Is Travel Insurance Worth it?
If you are here it probably means you’re considering not buying travel insurance. Maybe you’re trying to save that $200 for your Euro trip, maybe you think your immune system is so great that you won’t get sick, or perhaps you’re not sure what it actually is.
No matter the reason, I am here to tell you that Travel Insurance is 100% worth it. No, I am not in partnership with anyone so I won’t be trying to convince you to buy from a specific insurer, but what I will do is explain what travel insurance is and give you a personal example when I was so glad I had travel insurance.
As someone who loves exploring and challenging myself with thrilling activities, I will never catch an international flight without travel insurance.
All smiles climbing “Le Pouce” in Mauritius, 2018.
What is Travel Insurance?
Travel insurance by definition is a type of insurance designed to protect travellers financially against unexpected losses or expenses that occur while travelling such as lost luggage & medical emergencies. Below is the basics of what travel insurance covers:
Trip Cancellation or Interruption: If you need to cancel or cut your trip short due to unforeseen circumstances (illness, family emergencies, etc.), travel insurance can help reimburse non-refundable costs like flights or hotel bookings.
Medical Emergencies: If you get sick or injured while traveling, travel insurance can cover medical expenses and sometimes even emergency evacuations.
Lost or Delayed Baggage: If your luggage is lost, delayed, or damaged during your trip, insurance can help with reimbursement for lost items or additional expenses incurred while waiting for your bags. Free shopping spree!
Travel Delays: If your flight or transportation is delayed, travel insurance can cover additional expenses like meals, accommodations, or transportation.
Emergency Assistance: Some plans offer 24/7 assistance for emergencies like legal help, medical referrals, or locating lost documents.
Essentially, Travel Insurance is there to give you peace of mind in case s*** hits the fan.
So how do I choose the right travel insurance for me?
Choosing the right travel insurance should not be a daunting decision, however it’s definitely a good idea to do some research and shop around.
First consider your current health & well being. Pre-existing medical conditions are an added risk, so make sure your chosen insurance covers YOU. This normally comes with an increase in the premium, but health is not something to take lightly!
Secondly, decide on the actual level of cover. Generally speaking, most insurers should be great even on their basic level of cover. Similar to private health insurance, you can be covered for more medical and luggage depending on your chosen premium. For example, you might pay $105 for a 2 week Euro trip that will only cover $2,000 worth of lost luggage, but their higher premium which would cost $157 might cover up to $10,000 worth of lost luggage. Something to think about if you are ever carrying expensive things such as laptops or photography equipment.
You should also keep in mind where you are going & what you will be doing. You may need additional medical cover, or maybe more flexibility if you are going on a big trip to different countries. You will generally pay a higher premium when going to “unsafe” countries or a somewhere known for extreme outdoor activities (such as Canada for Snowboarding).
Other tips for how to buy & use Travel Insurance.
Since we know travel insurance is helpful for trip delays and cancellations, it’s very handy to purchase your cover for a few days before & after you intend to travel. The additional cost is almost nothing, yet you are covered for anything that could happen before or especially after your trip. If something happens outside of your purchased cover, even if it was travel related, you may not be covered for it, even if its out of your control.
But did you know you could have travel insurance for free? Some credit card companies offer complimentary travel insurance whenever you travel. This is specifically how I have travelled the last few years, excluding my time on a working Visa in Canada as this required a different type of travel insurance which had to include repatriation & other medical coverage.
Using my American Express Credit Card, I receive complimentary Travel Insurance whenever I use my card to book my flights. This card also comes with other benefits including a $450 travel credit per year, lounge invitations, and of course I accumulate Qantas Points on every purchase, which I can redeem for flights, hotel stays, and more. TBH if you’re an Australian resident it’s so worth it as Qantas is our major airline, and one of the best in the world. But don’t take me as your financial advisor, please do your own research first.
My personal experience with using Travel Insurance.
Having complimentary Travel Insurance is one of life’s luxuries, and this came in very handy when I injured myself in Thailand back in June 2024.
Due to a quad bike accident, I had to be sent to the closest hospital for multiple stiches, a tetanus shot & wound care. I also had to be seen again for post accident visits to make sure my wounds were doing a-okay.
As I arrived at the hospital, I was able to contact my Travel Insurer straight away and ask all the questions. I was actually talking to a human almost straight away instead of dealing with an AI or a never ending phone menu. They were very helpful and advised me that I would need to pay for everything upfront, but would be reimbursed once I lodged my claims so I needed to keep all my receipts. This came with an excess cost (unfortunately) of $250 which would be deducted from my total claim. This is standard practice amongst almost all insurers, while some may even charge a higher excess!
Between the initial hospital visit and the 2 post accident visits, the total money spent was over $1000. Yup, for some stitches in my arm and bandages on my leg, that seemed pretty costly.
But knowing that my money was coming back, I was all smiles getting dressed and joining the rest of my Contiki Fam at a beautiful bar for our last night together.
Came back from the hospital just in time to enjoy a cocktail at sunset. Koh Phangan, Thailand 2024.
So, any recommendations?
American Express Australia uses Chubb as their choice of Travel Insurance, so they are definitely a company I would personally recommend. Covermore is also a great option - they also happen to be my choice of insurance whilst I am living in Canada. They do both regular travel Insurance & repatriation Insurance for long term travel.
As a Perth girlie, I have also used RAC in the past, and they have been more than reasonably priced. Although I have never lodged a claim with them. Plus you receive up to a 15% discount if you are an RAC member.
Another great option is 1Cover. My family have used them for years. Great prices and they cover all your usual things + more.
This pretty much sums up everything I would want to know about travel insurance if I didn’t know anything about travel insurance. But remember, always get a second opinion and keep to reliable sources!
Happy Travels!
Bron
