16/06/2023
Is Travel Insurance Worth It? Here Are 7 Reasons Why
After saving for a while, you’ve just paid $3,000 for your long-awaited trip to Iceland. Whew! You know you should probably buy travel insurance, too, but your finger hesitates over the “buy now” button.
“Is travel insurance really worth it?” you wonder. “I could spend that money on a nice dinner in Reykjavik instead… Why should I buy travel insurance? What does it even do for me?”
We’re so glad you asked. Travel insurance is almost always worth the cost, because its actual value is much higher than its price tag. Your benefits can reimburse small purchases, like lunch in the airport during a covered travel delay—and huge expenses, such as an evacuation to a hospital following a covered medical emergency.
Here are the seven main reasons why Allianz Travel Insurance is worth the money.
Traveling soon? Get a travel insurance quote today!
1. Because you can’t risk losing money on an emergency trip cancellation.
Of course you don’t want to cancel your long-awaited trip… but sometimes, life happens and you have no other choice. Maybe you, your traveling companion or a family member suffers a serious covered illness or injury. Maybe someone in your family passes away. Maybe a tree falls on your house, or a hurricane smashes your resort, or you lose your job.
You may think that if you explain this situation to your travel carrier or tour operator, they’ll understand that you need to cancel the trip and will refund your money. Unfortunately, that’s not the case. Cruise lines, especially, have tough cancellation policies. Most won’t give you any refund at all if you cancel less than 14 days before sailing. If you don’t have insurance, you could lose your entire trip investment.
A travel insurance plan with trip cancellation benefits can reimburse you for prepaid, nonrefundable trip costs when you must cancel for a covered reason. These covered reasons vary according to the plan you buy, but generally include the most common reasons travelers have to cancel a trip. Considering it can save you from losing the entire cost of your trip, trip cancellation insurance is most definitely worth buying.
You also can add the Cancel Anytime upgrade to certain travel insurance plans, which can reimburse 80% of your unused, pre-paid, non-refundable trip costs if you cancel your trip for almost any unforeseeable reason your plan does not already cover. Restrictions apply, so read your plan documents for details.
2. Because when you experience a medical emergency while traveling, rapid assistance is invaluable.
We receive thousands of calls each year from Allianz Travel Insurance customers who are experiencing a medical crisis during their trip. The most common emergencies we see:
Fractures from falls, often to the hip, ankle, tibia, and fibiaCardiovascular problems, such as heart attacks and strokesTrauma, often from car accidents and scooter/moped crashesPulmonary/respiratory problems
Without travel insurance, you’re on your own in an emergency. When you have travel insurance, all you have to do is contact 24-hour assistance, whether by phone or with the Allianz TravelSmartTM app. We’ll leap into action to make sure you get the best available care, wherever you may be. Our Assistance team will continue to monitor your treatment, provide guidance and reassurance, and, if necessary, determine how to safely transport you home.
3. Because it can be really expensive to get emergency medical care overseas.
Hospitals and medical providers overseas generally will not accept your U.S. health insurance card. Many expect payment up front before you receive care. Without travel insurance, that can mean paying thousands of dollars for a minor medical crisis—or tens of thousands for a serious emergency.
That’s why a travel insurance plan with emergency medical and dental benefits is well worth buying. Your benefits can pay up to $75,000 in covered emergency medical costs, depending on the plan you choose. Our team can work to guarantee payment to doctors and hospitals so you can be treated as quickly as possible following a covered injury or illness.
Read more about how travel insurance can help you when you experience a medical emergency.
4. Because it can be really, really expensive to get a medical evacuation overseas.
The enormous cost of a medical evacuation and repatriation is the single biggest reason travel insurance is worth the cost.
Let’s say you get seriously hurt while traveling overseas and require medical evacuation to a hospital. Without travel insurance, the cost of that emergency medical evacuation could reach $20,000 (in touristy areas close to home) or more than $200,000 (in remote, undeveloped parts of the world). These estimates represent just the cost of transporting you to the hospital—not treating you.
Travel insurance with emergency transportation benefits can pay for you to be transported to the nearest appropriate facility if a covered illness or injury occurs during your trip and our medical assistance team determines that the local medical facilities are unable to provide appropriate treatment. The benefit limit can be as high as $500,000 or $1 million, depending on which plan you choose. So if you’re just looking at dollars and cents, this is the most compelling reason why travel insurance is worth it.
Read more about why emergency medical transportation costs are so expensive overseas.
5. Because you shouldn’t have to spend extra money during a travel delay.
Nothing will ruin the beginning —or the end—of your vacation more effectively than flight problems. Despite airlines’ best efforts to improve, only four out of five domestic flights arrive on time.1
The next time you’re stuck in the airport because your flight is delayed (again), you’ll be much happier if you have insurance. Travel insurance with trip delay benefits can reimburse you for reasonable expenses—up to the limit specified in your plan—for meals, accommodation and transportation expenses incurred because of a covered travel delay. It can also reimburse the unused part of your prepaid, nonrefundable expenses, like the tour you missed because you didn’t get to your destination on time. Add up all these expenses, and you see why travel insurance is worth every penny.
If you have the OneTrip Prime or OneTrip Premier plan, you can actually get paid for a travel delay! These plans include SmartBenefitsSM, which can give you a fixed inconvenience payment of $100 per insured person, per day, for a covered travel and/or baggage delay (up to the maximum no-receipts limit). No receipts are required—just proof of a covered delay. Learn more about SmartBenefitsSM.
6. Because the things you pack are precious.
When you travel, you probably pack your favorite possessions: your best blazer, your cutest swimsuit, your comfiest shoes. If your suitcase gets lost, stolen, or damaged, you’ll have to spend a lot to replace those items… unless you have travel insurance! Baggage benefits can reimburse the cost to repair or replace your lost or damaged items, up to the plan limit. (Exclusions and conditions apply.)
7. Because peace of mind is priceless.
Whether you’re planning a solo adventure or a grand, multi-generational getaway, the whole point is to relax and enjoy the journey. Travel insurance can ease your anxiety because you know you have protection in case of common travel mishaps. Not only that, but you know you’re never alone. No matter how far from home you go, help is available 24-7.
Discover why more than 70 million Americans a year trust Allianz Travel Insurance to protect their biggest adventures. Find your perfect plan
To purchase a policy for travel to Cuba, you will need to mail Travel Guard a paper application for insurance, a Cuba Travel Compliance Certification (Travel Guard version) and, if you are traveling under a specific OFAC license, additional documentation. Please contact our Sanctioned Countries hotl...
