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3 Ways Having No Travel Insurance is Similar to Gambling

How often would you risk losing your money to gambling?

445250_72459756Gambling is an activity that is still viewed by many members of society as taboo, and dangerous even. Sure, the act of throwing down a few bills on occasion for a game of Roulette is pretty commonplace in today’s society. Nonetheless, we always get a little nervous when we ourselves, or one of our loved ones, puts down a bet - whether that bet is $20 or $2,000. Gambling has also been known to ruin peoples’ lives and plans, as was seen with medical school student, Philip Markoff, who lost it all from gambling – a promising career, a loving fiancée, and the support of his family. So it makes sense why gambling gets people’s blood pressure rising. However, when we think about purchasing a travel insurance policy, we never tend to make the same connection. Sure, there aren’t any psychological addictions associated with not having trip insurance. But have you ever considered how, by not having insurance, you’re playing with fire similar to a gambler? If you’re completely baffled right now, let us break it down for you with the 3 ways not having travel insurance is pretty similar to gambling at a casino.

You’re observing a random event

As you go about living your life, one thing is for certain: you’re experiencing a random, or a series of random events. Yes, you have a daily routine, but no two days are the same. Similarly, the way in which the roulette table will spin is also completely random. The casino doesn’t control whether or not you’ll hit a win that day. This is why when you decide not to insure you’re trip, it can be comparable to gambling, since you’ll be putting money down on an unguaranteed outcome. When you put money down for a vacation, you expect to go on it. However, there’s no guarantee an accident or family emergency won’t cancel your trip. Just like betting $20 on a game of blackjack, planning a vacation without travel insurance is a risk.

The chances are unknown

Let’s put this into perspective. Why do you get so nervous at casinos? It’s probably because you’re putting down a sum of money with the knowledge of what the outcome is going to be. You could, by a long shot, win the jackpot and end up going home a millionaire. But there’s a much greater chance you’ll end up losing your money and going home with nothing. The anticipation is nerve-racking. Now, if you look at it from a travel insurance standpoint, you’ll realize that you’re dealing with the same unknown circumstances. You don’t know whether you’re going to get injured or fall ill or not, and unlike casinos where there is, in fact, a rough estimate of your chance of winning, the future is completely unpredictable. And if you end up needing to cancel your trip without having insurance beforehand, you could be losing out on a couple thousand dollars, or more.

There’s no turning back

Once you put your money down on the table and lose it, there’s absolutely no way you can get that money back. Casino owners are not going to respond to your pleas. That’s the risk you take for betting in the first place, similar to how losing your trip investment due to an emergency is the risk you take when booking a vacation without travel insurance. The odds probably aren’t as stacked against you with booking a trip as they are with gambling, but if your trip does get cancelled last minute and you don’t have insurance, you’ll lose that money and won’t be able to get it back.

Gambling and booking a trip without travel insurance aren’t 100% similar, but some of the circumstances and risks are similar. So be proactive during your next trip, and consider purchasing travel insurance for your next trip.

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