Is travel insurance worth it?

15th January 2019by Joanna White

For many people, they consider travel insurance to be a waste of money; if they’ve never made a claim on their insurance then what’s the point of spending money on a policy every year?

However, while you’d hope that nothing ever does happen to ruin your holiday or cause distress while you’re away, if the unthinkable does happen and you’re suddenly taken ill while in a foreign country and require immediate medical attention, for example, then travel insurance comes in very handy.

This guide will tell you everything you need to know about making the appropriately informed decision as to whether travel insurance is worth it for you.

What you need to know – is travel insurance worth it?

When it comes to deciding whether travel insurance is worth it, it really comes down to everyone’s personal situation.

There are a few factors that can help you to determine whether travel insurance is worth it.

How to determine if travel insurance is worth it

Determining whether travel insurance is worth the cost for you comes down to several different factors; it’s entirely your decision whether you invest in travel insurance as it’s not actually a legal requirement, therefore you’re able to make your own informed decision as to whether you should invest in it.

How much your trip is financially worth

One of the main factors to consider when deciding whether travel insurance is worth it is determining how much your trip is financially worth.

For example, if you’ve booked to go on a once in a lifetime trip to South Africa on a two-week safari, then it’s safe to say that the trip will have cost quite a significant amount of money. However, if you must cancel your trip before you even go due to a family emergency or a medical matter, then you will lose out on all the money you paid for your holiday if you don’t have the appropriate travel insurance.

Travel insurance can help to cover the cost of cancelling your trip due to unforeseen circumstances, so before you decide whether travel insurance is worth it, make sure you’re fully aware of the financial cost of your trip.

The status of your health and your medical conditions

Another way to determine if travel insurance is worth it is to consider the status of your health and any medical conditions you suffer from.

While anyone can suddenly become ill while on holiday, if you already suffer from a medical condition prior to your trip, then you’re more likely to require medical assistance while you’re away if your condition is quite serious.

Having the appropriate travel insurance policy in place before you travel however, will ensure that any medical bills or expenses you incur while you’re away will be fully covered, meaning that you don’t have to pay hefty medical bills while still worrying about the status of your health.

Your personal financial situation

Similarly to the point above about considering how much your trip is financially worth, it’s also important to think about your personal financial situation when determining whether travel insurance is worth it.

If you travel without travel insurance but suddenly require medical treatment while you’re away, then you will have to foot the bill yourself. In places such as the United States where there’s no state-funded medical service, you’ll likely face extortionate medical bills in order to receive the appropriate medical care.

The status of your financial situation should play a part when deciding if travel insurance is worth it as you should be aware of the costs you could incur while on holiday if you don’t have it.

Your family situation at home

Another factor to consider is your family situation at home. For example, do you have a poorly mother who could be rushed to hospital at any given time? If this does happen while you’re on holiday, then you may need to jump on the next plane home.

However, if you don’t have the appropriate travel insurance policy, then you won’t be covered for the cost of your emergency flight; something which can be incredibly expensive, especially if it’s last minute and from a destination that’s far away.

Conclusion – is travel insurance worth it?

Determining whether travel insurance is worth it is entirely dependant on the individual’s personal situation.

In order to decide whether it’s worth the investment, you should consider the financial cost of your trip, your family situation at home as well as your own personal financial situation which will help determine whether travel insurance would be a worthy investment for you. Debenhams Travel Insurance offers a very comprehensive policy for both single and multi trip travel insurance.

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