Why would you not get that? That seems like such a stupid risk not to get that.
Pretty much for all the reasons I said in my comment - you'll almost certainly spend more on premiums for travel insurance than you'll ever claim (this is true of all insurance) and the expenses incurred by self-insuring are generally manageable. Even in the two situations you refer to, we're "only" talking about costs of a few thousand, and both of those are highly unlikely events that most people go their whole lives not dealing with. you're much better off putting the money you'd spend on that travel insurance into an emergency fund to cover those kinds of unexpected expenses.
Insurance is only a good financial call if you risk completely bankrupting yourself by not having insurance, otherwise you're just trading potential lump sum costs for small continuous costs, and the premiums will generally always wind up being more than what you're saving (because if they weren't, then the Insurance companies wouldn't be making so much money).
That being said, it's your money, if you'd rather accept that you're paying more over a lifetime on travel insurance than you're saving just to have the peace of mind that you won't have to dip into savings for any incident that happens before or during the trip (assuming your incident doesn't fall under one of the many carefully crafted exclusions that the insurance companies add to their policies to prevent paying out, which it probably will), then by all means, buy it - but if you're buying it because you think it's the financially savy move, and you have at least a few grand in your bank account for emergencies, then you're kidding yourself.
you'll almost certainly spend more on premiums for travel insurance than you'll ever claim (this is true of all insurance)
Yes I agree but it's about how you value risk. Losing $100 on travel insurance is better than losing $1,000,000 on hospital bills. The risk is different obviously but I'm not worried about $100 for peace of mind. I have even gone to war zones were my insurance was invalid but I had it in safer places because it's all about risk.
Even in the two situations you refer to, we're "only" talking about costs of a few thousand, and both of those are highly unlikely events
That's just where your wrong and there is no point continuing this discussion. You don't think people have to pay a fortune for medical cover when you have no insurance? Sure some countries might cover that and their might be mutual care agreements. But not having insurance in a place that won't pay your hospital bills. That's madness. Your argument works if you artificially make up costs sure.
I have personally know loads of people to get in accidents when travelling, I have myself. I have only heard one person being hospitalised and getting sent home but it happens and it isn't cheap.
And you would be entirely correct - if insurance companies acted in good faith, the reality however, is that they don't. Your comments are already littered with replies of people giving you examples that they've personally experienced of carefully constructed exclusions meaning that they can't actually claim their policy.
I have no doubt that there are people out there for whom travel insurance has saved their ass, but I know from my own experience in the industry that the far more common experience for policy holders is to wind up with the insurance company finding a reason to not pay up, and now you're left both with the cost of the emergency, as well as the cost of the policy.
Like I said, it's your money, and I'm certainly not going to give a shit if you keep buying travel insurance policies, hell - people buying insurance policies pay my salary (though i don't work in travel insurance any longer)
Pretty much for all the reasons I said in my comment - you'll almost certainly spend more on premiums for travel insurance than you'll ever claim (this is true of all insurance) and the expenses incurred by self-insuring are generally manageable. Even in the two situations you refer to, we're "only" talking about costs of a few thousand, and both of those are highly unlikely events that most people go their whole lives not dealing with. you're much better off putting the money you'd spend on that travel insurance into an emergency fund to cover those kinds of unexpected expenses.
Insurance is only a good financial call if you risk completely bankrupting yourself by not having insurance, otherwise you're just trading potential lump sum costs for small continuous costs, and the premiums will generally always wind up being more than what you're saving (because if they weren't, then the Insurance companies wouldn't be making so much money).
That being said, it's your money, if you'd rather accept that you're paying more over a lifetime on travel insurance than you're saving just to have the peace of mind that you won't have to dip into savings for any incident that happens before or during the trip (assuming your incident doesn't fall under one of the many carefully crafted exclusions that the insurance companies add to their policies to prevent paying out, which it probably will), then by all means, buy it - but if you're buying it because you think it's the financially savy move, and you have at least a few grand in your bank account for emergencies, then you're kidding yourself.
When you say travel insurance, are you thinking of overseas medical expenses?
I cut my foot on some rocks in the US and that insurance claim paid for all the previous travel insurance I'd taken out previously.
Yes I agree but it's about how you value risk. Losing $100 on travel insurance is better than losing $1,000,000 on hospital bills. The risk is different obviously but I'm not worried about $100 for peace of mind. I have even gone to war zones were my insurance was invalid but I had it in safer places because it's all about risk.
That's just where your wrong and there is no point continuing this discussion. You don't think people have to pay a fortune for medical cover when you have no insurance? Sure some countries might cover that and their might be mutual care agreements. But not having insurance in a place that won't pay your hospital bills. That's madness. Your argument works if you artificially make up costs sure.
I have personally know loads of people to get in accidents when travelling, I have myself. I have only heard one person being hospitalised and getting sent home but it happens and it isn't cheap.
And you would be entirely correct - if insurance companies acted in good faith, the reality however, is that they don't. Your comments are already littered with replies of people giving you examples that they've personally experienced of carefully constructed exclusions meaning that they can't actually claim their policy.
I have no doubt that there are people out there for whom travel insurance has saved their ass, but I know from my own experience in the industry that the far more common experience for policy holders is to wind up with the insurance company finding a reason to not pay up, and now you're left both with the cost of the emergency, as well as the cost of the policy.
Like I said, it's your money, and I'm certainly not going to give a shit if you keep buying travel insurance policies, hell - people buying insurance policies pay my salary (though i don't work in travel insurance any longer)