Updated: Dec 25, 2019
It's best to have it and not need it. Than to need it and not have it.
Travel Insurance, ugh, an extra expense. In the past I was one of those guilty parties who usually declined it. Over the years I have been truly blessed traveling without travel insurance. However, nowadays, I wouldn't be caught dead without it.
Yes, travel insurance may add a few extra dollars onto you travels, but a few dollars outweighs shelling out or losing $1,000's during an emergency.
What is Travel Insurance?
Travel insurance protects you from unforeseen circumstances after you book travel. No one expects having to cancel their trip due to a medical emergency or possibly being hospitalized on vacation. Or to arrive at your destination to be told they can't find your luggage.
A few reasons why Travel Insurance is important
In the event you get into an accident or become ill before your trip
Cancelled and delayed flights
Unexpected work obligations
Emergency evacuation/terrorism (however check the policy exclusionary list)
You are robbed and your passport is stolen
Needing medical care abroad
Did you know some countries, will not allow you to leave their country without payment in full?
What Travel Insurance does not cover
Changing your mind or deciding you can no longer afford to go
Travel for medical procedures
Flights purchased with miles
Natural Disasters that begin before your purchase
Losses due to pre-existing medical conditions
Not all travel insurance policies are the same. They do vary from company to company. It's best to thoroughly read over the fine print and get clarification. Also read the list of exclusions before you purchase.