Is it necessary to have travel insurance?

If you can afford to lose your prepaid travel expenses If you can afford to lose the money, skip insurance. travel insurance is better when your prepaid and non-refundable expenses are more than you are willing to lose. If you only have a few hundred dollars at risk, you can afford to “self-insure this risk”. If you've paid a hefty sum for a non-refundable vacation, travel insurance is probably a good idea.

International travelers who need coverage in case they become sick or injured should also consider purchasing a policy. If problems arise, you'll be glad you're protected. CONTEMPLATING A VACATION in the era of Covid inevitably involves a series of “what if that could force you to cancel and potentially lose the money you deposit. Most travel experts recommend insuring any trip that costs more than a few thousand dollars.

Policies range from simple “tick-the-box” protection that airlines push at checkout to comprehensive plans that cover all kinds of mishaps, such as a ski accident or an airline shutdown. Industry officials say that most claims filed under these policies are for trip cancellation, usually when the traveler or immediate family member becomes ill or injured prior to travel. Premiums range from 5% to 10% of the total trip account. It can be tempting to buy trip cancellation insurance when a flight costs hundreds or thousands of dollars.

But basic policies aren't usually worth your money to only insure your flight if you know your rights as a passenger. Travel insurance provides a financial safety net for both world nomads and infrequent travelers when unforeseen events affect vacation plans. Ecuador, which bears the name of the equatorial line that runs throughout the country*, will not let you enter if you do not have travel medical insurance in Ecuador. You can also purchase Schengen visa travel insurance directly through MondialCare, AXA and Europ Assistance.

CoverTrip informs its customers that travel insurance plans cost between 4 and 10% of the total cost of the trip. A good travel insurance policy can give you financial protection in case you need to cancel the trip and cover your medical bills if you have a medical emergency abroad. Elina Geller is Senior Travel Writer at NerdWallet, specializing in airline and hotel loyalty programs. But if you get sick or injured when you travel abroad, some policies like Medicare may not cover you.

Some policies cover pre-existing medical conditions if you meet certain criteria, for example, if you purchased the policy within 14 days of paying for the trip and if you were well enough to travel when you booked the trip. Allianz travel insurance products are distributed by Allianz Global Assistance, the authorized producer and administrator of these plans, and a subsidiary of Jefferson Insurance Company. If you pre-paid for your trip and can't cancel without penalty, travel insurance is probably a good idea. If your luggage is lost or stolen during your travels, your travel insurance will reimburse you for the cost of lost and found.

Even more expensive than medical treatment is an emergency medical evacuation, something that the right travel insurance policy can arrange and cover. So, if you or your travel companion accidentally break a leg a few days before your trip, you can both withdraw (if you both have this insurance) without losing all the money you paid for the trip. All travelers to Seychelles must obtain a travel health insurance policy from a company in their country before they can enter. Several other benefits address other common travel mishaps, so check your plan to see what's included.

If you are traveling to Dubai or another city in the United Arab Emirates, you must provide proof that you have obtained travel health insurance.

Kayode Alhassan
Kayode Alhassan

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