Behind the scenes: How Travel Insurance has your back

Travel insurance pays out over $6.7 million a week to cushion the blow for people who experience medical emergencies abroad, according to a report from the Association of British Insurers.

In most places in the U.S., medical and car insurance are so important that it's illegal not to own them. Now, translate that to travel — is that incentive enough to at least consider the value of a good travel insurance policy?

cost per claim

Based on data from the Association of British Insurers, more than 4,300 people rely on the safety net provided by travel insurance to pay for emergency medical treatment. The average cost per claim is $1,524. Compare that to $54, which is the average cost of a travel insurance policy.

That's quite the money-saver.

Traveling With No Insurance

Still, many travelers risk going on vacation without that safety net. One out of 5 people take their chances by traveling uninsured, according to the same report.

If the concern is losing money, you'd have to take more than 21 vacations a year for insurance costs to outweigh costs per claim. 

And even though many of us fear losing our luggage or getting something stolen during our trip, the truth is that more people make claims for medical treatments than for trip cancelation, or lost or stolen money.

It doesn't help that medical expenses are dramatically increasing. In the last 10 years, the average cost of a claim for medical expenses rose over $500 on a single travel insurance policy.

"No one expects to go on holiday and have to make a claim on their travel insurance," said Aidan Kerr, head of travel insurance at the Association of British Insurers. "However, unfortunately for many travelers, having something go wrong can be a very real experience. It can be especially traumatic when you or someone you are traveling with is taken ill or injured."

Travel Tips

To keep you and your family safe when traveling abroad, here are a couple tips to bear in mind.

1. When purchasing a travel protection plan, the cheapest package you come across may not cover all of your needs. Don't buy a policy based on price alone.

2. Vacations are meant to be fun and relaxing, but act responsibly and stay alert for suspicious activity.  

Get a quick quote today by clicking here or calling 1.800.228.9792.