Tip 3: Travel insurance is your best friend
You can save in several ways when traveling but insurance is not something to skimp on. There are four types of coverage that can be included in travel insurance: trip cancellation and interruption insurance, baggage and personal items coverage, emergency medical insurance, and accidental death or dismemberment insurance. The trip cancellation and interruption coverage reimburse non-refundable travel costs if the trip is cancelled or seriously delayed due to a natural disaster, illness, or the carrier goes out of business. Baggage and personal items coverage helps if something is stolen from your bag or your luggage is lost or delayed. Emergency medical insurance will cover medical costs and accidental death or dismemberment insurance will make a payment to your loved ones if you die. In my opinion the most important forms of insurance are medical insurance and coverage baggage and personal items.
I have permanent travel insurance so I’ve never both insurance for a single trip. I’ve had a travel insurance policy valid since the age of 18 and can honestly say that the insurance has already paid itself back manifold simply based on one skiing accident in the Alps. I managed to tear my ACL, which required treatment already during the trip and surgery once I returned home. My travel insurance covered all costs both in Austria and back home, including physiotherapy after the surgery. Total medical expenses amounted to over EUR 20,000 and I only paid a few hundred euros and the insurance covered the rest. It should be noted that travel insurance policies have certain restrictions regarding sports injuries, so you should always check in advance whether your insurance covers injuries that may occur in any sports you are involved in. Hubby, in turn fractured his navicular bone when skiing and treatment of this injury was also covered by our insurance.
Baggage coverage is also handy, as it also reimburses for buying of essentials in case your baggage goes missing for more than 12 hours after you have arrived at the destination (this time period may vary from insurance policy to another, so always check your insurance terms).
Personally, I would never travel without insurance. The costs of the policy are low compared to what you may end up paying in case of an accident or sudden illness. I’m sure most of us thinks nothing will ever happen to us, but the one time it does, you will be super happy you have insurance.