of country as some health insurance policies don’t offer proper coverage.
Do you need long term travel insurance? I would check with your employer to see what they offer for health insurance and call the insurance company yourself to verify coverage.
Thoughts on Travel Insurance
I haven’t purchased any travel insurance for our trips, but with a baby coming up, we may have to revisit that policy. How many of you have purchased travel insurance? Do you think it’s a waste of money or has it helped you out?If you’re getting your insurance squared away, here are some posts on GPT to help you out:
- Life Insurance: When and Why
- Health Insurance and Your Needs
- Disability Insurance: Is It a Waste of Money for Young People?
Photo Credit: nattu
