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Is Travel Insurance Still Worth It?

Insurance concept. Travel and Accident Insurance. Insurance policy

Travel insurance is very common in Hong Kong. While there’s no such thing as the best travel insurance policy, there is a policy that suits you the most. In fact, most travelers have their preferred way to get insured before they fly out.

Travelers usually buy travel insurance policies to protect against unforeseen risks such as medical issues, job losses, family deaths, and attacks that may occur before, during, and after trips. If you’re traveling overseas, it is always a good idea to get Hong Kong travel insurance as it can protect you from unnecessary costs and risks. But is travel insurance worth it?

Whether or not travel insurance is worth it will depend on a number of things and your specific situation. For the most part, it depends on whether your trip is refundable, your destination, whether you will have health coverage at your destination, and how much coverage you already get. MoneySmart helps you compare travel insurance plans in Hong Kong, which helps ensure you purchase a policy that best fits your needs.

Depending on your specific situation, here are some key things to consider before you can rule out whether or not travel insurance is worth it.

What travel insurance covers

The best travel insurance is one that covers your needs in the best way possible. For this reason, when making a purchase, you want to buy Hong Kong travel insurance based on your needs. Typically, you can buy a policy that covers a single trip, multiple trips, or all your trips within one full year.

As part of determining whether travel insurance is still worth it, here are the things that a travel insurance policy covers:

A travel insurance policy can give you much-needed peace of mind when traveling out of Hong Kong. In this period when the world is battling coronavirus, some insurance companies are offering Covid-19 protection. As such, you may be compensated if your trip has to be canceled because you got sick with Covid-19 while overseas.

No matter what your trip ‘covers, it is worth noting that there are some incidents not covered by travel insurance. For instance, a travel insurance policy does not often provide coverage for pre-existing conditions unless you meet specified criteria. With that in mind, make sure to read every detail in the travel insurance policy you are considering to determine if it is right for you.


Every travel insurance policy is different in terms of benefits it offers, conditions, and exclusions. For this reason, it is common sense and absolutely necessary to read the policy carefully before making a purchase. If you prepaid for a trip and can’t cancel it without penalty, buying a travel insurance policy is probably a good idea. This is the same if you are traveling to a high-risk destination or will be involved in high-risk sports. Overall, Hong Kong travel insurance protects your trip and health while overseas, which is really great. It is safe to say that travel insurance is worth it. MoneySmart will help you compare travel insurance plans so you can get a policy that suits you most.

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