Do you use travel insurance when you go on the road?
Because if you said no; you're not alone.
According to a study by the US Travel Insurance Association (UStiA), only 30% of US travelers buy travel insurance.
But do you need travel insurance when traveling?
Yes and No!
You don't need all types or parts of travel insurance.
MEDICAL COVERAGE is the only kind you actually NEED.
While not always enforced, you are required to have medical coverage when traveling in many other countries. Health coverage covers any accidents or illnesses you might have.
Your regular health insurance rarely covers travel outside of the country. In fact, it may not cover you when traveling more than 100 miles from home in the US. You can ask your health insurance provider what types of travel they cover.
Finally, if you don't have any medical coverage, you'll be paying for any medical costs out of pocket. And that can get EXPENSIVE if something happens. Cigna claims the average emergency room visit in the US costs $1,757 with insurance. That same visit in other countries can range from a few hundred to thousands of dollars. If you're traveling without medical insurance coverage, you're responsible for paying the full amount.
For ALL OTHER TYPES of travel insurance coverage; you are NOT required to carry any of it.
It's completely your decision if you want coverage for:
- Trip cancellation or delay
- Cancellation for any reason
- Lost, stolen or delayed baggage and personal belongings, including electronics
- Rental car coverage
- Lost or stolen documents replaced
- Medical evacuation
- Evacuation in the event of terrorism, war or bad weather
- Extreme sports coverage
- Life or disability coverage
So do you need travel insurance?
It's completely up to you!
If you can afford to lose the money spend on your trip or replace all your things if something happens to them, then you probably can afford to skip buying travel insurance. If losing the money or paying for replacements will cause undue stress in your life, it's probably wise to have insurance coverage.
To learn more about the ends and outs of travel insurance, read FlyAwayU's Complete Guide to Travel Insurance.
So are you a travel insurance consumer or not? Share with FlyAwayU by filling out our quick survey.
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