Should I get travel insurance? If so, what’s a good service?

These are five situations where travel insurance could pay off

Trip Cancellation

Unforeseen circumstances could cause you to cancel your trip before packing your sunscreen and swimsuits. In these situations, travel insurance that covers trip cancellation will cover you for the non-refundable prepaid costs.
You may also be reimbursed for any portion of your trip unused if you, a loved one, or a travel companion become sick or are injured while on vacation. The trip cancellation benefit may apply if you or a loved one dies while on holiday.
You can only claim trip cancellation coverage if the reason you are cancelling is included in your policy as an acceptable reason. Cancel for any reason coverage (CFAR) is an optional add-on that can be used to increase cancellation coverage.
CFAR coverage allows you to cancel a trip at any time and receive partial reimbursement. Perhaps you have chosen to staycation over a two-week trip in Spain. Typically, CFAR coverage is 40% more expensive than standard travel insurance policies. The reimbursement is usually 50% to 75% of your lost amount.
Squaremouth reports that 95% of all travel insurance policies purchased in 2021 for trips included trip cancellation coverage. This was due to the pandemic. This figure is usually between 80% and 90%.
Squaremouth has seen a significant increase in the number of policies, including CFAR coverage for 2021. This is more than 20% more than the year before. Squaremouth attributes these increases in Squaremouth to continuing concerns about travel disruptions due to the pandemic.

Medical Emergencies

A medical emergency can cause significant disruptions to your travel plans, whether you are canoeing in Argentina or safariing in Zambia. You may also find it difficult to budget. Allianz Travel estimates that it receives over 4,000 calls annually from customers experiencing a medical emergency while on a trip.
The policy includes travel medical insurance that covers a variety of medical emergencies, including the need to be airlifted off a Swiss mountainside following a hiking accident or spending time in a Colombian hospital after suffering a heart attack.
According to Allianz Travel, it can cost anywhere from $15,000 to $200,000 for a helicopter or ambulance transport to a nearby hospital to treat an injury or illness. This does not include the cost of the treatment.
Travel medical insurance can cover the cost of medical evacuation. It may also pay for the cost of being transported to the nearest hospital overseas. A policy can also cover repatriation or transfer of the remains of a person to the U.S.
HTH Worldwide’s TripProtector Preferred Plan, which provides $1 million for medical evacuation and $500,000 in emergency medical expenses, is an example of one of the most generous plans in the industry.
While some U.S. insurance plans offer overseas coverage, they may have restrictions such as limited coverage for emergency care. Many U.S. insurance plans do not provide coverage outside of the country.

Lost luggage

A travel insurance policy with luggage coverage will pay for your lost, stolen, or damaged luggage. You can also get luggage coverage from your renters or homeowners insurance policies. This covers luggage that was taken from your hotel lobby during check-in.
Some travel insurance policies also cover baggage delays. You can get this coverage to protect your clothing or toiletries while waiting for your luggage to arrive.

These are examples of baggage delay coverage provided by some of Forbes Advisor’s top travel insurance companies:

• HTH Worldwide TripProtector Prefer Plan: $400 after a 5-hour delay
• John Hancock Insurance Agency Gold Plan: $500 after a 5-hour delay
• Seven Corners RoundTrip Elite Plan: $600 after a 5-hour delay
• Trawick International Safe Travel Voyager Plan: $600 after a 10-hour delay
• USI Affinity Travel Insurance Select Elite Plan: $500 after a 5-hour delay

Missed Connections

It can be costly to miss a connection when you travel. Your travel insurance will reimburse you if you cannot make a connection.
This would cover a delay in travel of three, six, or twelve hours due to a mechanical problem on a plane or a storm that stops a cruise ship from docking on schedule. In most cases, the compensation would pay for the cost of catching up on a cruise or tour.
TravelSafe’s Classic plan, for example, provides $2,500 after three hours of a lost connection.

Travel delays

Many travellers find travel delays a problem. Travel delay coverage will reimburse hotel and restaurant expenses if a flight is delayed due to bad weather or mechanical issues. The range is usually between $150 and $200 per day.
Trawick International’s Safe Travels Voyager policy provides travel delay coverage for $150 per day up to $2,000 after five hours of delay.
You may also be eligible for travel delay benefits to cover the cost of getting to your destination, returning home, or for reimbursement for non-refundable prepaid trip expenses.
Travel insurance is affordable compared to the travel costs you can cover, especially when there are unexpected events and uncertainties.