This “ 5 Reasons To Buy Travel Insurance and Some More ” provides the readers an overview about why travelers should purchase travel insurance. This post also includes the various types of travel insurance that travelers can choose from.
So all your bags are packed and ready to go. You spent hundreds of money and months preparing for your ultimate trip. Suddenly, something unexpected happens and you can’t go. You may have a family emergency, you lost your job, your kids get sick, or something else. So, now what happens to your trip? Will it get rescheduled? Will you get your refund?
Basically, aside from not being able to have the vacation you’ve perfectly planned and wait for a long time, you have these lingering questions with no easy answers. This is just one of the good reasons that you need to buy a travel insurance.
There are so many things in life that you can’t control of. You don’t just hope that everything will be fine because you’ll never know what the situations are or will be and how bad the situations are or will get. The same analysis applies to travel. There are mishaps that you can’t avoid and costs that can’t be refunded to you.
Reasons To Buy Travel Insurance
For a couple of dollars, it may be in your best interest to purchase a travel insurance. Here are reasons that you should consider buying travel insurance the next time you consider your next vacation.
1. Trip Cancellation
So, what is the probability that you won’t be able to take that well-planned vacation of yours? You may say that the probability may be less than 1% or something like that. After all, you spent months planning about it and working all the logistics of that much-awaited trip. You have made sure that you have filed the paperwork for taking time off from work, have finished listing down all the necessities for that trip, etc.
But things, which cannot be controlled, can happen instantaneously and you may not be able to do that trip. When this happens, are you confidently sure that you can get your money back? Without travel insurance, I feel that your answer may be a big “NO” especially when your trip involves buying a plane ticket.
With travel insurance, you are able to get your money back or possibly reschedule your trip. Just be aware of any restrictions, exclusions, and other requirements. Just think about the insurance as your safety blanket just in case you cancel your trip for unfortunate events that you cannot control.
2. Lost Baggage
You may think you don’t necessarily need to purchase for lost baggage because your credit card company will provide some form of coverage and, if you are travelling by plane, that the airline company will provide some coverage as well. You ask yourself that those two alone are good enough for you to not get lost baggage insurance. Not opting for a travel insurance makes sense up to a certain point.
But what if you have valuable items in your baggage that cost a lot of money? If your baggage suddenly gets lost and you happen to have items valued collectively in the amount of $10,000, for example, your credit card company and the airline company may only be able to reimburse you a portion of that $10,000 and not the full amount.
If you have valuable items in your baggage, it is best to consider purchasing insurance coverage for lost baggage. For just a couple of dollars added to your travel cost, you will be more confident that if unfortunate situations do occur, then, you are covered multiple times (i.e. by credit card company, airline company, and travel insurance). Of course, you always need to check and be aware of the exclusions, requirements, and restrictions of insurance coverage from your credit card and the airline companies.
3. Medical Emergencies
If you happen to be travelling outside the US, you may consider getting a travel health insurance. Some travel health insurances usually cover around $10,000 to $50,000 for emergency medical care. You may think you’ll be ok because you are going to a safe country and that you have your prescription medicines with you. But then again, you don’t know exactly if or when you’re going to get sick.
Remember, if you are going to a foreign country, you are exposing yourself to a different environment, different foods, different climate, among others. These variables may or may not affect your health.
It may be true that your current health insurance may cover you up to a certain degree but there may be times that your insurance won’t cover you because the medical care you will receive abroad may be outside your provider’s network or that there are exclusions on overseas coverage.
If you are travelling abroad for an extended period of time, purchasing a travel health insurance is definitely a good idea especially when your current health insurance won’t cover your medical expenses abroad.
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4. Trip Interruption
Your trip can still be interrupted even when you’re already on your trip, to say the least. For example, the cruise ship that you are currently in suddenly lost its mechanical power and the company decided to cancel the trip completely. So, what do you do then? Can you get your money back?
If you have trip interruption/cancellation insurance, you can recoup the money you paid for your cruise (subject to exclusions, restrictions, and requirements). You may not get to have the vacation you want but at least you can get your money back and plan another trip. This cannot easily be said if you don’t have this type of insurance.
5. Missed Trip
So, you are on your way to your cruise trip. Before you get there, you have to fly to get to the cruise station. Unfortunately, your flight gets delayed for a couple of hours, which means that you’ll miss your cruise vacation. In events like this, what can you do?
If you have a travel insurance, you can get your money back. You probably spent a lot of time planning for your trip and saved a lot of money just to make that trip happen. The least you can get is your money back when you can’t go to your destination because something happens that you cannot control.
Types of Travel Insurance
Of course, travel insurances are not created equal. Some insurances have broader coverage and some have very specific coverage. You should always ask yourself what coverage you need to make sure that you get the insurance that best fit your requirements.
Comprehensive Travel Insurance
Comprehensive travel insurance covers cancellations, emergency medical services, lost, delayed, and stolen baggage, interruption, and among others. This is what most people get because it fits the needs of many people. It’s like the comprehensive car insurance for traveling.
Travel Accident Insurance
Travel accident insurance provides accident protection for international trips and term life benefits. This insurance covers accidental death and dismemberment and term life insurance benefits while the insured party is traveling. This insurance provides supplemental death benefits to the life insurance you may already have.
Many times, the coverage in this insurance can be withdrawn faster than your traditional life insurance, which tremendously help those loved ones in case they need money. Be mindful that this shouldn’t replace your traditional life insurance as it is only enforced during your trip.
Travel Health Insurance
Travel health insurance is important when travelling abroad. There are times that your current health insurance may have limited to no coverage when you go overseas. If this is the case with your health insurance, it may be good to obtain a travel health insurance.
This type of insurance is meant to cover your emergency medical needs such as emergency room fees, hospitalization, prescription drugs, and other related medical expenses. Remember that accidents can happen and, sometimes, they happen even when you least expect them to occur.
Trip Cancellation or Interruption Insurance
Trip cancellation/interruption insurance covers the insured individual for unforeseen events. Some credit cards may have similar insurance coverage for trip cancellation or interruption. If you want to make sure that you can get back your money in the event that your trip is cancelled or interrupted, it may best for you to purchase this insurance.
If you travel a lot in a year, you may want to purchase annual insurance plans instead of buying individual purchases for each trip. This may or will be more economical for your pocket. Most annual policies provide coverage for medical evacuation, medical emergency services, lost baggage, and among others.
There are a ton of insurance companies dedicated to providing travel insurance. Here are some of the travel insurance websites found on the web:
- CSATravelProtection.com – (800) 711-1197
- HTHTravelInsurance.com – (888) 243-2358
- TravelexInsurance.com – (800) 228-9792
- TripInsuranceStore.com – (888) 407-3854
Before Purchasing Travel Insurance
For those who are planning to purchase travel insurance, make sure that you read the coverage, exclusions, and restrictions of such insurance. Also, before you make your final decision to purchase the insurance, research the insurance companies and see any reviews on them. For sure, you are not the first person to buy from them. You should do this to make sure that in the event something unfortunate happens you are able to get what you paid for. It’s better to do your own independent research than just relying on the companies’ information.
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