24/7 Insights

• Before you travel, you should consider an insurance policy. 
• Also, make sure to check if your credit card provides any insurance protections. 
• Use the website Insure My Trip to check out potential pricing. 

When traveling, especially out of the country, there are always risks associated with doing so. Whether a delayed flight, an overbooked hotel, or a rental car accident, travel insurance can offer peace of mind. As this Redditor asks in his post on the r/chubbytravel subreddit, the real question is how much travel insurance is worth for a family traveling to Costa Rica on a Disney tour. 

As someone who has seen their fair share of flight delays over time and almost missed a cruise or two, I’ve long thought about the value of travel insurance. While I’ve never actually taken it out, I can tell story after story of people who have been incredibly grateful for doing so. 

I love that this post raises a good point about whether travel insurance is necessary and whether a credit card can cover you. 

The Scenario 

Looking at this post, you have a Redditor of an unknown age who is about to pull the trigger on a “Disney tour of Costa Rica.” According to his comments, the total cost of the trip is around $20,000. Because of the cost, his travel agent recommended adding insurance that offers a “cancel for any reason” option. 

Ultimately, we have two scenarios under consideration. The first is to take out separate travel insurance, as the travel agent recommends. The second is to evaluate what the Chase Sapphire Reserve card used to book the trip provides regarding travel insurance. 

As this trip is heading out of the country, you always want to hedge your bets against the potential of something going wrong, especially when international travel is involved. For this reason, travel insurance should be highly considered, especially when discussing costs in the tens of thousands. 

The Recommendation 

First and foremost, it’s important to know what kind of travel perks you get with the Chase Sapphire Reserve. While I can’t give financial advice, the terms for the Chase Sapphire Reserve are pretty clear. The biggest consideration is the trip cancellation, whether for sickness, severe weather, or other covered situations; the credit card will reimburse up to $10,000 per person and $20,000 per trip for pre-paid non-refundable travel expenses. 

While this sounds good, remember that the language here is specific to prepaid, non-refundable expenses. Anything not pre-paid or non-refundable would not be covered. There is also coverage for delays if they are more than 12 hours or require an overnight stay. You receive up to $500 per ticket.

Regarding the recommendation, the best advice I can give is to choose one of the recommended options, like Safety Wing. This coverage is specific to medical coverage and is far cheaper than anything you would ever pay. It includes up to $250,000 coverage per person. 

Alternatively, you can go with insuremytrip.com, which includes a comprehensive review of coverage options for medical, cancellation, and evacuation insurance plans. This would be my easy recommendation as it’s the best way to compare potential travel insurance costs to the Chase Sapphire Reserve Card and see if there is value in going with this option to ensure you don’t lose $20,000 on this trip. 

The Takeaway

The reality is that any time you want to travel internationally, challenges can and do arise. Having travel insurance isn’t just good to have. It can make all the difference between losing some money and all of your money. 

Of course, there is the consideration that for many people, you have to pay for travel insurance, sometimes in the hundreds of dollars per trip, per person. Only certain credit cards like Chase Sapphire Reserve truly offer excellent travel benefits. This makes travel insurance all the more valuable for other r/chubbytravel subreddit readers who don’t pay with these specific credit cards and instead would be okay with fronting the cost of travel insurance to protect a larger investment.

A Quote in Minutes

Unlike travel insurance, life insurance is something almost every family should probably have. And if you are unsure about the exact amount of coverage needed, it’s always wise to get a quote and explore your options.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. With affordable rates and customizable policies, life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to visit our website and learn how to get a quote in just a few minutes.

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