What to Know About Travel Insurance as a Student
Insurance is a pretty straight forward product: you buy it to cover unexpected costs in an unforeseen event. That seems like a good idea, right? Unfortunately, insurance very often gets a bad reputation, because it's one of those products that we pay for but might never cash in on. The truth is it's better to pay a little bit of money to have the peace of mind and never use the product benefits than it would be to have to pay thousands of dollars in expenses you can't afford.
Why students need travel insurance
If you're booking a vacation for spring break or studying abroad for a semester, travel insurance is an important product. If you think you don't need - or can't afford - the cost of insurance, don't ask yourself if it fits into your budget. The question you need to ask is this: Can you really afford not to have it? The answer is definitely no.
The stereotype of a typical student is that they're broke. It's safe to say that a university student probably doesn't have hundreds or thousands of dollars to pay for emergency medical expenses if an accident or unfortunate event happens while travelling abroad. That's why it's important to purchase the right kind of travel insurance for your needs.
There are different types of coverage
There are actually two different travel insurance options available: emergency medical and all inclusive. Emergency medical insurance covers the expenses related to personal injuries while abroad such as the costs of doctor visits, hospital stays, necessary operations and procedures as well as medications.
All inclusive travel insurance includes emergency medical coverage as well as non-medical related coverage for your actual journey such as trip cancellation, interruption, and loss or delay of baggage. Could you imagine packing your bags, making your way through airport security and arriving at your destination without your luggage? The cost to replace your items could be covered by travel insurance.
How to buy travel insurance
If your university offers a student medical plan, contact the provider to see if you are covered or have the option to buy coverage through your school's plan. Often, schools are able to negotiate cheaper rates for groups.
Check if you're on your parent's employer benefit plan. If your parents have group medical benefits through their workplace, they may have you listed as a dependent. If this is the case, you may already be covered when travelling abroad.
If neither of these two situations are applicable don't worry because we have other options. The good news is you can purchase travel insurance online (there's no need to see a doctor) and since students are presumably young and healthy the premiums won't cost too much.
Shop around and get different travel insurance quotes before purchasing a travel insurance plan. It's also important to only purchase the amount of time you need; don't purchase a 30-day plan if you're only travelling for 15 days.
Whenever you plan to travel, consider your insurance options. Nothing will ruin a trip more than the prospect of a costly problem. Protect yourself and your peace of mind before you leave the country.