Travel insurance is becoming more popular and providing us with the reassurance we seek to venture out again.
Is travel insurance worth it?
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Leslie Wahlgren has been a travel advisor for nearly 20 years, experiencing many highs and lows, especially during the pandemic. She says her clients are now more interested in travel insurance than ever before.
"Just yesterday, I sold 5 policies," says the Los Angeles-based advisor at
"People are more aware of global events," Wahlgren explains, "but they still want to travel, and travel insurance gives them peace of mind."
While COVID-19 is still a concern, many people worry about flight delays, cancellations, missed connections, and lost luggage, according to data from Squaremouth, a site for comparing insurance. You might think of travel insurance as just for trip cancellations, but many plans cover less severe issues too.
"Even cheaper plans that don't cover the full trip cost can include protections like medical, travel delay, and baggage coverage," says Megan Moncrief, chief marketing officer at Squaremouth. "I usually insure nearly all my trips – not just for cancellation benefits, but for delay and baggage coverage."
Affordable plans from well-known providers like AIG Travel, Allianz Partners USA, Berkshire Hathaway Travel Protection, Nationwide, and Seven Corners will help you out if you face common travel mishaps.
These budget-friendly plans can cover various situations based on the policy, refunding prepaid costs if your trip is affected by things like an injury before departure or a missed flight due to an unexpected storm.
"Don't cut corners on coverage; there's no reason to pay for a policy that doesn't offer real protection," says Meredith Mangan, senior insurance editor at Investopedia. "Review policy limits before buying. For instance, some policies only cover up to $2,500 for trip interruption, which might not be enough."
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Costlier, full-coverage policies offer higher payouts, making them perfect for pricier trips like safaris and luxury cruises. (In fact, some of these tour operators require guests to have insurance.)
"Everyone has a different tolerance for risk," says Suzanne Sangiovese, director of travel and technology at Riskline. The firm collaborates with organizations, such as American Express Global Business Travel and TripIt to provide info on potential threats from weather issues to terrorism. "As more people travel, they realize that even if things go wrong, having insurance can protect them. So that risky moment doesn't have to turn into a disaster."
For those wanting peace of mind, pricey but thorough "cancel for any reason" plans provide just that, often up to 48 hours before departure – sometimes even at the last minute. This coverage usually refunds most, but not all, costs, like prepaid hotels, flights, and other non-refundable expenses before leaving.
Other insurers cater to specific interests. World Nomads, for instance, focuses on adventure trips with coverage for thrilling activities like rock climbing, scuba diving, hang gliding, and snowmobiling, which are typically excluded from regular policies.
"Many travel insurance policies won't cover adventure activities like surfing, diving, bungee jumping, or parasailing," Mangan points out.
Medjet, on the other hand, specializes in medical evacuations, covering policyholders whenever they're 150 miles or more from home. Unlike some travel insurance, MedjetAssist pays for flying travelers home for hospital care. The broader MedjetHorizon plan includes "crisis response," covering evacuations due to natural disasters, crime, or civil unrest.
It's popular with Wahlgren's clients, including one who needed to use it. "He was hospitalized the night before he was supposed to come home," she remembers. "Once he was stable, they flew him home to the hospital of his choice, a doctor was with him on the plane, and everything was covered."
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