What is travel insurance?
Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one’s own country.
Do you need travel insurance?
Travel insurance is not like car insurance. No one is going to make you use it. And unlike health insurance, it’s not necessarily inevitable that you’ll need it at any point in time. But when you consider the high cost of travel and the potentially low cost of insurance, travel insurance is often a worthwhile investment.
Travel insurance is important on the following event:
• Traveling to a location, particularly abroad, where you have a higher chance of getting seriously ill
• Planning adventurous or dangerous activities, like white water rafting, scaling a mountain, or hunting wildlife
• Traveling with expensive luggage or important business documents
• Visiting a dangerous political climate, like a country that’s at war, unstable, or vulnerable to attacks, or a place with high kidnapping risks
Importance of getting travel insurance
1. Getting help overseas
Having the right level of travel insurance cover is critical when travelling. If you fall ill or have an accident while overseas, travel insurance can ensure that you get the best quality of care and you can be moved, either back home or to a better medical facility, if needed.
2. Travel insurance provides you with protection from medical costs
If you require medical attention while travelling, you may be liable for the cost of your treatment if you don’t have travel insurance.
In many countries, medical treatment for visitors can be incredibly expensive; daily hospitalization costs in Southeast Asia regularly exceed $800; the cost of medical evacuations from the United States regularly range from $75,000 to $95,000 and, in extreme cases, up to $300,000.
3. Travel insurance can cover disruptions to your trip
It’s no secret that when you travel, there is much that’s out of your control. Flights can be delayed or you might need to return home if an emergency occurs.
Without travel insurance, disruptions to your trip can end up costing you a fortune. In many cases, you lose the money you’ve already paid, and have to pay for new bookings too.
Many travel insurance packages will cover you for incidents that are out of your control, so that you don’t have to spend your own money if something goes wrong.
4. You can be reimbursed for your losses and expenses
If your luggage is stolen, lost or damaged overseas, you can end up significantly out of pocket – and if you don’t have travel insurance, you will be responsible for replacing your items.
If you take out the right insurance, however, you can be reimbursed for your losses and expenses, meaning that you won’t lose money due to an airline or hotel blunder, or a thief’s wrongdoings.
To avoid any hassle on your trip because of unexpected events like lost baggage or healthy issues, it is best that you have travel insurance. Start inquiring now from an insurance adviser in your local area.