Travel Insurance may seem like an additional cost to the trip.
It makes sense that, after paying for all the trip costs like airfare, lodging, food, and activities, you would be reluctant to add any more costs to your trip budget.
However, travel insurance may still be a wise investment, it can help you save money on unforeseen expenses be it medical-related costs or trip costs.
Travel protection becomes necessary during your international travel because your domestic health insurance policy won’t cover your medical costs overseas.
You can make the best decision regarding the type of coverage you require for your trip if you are aware of what to get and the advantages it can offer.
Make sure to include travel insurance when planning your next vacation.
In this article, we list the top 10 reasons to purchase travel insurance and more.
Travel insurance is a form of insurance policy that you require whether you are traveling domestically or abroad. It reimburses you for travel expenses and any extra cash you may have spent on unforeseen events both before and during the trip.
In other words, it provides financial protection against risks related to travel, such as flight cancellations, lost baggage, and unexpected medical care expenses.
The majority of travel insurance companies provide a variety of policies with varying levels of affordability and cost. You can buy travel insurance for a single trip or two trips, or a whole year. Both individual purchases and household coverage are available.
Knowing how travel insurance works will put more things into perspective.
If something unexpected happens while you’re traveling abroad, having up-to-date and valid travel insurance can help protect you against any potential problems during your vacation, including lost luggage, flight cancellations, and medical emergencies.
When you’re on vacation, you never know what might occur. It’s unpleasant to consider the worst-case situation, but it’s always preferable to take precautions rather than regret them. That’s where travel insurance comes in; knowing that you’re protected in case of an emergency allows you to relax and enjoy your trip. Travel insurance is crucial for this reason.
If you are hurt during your travel abroad as a result of a covered incident, such as a fall or a vehicle crash, travel insurance covers the related financial expenses.
In the event of a new sickness or illness, while you are abroad, travel insurance covers medical expenses and emergency assistance coverage.
A medical emergency comes without warning. Expenses related to a medical emergency and evacuation can run into thousands of dollars. Emergency Medical Evacuation cover ensures you get the treatment you need at the nearest medical facility.
If you have pre-existing medical conditions and are worried about them during travel, a plan with coverage of the acute onset of a pre-existing condition can reduce emergency medical expenses due to the condition.
In case of the death of the insured person due to a reason covered in the policy, this benefit pays for a lump sum. The amounts can vary basis plans.
If you must interrupt or cancel your vacation due to an unforeseeable event, travel insurance will reimburse expenses. Included in this is protection are cancellations against sudden illnesses, weather delays, natural disasters, accidents, job loss, etc.
In case your luggage is lost or delayed by an airline, travel insurance can help pay for the expense of replacing items like clothing and toiletries. Baggage delay coverage and lost luggage are extremely helpful as baggage-related claims are far too common.
This non-medical evacuation can cover all reasonable expenses incurred to evacuate to a safe place nearby. Some plans may offer natural disasters along with political or civil unrest while others may only offer political unrest.
In case stolen passport or lost passport, this coverage helps you get a travel document/passport for you to continue your journey. There is usually a maximum limit up to which you get reimbursed for expenses incurred as a result.
Travel insurance gives you access to round-the-clock worldwide assistance services, enabling you to seek aid with translation needs, missing passport assistance, and other urgent requirements. This could be really handy when you are in an emergency situation in a foreign land.
Renting a car can be covered by travel insurance, saving you the high cost of the additional insurance offered by the car rental company. Do cross-check the policy for coverage available if you plan to get a rental car at your destination.
If you plan to participate in extreme sports like Skiing etc. during your vacation there are travel insurance plans that offer add-ons to cover such activities.
If you want to cancel your trip you should be able to. But if you cancel your trip you stand to lose the non-refundable trip costs.
You can buy CFAR (Cancel For Any Reason) Add-on cover to get the nonrefundable trip costs reimbursed for trip cancellation for any reason. The trip cancellation benefits in CFAR can get you reimbursed between 50% to 75% of non-refundable amounts of the trip costs.
The knowledge that you are protected in case of emergency while traveling gives you peace of mind. So that you can relax and enjoy your vacation. You don’t need to stress about unforeseen expenses that can cut short your holidays.
There are a few things that are either not included or may only be offered for an additional cost.
The usual exclusions include epidemics and pandemics. Following the COVID-19 pandemic, it was added to the travel insurance company’s additional protection options or covered under the coverage as any other sickness or illness.
Pre-existing conditions may not be covered. If you want your travel insurance plan to pay for any pre-existing conditions that worsen while you’re away, you’ll need to get a pre-existing conditions exclusion waiver which may be offered by some Trip Insurance plans.
Not every travel insurance policy excludes or offers the features listed above; some may be offered as paid add-ons. For coverage information, always check the policy document. If in doubt contact your travel insurance provider before buying travel insurance and get your questions/doubts clarified.
Some travel insurance policies provide add-on coverage for additional costs; typically marketed as a package, it covers several types of coverages like:
Consider protecting your vacation investment & unforeseen medical situation-related expenses by buying travel insurance if:
There are some situations in which insurance is not required:
The best time to buy travel insurance is after finalizing your vacation plans. You can choose to get a travel medical insurance policy, which is made to cover medical expenses. Or choose a trip insurance policy that will pay for your travel-related expenses. The benefits of these two insurance options often overlap.
There are several travel insurance providers and various ways to purchase travel insurance:
Each of the options has advantages and disadvantages. If you purchased travel insurance policies but did not compare them to other plans you can miss out on the best plan for your needs.
If you relied on your tour operator and bought a standard plan they offered then you may need to look for supplemental coverage for things not offered in that plan.
Comparing plans is essential before you narrow down a plan for you and your travel companion or family member.
If you have purchased travel insurance then you can relax knowing you are covered if something unforeseen occurs on your upcoming vacation.
Always make sure you read the fine print before buying insurance. Buy coverage that meets your needs and select a policy that offers the coverage you require. If your travel companion or a family member is visiting the same place with a different return itinerary then buy the coverage separately.