Contrary to popular belief travel insurance is not just for expensive vacations, overseas trips, and long journeys. Buying a travel insurance policy is essential for every trip. Travel insurances protect you against the most common travel mishaps. Life is uncertain, and you never know what kind of crisis you might have to face. Whether you face a financial loss, theft of significant documents or a severe medical emergency, a well-planned travel insurance policy will provide you with monetary compensation if you face any crisis while traveling. Travel insurance can look like just another added expenditure pinching your pocket. However, it is protecting it against all the odds. For all the people out there wondering why you should get travel insurance, here is a list of logical and legitimate reasons.
Trip Cancellation and Trip Interruption Insurance
Sometimes the most planned trips also need to be canceled. Most travel providers such as cruise lines, airlines and tour operators offer minimal to no refund for last minute cancellations. Do you want to lose all the money that you have spent on the trip that you suddenly have to cancel? I am assuming that your answer is an obvious no. Hence one of the most significant reasons to buy travel insurance is the guard yourself against trip cancellation or your trip interruption due to things like illness, natural disaster and the carrier going out of business. Investing in the right travel insurance plan gets you reimbursement for a prepaid and non-refundable trip costs when you have to cancel for a covered reason suddenly. Travel insurance ensures that you get your money back and use it to book your vacation on another brighter day.
Protection against Dismemberment and Accidental Deaths
Life is uncertain. If you or your loved suffers a life-impairing accident such as losing eyesight, and losing a leg or dies on a trip by an unforeseen accident or a sudden illness such as a stroke or a heart attack, A travel insurance will pay a handsome compensation depending on the situation. Travel insurance is the best way of protecting yourself and your loved ones from an unforeseen emergency situation while you are traveling. Travel insurance that assures you against such a situation is recommended when your medical insurance does not cover death in the country outside your residence, or foreign countries.
Insurance for Lost Belongings
Losing your baggage, passport and currency can ruin the best of trips and can cause tremendous confusion and frustration. In such a scenario a travel insurance plan is a breather. A good travel insurance plan will offer compensation for expenses incurred for the issuance of a duplicate passport, compensation for loss of baggage, compensation for emergency items in case there is a delay in receiving your baggage. Knowing that around 7% of bags never reunite with their owners investing in travel insurance is a wise decision.
Emergency Medical Insurance
Just the way you don’t want to walk the streets of your homeland without medical insurance, you should not be walking a foreign land without a travel insurance plan that protects you against medical emergencies and unforeseen accidents. Even though the chances of a medical mishap are low, keeping yourself covered is essential. You don’t want to be stuck in a situation where you are seriously sick or hurt in another country without a health insurance card that can help. Most of the insurance plans don’t cover medical emergencies outside the country of your residence. Foreign medical facilities more than often need upfront cash payment unless you have travel insurance. A great travel insurance plan can pay for diagnostic tests, cover out-patient and in-patient treatments, ambulance charges, and travel costs to a hospital. A travel insurance card offers the facility of cashless hospitalization.
Medical Evacuation Coverage
While traveling overseas if you are severely injured or seriously ill and you have to be taken to the nearest high- quality hospital via a helicopter, the costs in such cases can be gigantic. In a lot of places, medical evacuation can cost you a heart throbbing six figure. A travel insurance plan covering medical evacuation pays for transportation to the nearest appropriate medical facility if you suffer from an injury, illness that is covered. It also pays for transportation to bring you back home once your condition is stable.
Coverage Against Flights that Don’t Arrive on Time
Approximately 80 percent of flights domestically and internationally arrive on time. The rest either get delayed or canceled. This is why you need to invest in a travel insurance plan that covers you against such a situation and offers great travel delay benefits. Such insurance plans reimburse your expenses on additional meals, travel expenses, and accommodation expenses and lost prepaid expenses as a result of delayed departure.
Stress-Free Car Hire
Say you hire a car on your long awaited holiday and unfortunately your rented car is involved in an accident, major or minor, in such a scenario you will most probably have to pay for the damages irrespective of whether or not it was your fault. This may cost you a lot and ruin your holiday altogether. To have a stress free car hire its necessary to invest in travel insurance that covers you against such an unexpected financial expense.
Coverage Against a Personal Liability
If you go on a trip and knowingly or unknowingly get involved in a situation that makes you legally responsible for someone’s damage to property or personal injury and you end up getting sued, a travel insurance policy can be your savior. It covers you up to a specified amount as per your plan and protects you against personal liability.
Damaged and Disturbed Destinations
Travel insurance can protect you against both human-made and natural calamities. Say if your travel destination gets hit by a hurricane, an earthquake, a flood, a cyclone or an act of terrorism before or during your stay, you could end up losing the cost of your accommodation, airfare, and prepaid side trips. Buying the right travel insurance policy before you book your trip will get such costs reimbursed in case of cancellation and cover damages in case you are already at the destination up to a specified amount mentioned in your travel insurance policy.
Coverage for the Whole Family
When you want to travel and purchase travel insurance, you would like all your loved ones covered by the policy. With the right travel insurance policy, you can get your whole family covered. This includes dependent children till the age of 21, spouse, your parents and your spouse’s parents, and your siblings. The whole family includes immediate family members mentioned above and qualified family members such as grandparents, grandchildren, niece, nephew, etc. Ensure that you read the offer document carefully to know which of your family members are covered under both these terms and whether or not there are any extra terms and conditions around such an inclusion.
How to Choose a Suitable Insurance Plan?
First and foremost you need to decide and figure out how much is at stake if something goes wrong on your trip. Say if you buy a cheap last-minute flight, then the cost of travel insurance is probably too high and would not be worth it, but if you are planning an expensive trip and the chances of a mishap are higher, then A good travel insurance is worth every penny.
The subsequent step that you need to take is to find out whether your credit card offers travel insurance. If it does offer a travel insurance figure out what does it cover? Most of the credit cards that offer a travel insurance offer assistance during a medical emergency on your trip and lost belongings. In such a case you would want to pick travel insurance that probably offers reimbursement against cancelation of plane tickets and gives you protection against trip interruption. In case your credit card does not offer insurance you would probably want to pick the one that covers most of your concerns and anticipated risks.
One of the most crucial steps before deciding on travel insurance is to compare prices. You can compare independent agency insurance policies. Generally, the independent insurers are cheaper. You can also compare insurances offered by the cruise lines and the airlines.
Always remember to buy travel insurance before you commence your trip, because if you buy insurance after a mishap has taken place then making such a purchase would be completely useless. It’s like buying home insurance after your house has been burnt down.
Whether you are traveling to a domestic destination or an international destination, whether or not you are familiar with your travel destination, investing in the right travel insurance for your requirements offers greater peace of mind and gets your losses recouped against unforeseen circumstances. Before you make your choice of travel insurance read the policy fine print very carefully. Take your time and read every word.