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Traveling on a Budget and the Need for Travel Insurance – TravelPulse

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IMG Blog | December 22, 2022 6:00 AM ET
As travel around the world continues to rebound from the COVID-19 pandemic, you may be rescheduling trips you had planned in 2020 or just feeling a stronger desire to experience the world.
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With the economic impacts of the global pandemic, though, many travelers are looking for affordable ways to cross destinations off their bucket list. A smaller budget doesn’t mean traveling isn’t an option or that it can’t be everything you’ve dreamed of. There are many creative ways to save money and travel on a budget, and many of these money-saving options make the need for travel insurance even more important.

Transportation can be a hefty expense when it comes to traveling, and who wants to use up a huge part of their budget before they’ve even arrived at their destination? Budget airlines can be a great way to avoid spending hundreds of dollars on flights, but as part of getting such a great deal, many of these airlines don’t offer cancellation policies to protect your investment. This means if you book your flight with a budget airline but a family member’s medical emergency leads you to need to cancel your trip, you’ll likely lose the money you spent on that ticket without the option to transfer to another flight. One solution to this can be using part of the money you saved on plane tickets to purchase a travel insurance plan that will offer you cancellation benefits the budget airline may not provide.

Your accommodations can also make up one of the largest expenses you will have while you are away from home, so it’s always a good idea to look at more budget-friendly options. In many cases, the time you spend in your hotel room while you’re traveling is minimal. If you are the type of traveler who wants to get out and explore everything your destination has to offer, then a less elaborate hotel that offers a cheaper rate may be the best option. It’s important to consider that hotels with cheaper nightly rates often have limited cancellation options, but having a travel insurance plan in place can protect you and your trip investment from the unexpected, like an incoming hurricane that hampers all of your tropical plans.

Looking for specials that are running for activities in the area you are staying can be a great way to save some money and still have a fun time. Once you’ve arrived at your destination, check for any deals you can get on activities through your accommodations or hotel provider. Another great resource for saving money on activities is by contacting the nearest visitor center. Not only will they have information on all the area has to offer, but they may also have some great coupons or discounts available. As you are booking activities for your stay, having travel insurance is important to consider as it can help you recover your non-refundable, unused payments and deposits should a delayed or canceled flight (or other covered reason) cause you to miss your activity’s start time.

The sooner you start planning your trip, the better. Not only are you likely to find cheaper deals on your flights and accommodations, but this gives you more time to plan your budget for the trip. As you are planning your next trip, make sure that purchasing travel insurance is one of your top priorities. Whether you are traveling on a budget or splurging on the trip of a lifetime, travel insurance plans such as those within IMG’s iTravelInsured Travel Series are there to protect you and your financial investment from the unexpected. To learn more, visit www.imglobal.com.
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