A vacation adds to your life experiences, allows you to bond with friends and family, and improves your mental health. If you’re like the majority of Americans, you can spend thousands of dollars on a vacation when you factor in flights, hotels, car rentals, meals, souvenirs and incidentals. On average, a couple can expect to spend up to $5,000 for a weeklong vacation.
The point is that a vacation is an investment. And as with any other investment, it’s important to protect your money.
Travel insurance protects your vacation investment from a variety of unforeseen events that may disrupt your plans. It costs just a fraction of your total trip and can help you recoup the money you’ve spent in the event that things don't go as planned. From your driveway to your destination and home again, travel insurance protects you. Here are some of the top reasons to consider getting travel insurance.
1. Trips get canceled — a lot
Most travel is paid for well in advance, typically months before you start to pack your suitcase. But life is unpredictable. Your situation can change due to a financial setback, unexpected family death or illness, unforeseen natural disaster or even a legal obligation such as being called for jury duty.
Typically, any time you need to cancel a flight or hotel, you stand to lose a large portion of your investment. You may even lose all of the money you put toward your vacation. This could total thousands of dollars —money you probably can’t afford to lose.
Fortunately, travel insurance policies off er trip cancellation and interruption coverage, and sometimes even “cancel for any reason” coverage, to help protect you. Depending on the type of policy and the coverage you’ve purchased, you may be able to recover up to 100% of your insured trip costs.
2. Medical emergencies happen at home and abroad
It’s not unusual to get sick when you travel, whether in the U.S. or abroad. Sometimes travel means less sleep, more exotic foods, questionable drinking water or heightened risk of infectious illnesses.
You may also be more likely to get injured on vacation than you are when you’re sitting at your work desk, especially if you participate in adventurous activities such as zip lining, kayaking or hiking. Even driving onthe other side of the road could raise your accident risk.
Although you likely have primary health insurance that covers you in your home country, emergencies can happen while traveling abroad. Emergency medical coverage can help fill any medical coverage gaps.
Before you go on vacation, it is essential to understand what coverage (if any) your primary health insurance provides during your trip. Understanding this will help you choose the right medical travel insurance and will make sure you can get treatment during your trip, if needed, without breaking your bank.
Medical evacuation insurance coverage may be a good idea if you are traveling to a remote area. It covers the cost of being airlifted or transported to medical treatment in a different location.
If you plan to be away from home for six months or more, travel medical plans can cover routine medical visits and prescription medication refills.
3. Natural disasters are unpredictable
Mother Nature has her own unpredictable plans. A hurricane can disrupt or cancel your Caribbean getaway. Your trip to Japan could be shaken up by an earthquake. Snow in Chicago could ground your flight, even if you have no plans to travel to (or through) the Windy City.
Travel insurance can cover you in all these instances, whether you have to cancel your trip entirely or your flights are canceled. If you miss a connecting flight because of a weather delay, missed connection coverage can also protect you from monetary loss.
In addition to trip cancellation coverage, you can purchase travel interruption coverage. Travel interruption insurance will help you return home if something occurs in the middle of your trip, whether it’s a medical issue or a natural disaster.
Together, these policies cover the loss of money from the remainder of your trip, as well as the steep costs of getting a last-minute flight home.
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Visit Chubb.com to learn more about their travel insurance coverage and benefits.