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Can You Forego Travel Insurance?

22 October, 2015 | Travel Medical Insurance

Travellers are always encouraged to buy travel insurance for their safety and protection. But did you know there are times when it's not necessary to purchase one? The fear of losing your vacation investments and meeting a medical emergency abroad triggers the need to secure a comprehensive travel insurance plan. When your financial security is threatened by cancelled trips, interrupted or delayed trips, or costly medical bills, you have every reason to buy travel insurance. Another cause for buying is when your health care insurance back home refuses to cover you for any medical emergency abroad.

Here are some exemptions to the general travel insurance rule, however:

1. Domestic Trips Booked on the Eleventh Hour

There's no need for travel insurance if you're taking a last-minute trip. Coverage for cancelled, interrupted or delayed trips only apply if you already paid in advance and such payment is non-refundable. Besides, Medicare will cover your expenses in case of sickness or injury. Even health insurance provided by your employer can come in handy.

Purchasing travel insurance at the last minute would cover only as far as lost baggage and delays, minor considerations that don't make the price of the plan worth it.

2. Affordable Pre-Paid Trip Expenses

Waive travel insurance only if you can afford it. Meaning, the money you invested isn't big enough to make you want to insure it. If your investment cannot be refunded and is more than what you're willing to lose, then get a complete travel insurance program by all means.

A few hundred dollars wouldn't hurt your pocket, right? Your monthly salary and other income sources will write off that loss. However, if your pre-paid investment cost you thousands already, then don't wait. Look for a travel insurance provider immediately after booking.

3. Local Promo Flights

Never insure losses that are easy to recover. For instance, if you were able to buy a round trip fare of less than $200 and you spent not a single dime on board and lodging because a friend had offered you her place free of charge, then there's no point in getting insured. Purchasing travel insurance would cost you more than the amount you invested for the said trip.

Lost luggage and trip delay or interruption insurance coverages are minor concerns which you can just relegate to the back burner.

Note: Always buy travel insurance when you're travelling outside the country.

International flights and cruises necessitate the purchase of travel insurance because besides being more expensive investment-wise, there are more risks in terms of health and personal safety. Ergo, more potential financial losses.

Prioritize these types of coverage: travel medical insurance and medical emergency evacuation. Trip cancellation, lost luggage, trip delays and trip interruption are optional features which you can add to your existing plan.

The possibility of your health insurance not covering you for medical emergencies sustained overseas is particular high. A travel insurance plan reduces the risk of financial losses wrought by medical bills, interruptions, delays, cancellations and other such unfortunate events.

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