When you’re traveling on a budget, and you’ve already spent money on plane or rail tickets and accommodation, the last thing you’re inclined to do is to spend more. However, sometimes unexpected events can put a wrench in your travel plans, and an emergency, stolen items or schedule changes get in your way. That’s where travel insurance comes in to reschedule or rearrange your plans without being out the funds. It never hurts to be prepared, but is travel insurance worth it for students? Here is how to tell when it is and when it isn’t.
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Are You Traveling Internationally?
Your travel destination can have a major impact on whether travel insurance is worth the cost. If you’re doing a local trip or road trip, for example, travel insurance will be less likely to come in handy. If you’re traveling internationally, however, you are likely incurring more costs and introducing more risk factors. As a result, travel insurance can be useful for this type of holiday.
How Long Are You Traveling For?
Another determining factor when deciding if travel insurance is worth it is the length of your trip. If you’re only traveling for a day or two, it may not be necessary. If you’re doing a longer trip that involves a week or two weeks of travel, there is more likelihood you could run into trouble along the way. So, travel insurance might be a good idea to put your mind at ease.
Does Your Destination Require Medical Coverage?
Travel insurance plans usually involve medical coverage in case of illness or injury abroad. Depending on your destination, you may be entering a country that requires you to be covered for the duration of your stay. If that is the case, travel insurance can be a good idea. Even if the country you’re traveling in doesn’t specifically require it, it can be a good idea to be covered, especially if you have a pre-existing medical condition.
What Plan Are You Considering?
Not all travel insurance is the same deal. Rates vary from company to company, but normally it will cost about a third of what you paid for your trip. Companies also offer a range of different plans that cover varying aspects of your journey. Take a look at the limits for claims you can make on medical costs and lost possessions, and ensure the cancellation cover is at least equivalent to what you’re spending on the trip.
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