What are the benefits of buying travel insurance for an international trip?

Wide shot underwater view of couple snorkeling near sea turtle swimming in tropical sea
Most Americans told tourism market research firm Destination Analysts that Europe, Canada, Mexico and the Caribbean Islands are among their top vacation picks for 2023.

Thomas M Barwick INC / Getty Images

Americans are gearing up for more long-distance travel this year — with around 34% saying they have plans to travel outside of the country, according to a 2022 survey from tourism market research firm Destination Analysts. That’s a 7-point increase compared to what travelers said in the previous spring about their ambitions to travel internationally in the coming year.

Most Americans told the firm that Europe, Canada, Mexico and the Caribbean Islands topped their lists. However, those planning spring break vacations may have other locations in mind.

No matter what time of the year you’re traveling, it’s always wise to consider whether you are should get travel insurance, which provides up to 100% coverage for unexpected or unforeseen events that could otherwise leave you with a hefty bill. You just have to submit a claim to the insurer to receive your money back (as long as it applies to one of the listed covered reasons).

For travelers looking to cover all angles, comprehensive travel insurance is the way to go. Luckily, online marketplaces like SquareMouth make the process easy. Simply fill in your traveler and trip information to view dozens of affordable options.

3 benefits of buying insurance for international trips

There are many perks of travel insurance, particularly the possibility of saving you thousands of dollars should something go awry. But it’s even more crucial for travelers heading abroad.

Nearly 90% of all insured travel in 2022 was for international trips, according to a SquareMouth survey, which anticipates a continued “high demand” for international travel in 2023.

The site forecasted some of the top insured destinations for early 2023 — Mexico, Italy, Israel, The Bahamas and France — estimating an average cost of around $6,500. With total trip costs like that, an added layer of protection certainly doesn’t hurt. That’s where travel insurance comes in. With the click of a button, you can compare different policies being offered by a variety of insurance providers. Don’t delay. Get started on the process now.

Here are some benefits of travel insurance for international destinations.

  1. Financial protections: The more expensive your trip is the bigger the financial risk. Travel insurance can provide protection for your trip deposits, including your airfare, accommodations, tours and more. One of the biggest benefits of travel insurance is trip cancellation coverage, which “provides protection for the financial investment travelers make in their trips, offering coverage for all prepaid and non-refundable trip expenses,” SquareMouth explains. This type of protection can give you peace of mind in case an unexpected event or obstacle arises, forcing you to change your plans.
  2. Medical coverage: Multiple US agencies strongly urge Americans to get travel medical insurance, mainly because health insurance may not kick in overseas. “Before you travel, consider getting travel insurance to cover yourself in case of delays, accidents, or illness occurring on your trip. Your current medical insurance may not cover care in other countries,” the Centers for Disease Control and Prevention states online. Some countries even require tourists to provide proof of insurance before entering. Aside from these important factors, getting emergency medical and medical evacuation coverage — often included in comprehensive travel insurance policies — enables you to receive any critical medical care you need without worrying about getting stuck with a massive hospital bill. “The medical benefits of travel insurance are perhaps the most worth it due to the high financial ramifications that can come with a medical claim while traveling,” adds SquareMouth. (Here’s what you need to know about getting medical insurance abroad).
  3. Travel problems: Traveling can occasionally be a nightmare, especially when you run into crowded airports, airline issues and other inconveniences like delays or lost baggage. Comprehensive travel insurance covers a wide variety of issues, including delay benefits, refunding the cost of lost or damaged items, sports coverage and more. “Every comprehensive travel insurance policy comes with 24 Hour Assistance, which can help travelers with medical and legal assistance, emergency cash transfers, emergency translations and pre-trip assistance,” notes SquareMouth.

In general, the price of travel insurance is around 5% to 10% of your total trip costs, SquareMouth says. That’s a small price to pay for peace of mind and potential protection from losing a full deposit or experiencing a medical emergency that comes with massive bills.

Travel insurance is easy to acquire. Insert your information into SquareMouth’s free online tool to review a plethora of policies, which can be ranked by the least expensive options.