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Pros & Cons of Travel Insurance

Travel insurance covers prepaid vacation costs in the event that you have to cancel a trip. While it doesn’t cover all reasons for a cancellation, travel insurance may ensure that you don’t lose money in addition to your trip.

However, like many financial products, pros and cons are associated with travel insurance.

Pros & Cons of Travel Insurance


Pros: Provides Financial Reimbursement

Numerous reasons may cause you to cancel a trip, such as severe weather and flight delays or equipment malfunction on a plane or cruise ship.

When factors are out of your control, travel insurance reimburses some, if not all, of the prepaid costs of your trip, including deposits, full payments, specialty excursions and damage or loss related to your luggage.


Pros: Coverage for Medical Purposes

If you suddenly become ill or a death occurs in your family, travel insurance will cover you for associated trip costs.

Travel insurance may also cover you if you require some medical services during the actual trip, depending on the policy. In fact, some people purchase a secondary travel insurance policy for medical bills beyond the scope of the initial policy and private insurance.


Cons: The Rules Are Stringent

You cannot cash in on a travel insurance policy for just any reason. A host of stipulations exist for travel insurance policies, and the burden of proof is on you for cancellation reasons.

You cannot use a travel insurance policy if your trip was ruined because of inclement weather; if you changed your mind about going; if you are no longer able to afford the trip; if you are pregnant; or if you are suffering the effects of a pre-existing condition, such as depression.


Cons: Coverages Don’t Always Compare to Costs

For some trips, such as a weekend getaway to somewhere fairly local, trip insurance isn’t a necessity. For example, if you pay around $100 per person for the insurance and the trip costs you a tank of gas and a few meals, then the insurance is not worth the price you have to pay for it.

This is where research becomes an important factor. You need to know what you are getting vs. what you have to pay to get it.


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