Do You Need Travel Insurance? Half of Americans Don't Know What it Covers
Press release from the issuing company
Thursday, July 18th, 2013
Half of Americans don't know what travel insurance covers, according to new research from ThePointsGuy.com, a travel news and advice website. The survey also found that only 37% of Americans say travel insurance is worth the cost and only 21% purchase travel insurance. Seven percent always purchase travel insurance and 14% sometimes do.
Consumers say that trip cancellation protection is the main reason they purchase travel insurance. Fifty-two percent gave this as the main reason for their purchase, followed by medical coverage (27%).
"Travel insurance can be extraordinarily helpful in certain situations, such as expensive trips to international destinations with limited access to medical care," said Brian Kelly, founder of ThePointsGuy.com. "However, people need to know that travel insurance doesn't protect against all types of trip cancellations. It usually won't reimburse you if you simply change your mind and decide not to go on a trip.
"A refundable plane ticket is a better bet if you might change your mind," Kelly advises. "Travel insurance is intended more for unforeseen circumstances such as medical emergencies and natural disasters."
Kelly also adds that consumers should check with their credit card issuers to find out which protections they already qualify for when using their cards for travel purchases. "Many credit cards automatically offer various forms of protection such as emergency accident assistance, rental car insurance and more," he said. "It's important to understand what is covered and what is not when deciding whether travel insurance is the right option for you."
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
