Yes, You Really Do Need Travel Insurance

 In Honeymoon

I know travel insurance is not the most glamorous part of travel, but it’s certainly important!

Travel Insurance

A few months ago, I had clients celebrating their honeymoon in Portugal. They had a fabulous time travelling through Lisbon, Porto and Lagos.  On the tailend of their trip, they were driving back from Lagos to Lisbon and realized that their passports were missing from their backpacks. Panic set in as they were flying out the next morning, which was a Saturday and they weren’t sure what to do.
Once it was confirmed that their passports were either lost or stolen, they contacted the agency and Plan B was underway.  We walked them through the process on how to get new passports and informed them on the Consulate’s hours and location.

As the Consulate is not open on the weekends they had to wait until Monday to submit their paperwork.  Once everything was submitted they patiently waited for 5 days while it was being processed.  During this time, we advised the clients to contact their credit card companies to inquire if they could be reimbursed for the cost they would incur.

Unfortunately, they were not covered by their credit cards and had to pay for an additional 7 nights of accommodations, meals and transportation as well as purchase new passports and flights. This costs them an additional $5500. If they would have purchased full travel insurance coverage prior to their trip it would have only cost them $250 to cover any of the above mentioned hiccups.

Often, many people try to avoid purchasing travel insurance when they go on vacation. Perhaps they don’t like to think about all of the things that could potentially go wrong. Or, maybe they have a false sense of security from the times when they bought travel insurance but didn’t have to use it. They assume that it’s unlikely that anything bad will happen to them, so they are willing to take the risk and skip the insurance.

The truth is: travel insurance is an important part of travel. If you can’t afford travel insurance, you can’t afford your trip.

In all likelihood, your trip will go smoothly and nothing bad will happen. However, if something does go wrong you will be incredibly glad that you are covered and protected. It’s much better to be safe than sorry.

If you think that you are covered by your credit card, you may be surprised to learn that you are not. Many credit cards will not have the same level of coverage that you can get from an insurance company. Also, they may only cover a portion of the trip that you purchased on that specific card. It’s much better to find a travel insurance policy that covers all of your needs.  

To find out what your credit card coverages are check here:

Here are some of the top reasons people file a claim on their policy:

  1. Trip Cancellation: If you have to cancel your trip for an emergency, you’ll get it reimbursed.
  2. Medical Expenses: If you require medical care while abroad, you’ll be taken care of.
  3. Theft: If your belongings are stolen during your travels, you can be reimbursed for their value.
  4. Travel Delay: If you incur extra costs due to travel delays, you’ll be covered.
  5. Lost Luggage: If your luggage never makes it to your destination, you’ll be reimbursed with the cost of replacing it.

Other common situations when travel insurance can come in handy include if virus spread similar to Zika, if a terrorist event occurs, if a natural disaster strikes your destination or if you miss your connection.

The bottom line is that travel insurance is affordable and it’s 100% worth it. It’s much better to pay a small fee now, rather than getting stuck with huge costs if something goes wrong on your trip.

Happy Travels!


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