Is Travel Insurance Worth It?

When I first started traveling, I was at odds with myself. I would ask myself the same question: “Is travel insurance worth it? Nothing is going to happen…right?”

It’s especially hard because, when I’ve just spent so much money on my travels themselves, it can feel like a waste to part with yet another chunk of cash for something I might not even need.

Years ago, I didn’t bother buying traveling insurance. Now, after a decade of traveling, I won’t travel without it. While it might seem like an annoying expense, trust me—travel insurance is worth it.

My $8,000 surgery in Singapore? Covered.

Another $7,000 worth of hospital visits in Bangkok? Covered.

I’ve heard stories of broken legs, broken backs, helicopter evacuations, near-death drownings…you name it, it’s happened. Not to mention all the flight delays, lost luggage and stolen smartphones.

And, at the risk of sounding far-fetched and cliché, these things do happen to people like you and me.

What Does Travel Insurance Cover?

You should always do your due diligence when choosing the best travel insurance.

It’s also worth noting that travel insurance is not only health insurance. What is travel insurance? Travel insurance covers your trip itself and it also covers medical expenses, should you be unfortunate enough to have them.

So is buying travel insurance worth it? Let’s take a look at exactly what you will be paying for if you decide to buy travel insurance.

Trip Cancellation and Interruption

The only thing worse than your travel plans getting ruined is losing all the money you spent on it!

Should your journey be canceled or delayed because you get sick, or if there’s a hurricane or any type of personal or worldly catastrophe, your travel insurance company will reimburse you for everything. But remember—you have to purchase coverage before the trip gets canceled.

One thing to note is that most trip cancellation insurance plans will only pay out if your trip is canceled for an approved reason (things like a serious illness to yourself or a family member, canceled flights, or other “legitimate” reasons). You usually can’t just decide you don’t want to go to Jamaica anymore and expect to get your money back.

If you want the most peace of mind, you can opt to buy cancel for any reason (CFAR) coverage. This usually doesn’t cost a ton more and means trip cancellation is covered no matter what.

Lost or Damaged Baggage and…