The number of people with travel insurance has increased over the past years. According to data from the US Travel Insurance Association, more than 148 million U.S. travelers are covered by different types of travel insurance and related services.
Similar to other insurance models, travel insurance is intended to reduce the risk of loss in exchange for a payment. It is a comforting concept of security that is intended to cover medical expenses and other losses incurred while traveling, both locally and internationally.
Although having insurance holds numerous benefits, the cost of having one may come with a heavy price. This leads many to question: Is it really worth the cost?
The answer depends on two factors that have to be assessed:
Coverage. Travel insurance offers a basic package that covers non-refundable costs of a trip that are usually due to illnesses or emergencies. Choose a company that gives you choices in terms of packages that allow you to buy as many or as few features as you want.
Overall cost. Is it too cheap or is it overly priced? According to Yahoo Finance, travel insurance usually costs 4 to 8 percent of one’s pre-paid non-refundable costs. Hence, it helps to compare prices and research on the current value of each variable included in the package.
Remember, travel insurance is an investment. It is something worth considering for those who treasure security and safety during their trips.