I’ve traveled to more than 20 countries, and thankfully I’ve never had a serious emergency (knock on wood). But I’m still glad I purchased travel insurance for some of those trips, just in case.
Trip insurance reimburses you if something bad happens. If the airline loses your luggage, a bout of food poisoning sends you to the doctor, or you break a bone whitewater rafting, travel insurance could pick up the tab.
Your exact coverage depends on the insurance plan, but you’ll be protected in an emergency. Because of this, some people believe travel insurance is necessary every time you travel.
As a budget traveler, I wouldn’t go quite so far. If you’re wondering whether travel insurance is worth it, ask yourself these six questions.
1. How much are you investing in your trip?
If you’re shelling out big bucks for your vacation, you might consider getting trip insurance. That way, you won’t get hit with a major financial loss in case of an emergency. Without an insurance policy, all your deposits could be lost for good.
“I tell my clients the only time you do not get travel insurance is when you can walk away from the amount you spent without being mad about losing the money,” said travel agent Suzanne Haire.
Of course, what constitutes a major expense is different for everyone. If you’re investing thousands of dollars into a vacation, you might want to insure yourself against the worst. But if you’re taking a cheap flight and crashing on a friend’s couch, you might choose to forego a trip insurance plan.
2. How long are you traveling for?
The length of your trip can also help determine whether or not to buy trip insurance. When I traveled for five days to Iceland, I didn’t worry about getting a comprehensive insurance plan. But when I spent five months backpacking around Southeast Asia, I made sure to purchase coverage.
The major reason for this was that my regular health insurance wouldn’t have covered overseas expenses. If you’re also traveling abroad long-term, it’s financially risky to do so without health coverage.
Anyone spending weeks abroad — or even living in another country — should consider getting a travel insurance plan with health benefits. You don’t want to get stuck footing a hospital bill you can’t afford.
3. Do you plan to bike, ski, or jump out of airplanes?
If you’re an adventure junkie, you might opt for some coverage, especially if you’re traveling out of range for your regular health insurance plan.
“When my British boyfriend traveled to Canada on a working holiday he was very glad he had travel insurance, because he fell off a bike and broke both of his wrists,” said Kelly Dunning, travel writer at Global Goose.
“If he had not had travel insurance coverage, his medical treatment would have cost us nearly five thousand Canadian dollars! Fortunately, he was covered and we were reimbursed for the cost.”
No one wants to spend their vacation in a hospital. But if you find yourself there, you’ll be grateful you’re insured.
However, you might not be as concerned if you’re planning to stay on the beaten path. “My rule of thumb is, if we’re going on a trip just to do the usual touristy things like shopping, sightseeing, and eating, then I won’t get it,” said JB Macatulad, travel blogger at Will Fly for Food. “But if we plan on doing anything remotely physical like skiing, bungee jumping, or even going on a city bike tour, then I think it’s a must.”
As much fun as adventure activities are, they also open up a greater risk of injury. Trip insurance can cover hospital visits and treatments. Plus, many plans come with 24-hour medical assistance to help you locate the best services.
4. Does the weather report look grim?
You’re probably not a storm chaser, but you might be traveling to an area where the weather report looks iffy. Travel insurance can provide coverage in case of a natural disaster, such as a hurricane or snow storm. Some plans even cover emergency evacuation in extreme circumstances.
“I got stuck in a blizzard during a trip to Iceland and could not continue down the road to my hotel, so I had to book another hotel to have a place to stay,” said writer and traveler Lindsey Danis. “The insurance company I worked with reimbursed us for the last-minute hotel booking, our international phone calls, and our meals while our trip was delayed.”
If you’re worried about inclement-weather, look for a plan with this type of coverage.
5. Do you already have the coverage you need?
Travel insurance companies aren’t the only ones that provide coverage for incidents that happen during vacation. Some health insurance plans offer reimbursement for medical costs incurred while overseas.
Select credit cards also offer protection for trip cancellations, lost bags, and rental car insurance. The Capital One Venture card, for example, offers lost luggage reimbursement, travel assistance, and collision coverage on qualifying rental cars.
Before purchasing trip insurance, check with your domestic insurance plans and credit card companies. You might find you’re already adequately protected.
6. Will you stress out without trip insurance?
Although you can weigh the pros and cons of trip insurance, sometimes the decision comes down to one simple factor: peace of mind. If you’re going to worry without trip insurance, purchasing a plan could be worth it. It will relieve your concerns so you can enjoy your vacation.
“I’ve purchased travel insurance for three trips,” said Danis. “While I’ve only used it one time, it was worth the expense for peace of mind … you never know what could happen.”
Is travel insurance worth it?
The cost of a vacation can add up quickly, and you might not want to add another expense. But a small cost upfront for trip insurance could be worth it, especially if the worst does happen.
If you run into an emergency in another country, you could end up thousands of dollars in debt. What started as a fun vacation could turn into a financial nightmare.
Since there are lots of insurance plans, you can choose the policy with coverage options that meet your needs. If you’re looking to keep costs down, check out these six affordable trip insurance plans for budget travelers.
Interested in refinancing student loans?Here are the top 7 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.81% APR (with Auto Pay) to 6.49% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of November 6, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 11/06/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 8, 2019 and is subject to change.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.9299999999999997% effective October 10, 2019.
6 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 11/07/2019 student loan refinancing rates range from 1.90% to 8.65% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.
7 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 09/23/2019. Variable interest rates may increase after consummation.
|1.81% – 6.49%1||Undergrad & Graduate|
|1.81% – 7.36%2||Undergrad & Graduate|
|1.99% – 6.65%3||Undergrad & Graduate|
|2.43% – 7.60%4||Undergrad & Graduate|
|2.02% – 6.30%5||Undergrad & Graduate|
|1.90% – 8.65%6||Undergrad & Graduate|
|2.74% – 6.24%7||Undergrad & Graduate|