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On a Budget? How Travel Insurance Can Protect Your Money

Becky Hart | Feb 27, 2024

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Travel insurance is kind of a dull topic. (You weren’t expecting us to admit that, were you?) We do our best to spice it up with inspiring stories and dramatic testimonials from real customers. But we know that if you’ve never been there — if you’ve never experienced a nightmare on the road — travel insurance can feel a bit like a waste of money.

It’s hard to ignore the news, though. Travel mishaps happen all the time. Flights are cancelled, people get sick, luggage is damaged or delayed. These unexpected events can be more than minor inconveniences; they can also be hard on your budget.

Travel insurance can help. We’ll try to keep it interesting as we explain how.

Is Insurance Worth It?

Most people can relate to the feeling that insurance (of any type) costs money, and yet you’re left asking what you get for that money. The value of an insurance plan, if you’re lucky, is rarely experienced. To help make this point, here’s how one Seven Corners team member broke down his monthly insurance expenses:

  • Healthcare (premium only): $251.33 (includes dependents but not spouse)
  • Auto insurance (premium only): $135 (includes two automobiles)
  • Homeowners insurance (premium only): $102
  • PMI (mortgage insurance): $155

That comes to $643.33 each month just in insurance premiums.

“It stings a little to look at this and understand what I’m spending on insurance,” he said. “But you know what? It’s worth every penny to me because that $643 protects me.”

What it really boils down to is cost versus benefit. By paying a relatively small amount for insurance, he’s saving himself from a potentially much higher pitfall — one that he might not be able to afford — in an emergency.

“It gives me legitimate peace of mind knowing that if something happens to me, my kids, my wife, my car, or my house, I have coverage and won’t go bankrupt paying massive bills,” he said.


This homeowner and father of two isn’t the only one who sees the value of insurance in general and trip protection in particular. Read more about why — and how — these travelers bought travel insurance.

The Best Travel Insurance for Protecting Your Money

There are different types of travel insurance, with trip protection and travel medical insurance being the two main ones. The advantages of international health insurance became much more obvious during the COVID pandemic. It was not hard to see how quickly our trips could get derailed if we got sick while traveling.

What many people are still discovering, though, is just how important trip protection is. What happens if you have to cancel your trip? You could easily lose all the money you spent on prepaid reservations and bookings. But with trip protection, you could be reimbursed for any of those expenses that aren’t refundable.

The same goes for trip interruption. Let’s say something happens at home and you need to end your trip early. Any prepaid, nonrefundable trip costs that haven’t already been used can be reimbursed through your travel insurance. If you chose to travel without that coverage, though, you’d likely end up forfeiting that money.

Trip cancellation and trip interruption benefits are included in Seven Corners trip protection plans. So are trip delay, baggage protection, and even some medical benefits. And with Seven Corners, you also get 24/7 emergency travel assistance services.

It’s tough to beat this robust coverage, especially if you add optional Cancel for Any Reason (CFAR) or Interruption for Any Reason (IFAR) benefits. These can protect you in an even wider range of scenarios beyond the ones covered in a standard trip protection plan, not only saving you money but also giving you greater flexibility in how you travel.

Who can buy trip protection?

Seven Corners Trip Protection plans are designed for U.S. residents traveling either within the United States or internationally. They include trip protection benefits like trip cancellation, trip delay, and baggage coverage as well as some travel medical benefits. It’s also possible to add benefits like Golf & Sports Equipment Rental protection, CFAR, and IFAR.

In addition to protection for single trips, we also offer year-long coverage through Seven Corners Trip Protection Annual Multi-Trip. This annual plan covers you during as many trips as you want over the course of 365 days. The benefits are similar to our single-trip plan, but because you only have to purchase it once for a full year of protection, it’s extra convenient and ideal for frequent travelers.

If you’re a U.S. resident traveling within the United States, you should also check out Seven Corners Trip Protection USA. Because it’s for U.S. travelers on domestic trips only, you can customize it in a number of ways. Don’t need medical coverage because your regular healthcare plan is enough? Then you can pass on choosing those benefits. Are you taking a road trip so flight-related benefits are unnecessary? Then don’t pay for those either. This plan can be customized to what you need.

Beach view with a drink.

The Value of Travel Insurance Beyond Money

There’s a lot of value to be found in travel insurance, and while its ability to protect your money is important, that’s not the only advantage. Seven Corners also wants to provide you with comfort, peace, and relaxation during your trip through travel insurance. Trip protection can, in a way, allow you to be stress-free. Travel with the knowledge that if something happens, your trip protection can help you recover.

How to Protect Your Trip with Seven Corners

While we can’t talk enough about the upsides of trip protection, ultimately the best travel insurance is the plan that fits your specific needs. Ask yourself:

  • Can you afford to absorb the cost of your trip if you have to cancel?
  • Is your trip cost negligible because you're traveling to an inexpensive area or someone else is paying for your trip?
  • Would you be better served by choosing a plan that provides travel medical insurance only?

If you take away nothing else from this article, make it this: it’s never a bad idea to spend a little if it protects a lot. Given the benefits of travel insurance, the cost of buying it and not needing it is pretty minor, even if it feels like you spent money on nothing tangible.

If you’re ready to protect more of your trip, get a quick quote and buy your perfect plan at SevenCorners.com or contact our licensed agents and ask about trip protection.

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