When you are leaving the country, whether you are going on a romantic holiday or some sort of adventurous backpacking trip with friends you will need to make a decision whether or not you should take out travel insurance. Whilst some people would not even consider leaving the country without it, others are more sceptical. Assessing the pros and cons of travel insurance is a good way to help you make your decision. A benefit of travel insurance is simply for peace of mind. For a lot of holiday makers this is principle reason to get travel insurance. A lot of the time people have saved up for months to go on vacation with family, friends or loved ones and therefore knowing that you will be reimbursed if you have to fly home due to an emergency makes the fact your holiday has been ruined less annoying. This way you will be able to reschedule your holiday in the future without having to pay for the whole thing again.
Moreover travel insurance often provides additional coverage beyond what is available from other sources. For example it can allow you to be reimbursed for lost, delayed, damaged or stolen items like baggage. On top of this it may provide health coverage when you are travelling. Also it may even cover emergency evacuation home.
The disadvantages travel insurance can be unnecessary and you will end up paying for the same thing twice if you do not check the policy thoroughly. For example a lot of credit cards provide travel insurance to their holders and cover for lost, damaged or stolen bags. They can also cover travel accidents and trip interruptions and cancellations. In addition to this you should check your health insurance policy as sometimes they cover health emergencies while abroad and your vehicle insurance may cover your rent a car. So once you have found out what coverage you have you may feel that it is not worth getting out travel insurance.
Another disadvantage is that travel insurance has some limitations. For example if a holiday is ruined due to bad weather it will not cover that. Moreover if you have health problems when you are away but it is pre-existing then you will not be covered. When you are considering travel insurance make sure you read the small print and you understand the terms of the policy properly.