Saving money is the goal of every savvy traveler. Who wants to add the cost of travel insurance to a trip?
It may be worth it, if just a couple of hundred dollars can buy you peace of mind while you’re on the road or planning to be.
Policy prices depend on your age, trip costs, and how long you’re traveling, according to Sarah Byrne of the price-comparison website Squaremouth.com.
A 35-year-old going to Europe for a two-week, $3,000 trip can expect to pay about $90 to $250 for medical and cancellation coverage.
You can compare policies and rates from reputable providers on Squaremouth and InsureMyTrip.com.
When it’s worth it:
- You’ve paid up-front. You’ve just shelled out a bundle for the family to take a Disney cruise—but a blizzard shuts down the airport and you miss the boat. If you have cancellation-and-delay insurance, you won’t be stuck paying for a vacation you can’t take.
- You’ve got a lot of unknowns. A “cancel for any reason” policy comes in handy when a sick kid or work crisis derails your vacation, says Nancy Parode, Guide to Senior Travel at About.com.
You usually have to buy it within two weeks of your initial trip payment, and it refunds about 70% of your costs. But when you can’t use those four, $500, nonrefundable plane tickets, $1,400 is better than $0.
Some plans also pay for evacuation in case of bad weather or civil unrest. But you have to get them while the event is still unforeseen—once a storm is named or riots break out, it’s too late.
- You’re traveling overseas. Travel medical coverage ensures you get proper care at an adequate facility and can even get you transported to a hospital back home. If you’re over 65, don’t leave the country without it—Medicare is void outside the U.S.
Fly high. What’s your policy on travel insurance?