Do I Need Travel Insurance for My Summer Vacation?

Planning a summer trip? You might be wondering if you need travel insurance. It’s a bit complicated, so let’s break it down.

Why Consider Travel Insurance?

Kingsley Hopkins is planning a trip to Portugal and Iceland with his girlfriend. He wants to make sure he’s covered for medical emergencies, trip disruptions, and unexpected events like a volcanic eruption.

Why It’s Hard to Choose the Right Travel Insurance

This summer is expected to be a record-breaking travel season. With high demand and potential risks like natural disasters and political unrest, many people are considering travel insurance for peace of mind.

Older travelers are particularly concerned. PK Rao, CEO of INF Visitor Care, notes that claims from travelers over 50 spike during the summer, especially those involving outdoor activities.

Do You Need Travel Insurance?

According to experts, there are situations where you can skip travel insurance:

• Existing Coverage: If you already have travel coverage through your job, credit card, or a group benefit, you might not need additional insurance.
• Short Trips: If you’re not traveling far or staying with relatives, you might not need extra coverage. Your health insurance may cover you for domestic trips.
• Non-Insurable Trips: If your trip doesn’t involve prepaid, nonrefundable expenses, you might not need traditional travel insurance.

When You Should Get Travel Insurance

Most travelers should consider some form of travel insurance for peace of mind:

• Prepaid Expenses: If you have nonrefundable expenses like flights and hotels, travel insurance can protect your investment.
• International Travel: Your regular medical insurance might not cover you abroad, and some countries require travel insurance for entry.
• Financial Risk: If you can’t afford to lose your vacation investment due to unforeseen events, travel insurance is a good idea.

Real-Life Example

Hopkins usually buys travel insurance but varies his coverage. For this trip, he made refundable flight and hotel reservations to avoid lengthy claims. He also bought $50,000 in medical coverage and an emergency evacuation plan, considering his active hiking plans in Iceland. He chose an annual Medjet Horizon plan for medical evacuation and found a policy through Trawick International for additional coverage.

My Travel Insurance Strategy

I travel about 360 days a year and use a Wells Fargo credit card with travel benefits, long-term policies through Faye and Cigna, and a Medjet Horizon membership. I also use Allianz for primary rental car coverage. These measures have provided peace of mind and covered me in various emergencies.

Conclusion

When it comes to travel insurance, it’s better to be safe than sorry. Assess your travel plans, existing coverage, and potential risks to decide if you need additional insurance.