Is it worth taking out cheap travel insurance?

When planning a trip, we don't usually consider any unforeseen events that may come up. Taking out insurance will avoid any problems.

As the saying goes, better safe than sorry; or if treatment is needed, making sure it doesn't cost an arm and a leg. In this article, we explain how to protect yourself against the unexpected, such as lost baggage, theft, last-minute cancellations, health emergencies and travel delays. It's worth taking out travel insurance so you can enjoy the pleasure of traveling without a care in the world. 

When you plan a trip, you focus on finding the best accommodations, the most interesting excursions, the perfect companions to travel with or the best time of year to travel to this or that destination. However, we often ignore the fact that unexpected events can come up that could ruin everything. 

An illness, an accident, lost luggage, delays or early return can involve significant costs that might even force you to cancel the trip. To keep these setbacks from ruining your trip, the best thing to do is to take out a travel assistance insurance policy.

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Is cheap travel insurance worth it? It depends!

The answer will always depend on the type of trip you want to take or the type of traveler you are. Touring a European city isn't the same as climbing Annapurna or volunteering in a country where there is a high risk of contracting a disease. 

In some cases, a basic, more economical insurance policy that covers medical expenses, transfers and repatriations may be all you need. Or you can take out a basic policy and expand it with extra coverage depending on your needs. When taking out an insurance policy, you have to consider the type of trip you are going to take or the type of traveler you are. 

Which of these traveler types best describes you? 

  • Adventurers and fans of extreme sports: you should take out a policy that covers the expenses associated with accidents that occur during certain activities, such as diving, hiking, climbing or skydiving. 
  • Someone who wants to travel confidently and securely: Choose an insurance policy that offers complete protection and covers medical expenses, medical assistance, telephone help, transfers, repatriation, search for lost luggage and expenses associated with an early return. So all you have to worry about is enjoying the trip to the fullest. (BBVA Travel Insurance). 
  • Someone who enjoys traveling around European cities: you can choose an insurance policy that includes medical assistance, medical transfer and repatriation. 
  • Someone who travels very often: if you're a kind of Willy Fog who likes to travel regularly, choose an insurance policy that covers all your trips abroad for a period of time, such as for one year (BBVA Travel Assistance Mini Insurance) 
  • Someone who travels very occasionally: make sure you have sufficient coverage for medical expenses abroad during your trip.

What basic coverage should travel insurance provide?

Before taking out a policy, ask yourself what your needs are. If you want to get basic coverage, you can opt for basic travel insurance that covers the following expenses: 

  • Medical, pharmacy and hospitalization expenses. 
  • Medical transfer of sick and injured persons.
  • Transportation of mortal remains. 
  • Lost, damaged and stolen luggage. 
  • Travel delay. 

The BBVA Travel Assistance Mini Insurance or the extended BBVA Travel Insurance option cover all these aspects. If you need to, you can expand the policy by adding more coverage.

What are the risks of traveling without insurance?

Not taking out travel insurance leaves you unprotected and any unforeseen event can entail a significant economic expense. That's why you shouldn't set out on a trip without insurance, since you can be exposed to the following situations: 

  • Hefty expenses due to unforeseen events. 
  • No security. 
  • No peace of mind. 
  • Early return. 
  • Trip cancellation.
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How much does it cost?

The question you must ask yourself when taking out an insurance policy is: how much could an unforeseen event during the trip cost? 

If the amount is higher than the cost of the policy, it's in your interest to purchase it. For example, if losing your luggage would cost more than the price of the policy, you will have offset the expense.

How can I purchase travel insurance?

You can purchase a travel insurance policy or register a credit card that offers this product

In the first case, you pay the premium and enjoy all the coverage from the very beginning, provided that you are not at your primary residence. 

If you have registered a credit card, the insurance policy will be activated if the trip in question is paid for entirely with this credit card. In other words, in the case of credit cards, you do not pay an insurance premium, but you commit to paying for your whole trip (flights, hotels, etc.) with the card of which you are the card holder.

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