Episode 157: Do You Really Need Travel Insurance? What to Know Before Your Next Trip

Last week, we explored the role of insurance in protecting your assets. This week, we’re zooming in on a type of insurance that often flies under the radar: travel insurance. Whether you're climbing Mount Kilimanjaro, cruising to Antarctica, or simply flying cross-country, travel insurance can make or break your trip financially if something goes wrong.

 

In this episode, I share:

• When travel insurance is actually worth buying
• The difference between credit card travel protection and comprehensive travel insurance
• Why I canceled my Chase Sapphire Preferred after a frustrating insurance claim
• How to evaluate the real value of travel coverage, especially when traveling internationally
• The pros and cons of single-trip vs. annual travel insurance
• Which companies are most reputable and what to look for in a policy

 

From missed connections to emergency evacuations, I’ll help you decide when it makes sense to get coverage — and how to avoid wasting money on insurance that won’t pay when you need it most.

 

Key Takeaways

• Credit card travel insurance can be helpful for minor issues, but often lacks the customer support or reimbursement success for larger claims.
• Comprehensive travel insurance offers coverage for emergencies, medical care, and trip cancellations — crucial for expensive or adventurous trips.
• Consider annual plans if you travel frequently.
• Always read the fine print and check what’s truly covered before buying.

 

Mentioned Travel Insurance Companies

• Allianz Travel Insurance 
• World Nomads
• AIG Travel Guard
• IMG
• Travelex Insurance
• American Express Travel Insurance

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Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

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