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Friends, I am in the job market after some recent news that my job will be eliminated. I am a Sr. IT Leader with 30 yrs in the IT industry and 10 yrs focused experience as a IT Leader in Healthcare living in the Denver Area.
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Travel insurance has saved me in a couple of occasions in Europe despite my trips being booked using either Chase Sapphire or AMEX Platinum. The health coverage was much better in an emergency. It cost me $35 for 7-10 day trips, so why not?
Just read all of the inclusions and exclusions in your card trip insurance and compare it to a trip insurance policy you can purchase to make sure all of your concerns are covered.
I bought ticket insurance for a concert in a different state which saved me huge. I got the insurance a) bc the concert was out of state and b) bc the cost of the tickets was at a level I’d be sick if I lost out on completely if worse came to worse. Turned out to be a huge saver as I injured my foot a week before my flight. Took some aggravating follow ups and staying on their necks but the cost of the tickets was refunded.
Going forward my rule of thumb is, if you’re spending an amount that makes you consider it you should do it.
Some companies, such as mine, offer it in the benefit package. Just make sure you aren't covered by theirs already.
I am a travel supplier and can tell you that travel insurance is a solid source of revenue, all profit, for the organizations that chose to sell it. It’s a solid +3% or more to the bottom line each month. It’s often part of a strategy to push prepaid, nonrefundable policies, which improve cash flow. Insurance provides the guest a way out if they need to cancel while the hotel/vacation rental/airline, etc. remains whole for the booking, which means they can double-sell it in some cases. It’s a mechanism for the supplier to generate marginal revenue from policy sales, transfer risk of cancellation to another party, and increase utilization/load factor, all at a cost to the guest/traveller. Huge win/win/win for suppliers when it’s purchased!
Redemptions are fairly rare except in the event of a weather disaster or something that impacts many people broadly. Redemptions are typically handled by the insurance company directly, not the travel supplier.
Travel insurance is definitely not needed in most cases and is definitely not a “good deal”. If it were favorable for travelers en masse, it would not be profitable for supplies and the insurance companies. If your trip costs more money than you think you can lose, probably don’t book it in the first place. If you think you may need it for some reason or if the cost is negligible in your world, I guess buy it!
I always say, “you don’t need it til you need it” better safe than sorry.
I don't have one and I don't plan on having one. I don't think it is really that worth it.