This is how we get ready for a major vacation if you’re anything like us: You overpack, then discover your luggage won’t close properly, so you start unpacking.
What about the scuba gear, the sundress, and the additional coat? Those aren’t necessary. Travel insurance, on the other hand, is a must-have item.
Losing our holiday investment would be devastating for most of us.
Suppose you spend $7,000 on a luxury cruise around the Mediterranean to celebrate your 25th wedding anniversary once in a lifetime.
Your mother had a terrible fall the day before sailing and was taken to the hospital. Your money isn’t refunded if you contact the cruise line and explain what happened. If you cancel your trip within 14 days of your departure, you will not receive a refund according to company rules.
Travel insurance is critical in these types of circumstances. If you need to cancel your trip for a covered reason and have travel insurance with trip cancellation benefits, you’ll be reimbursed for any booked, nonrefundable trip charges.
When it comes to covered causes, these can include things like an insured person’s illness or injury that prevents them from returning home; the death of an insured traveler, a traveling companion, or a family member; a natural disaster that makes your location unsuitable; and so on.
The cost of medical care when you need it most can be prohibitive if you need it abroad.
Consider the following case: A truck hits your rented car as you’re driving through Argentina, breaking your leg and inflicting other catastrophic injuries. It takes all of your willpower to dig out your health insurance card when you finally make it to the hospital!
As a result, the employees around me are shaking their heads. You’ll have to pay for therapy upfront, and the costs quickly mount into the tens of thousands of dollars. Medical evacuation can cost up to $200,000 or more, depending on where you are and how close you are to a hospital if you need one.
, medical institutions and providers in other countries may not accept U.S. insurance policies. Outside of the United States, Medicare does not provide coverage.
In the event of covered medical and dental emergencies while traveling, having travel insurance with emergency medical coverage can help cover the costs of your losses. With emergency medical transport benefits, you can get reimbursed for both the expense of getting you to a nearby medical facility and forgetting your home after an injury or illness that is covered by your policy.
The Allianz Global Assistance hotline personnel may even be able to arrange for payment in advance for covered emergency medical care in some cases. The bottom line is that if you’re asking, “is travel insurance worth it?” compare the negligible cost of purchasing insurance with the enormous price of a medical emergency while traveling.
Minor hiccups shouldn’t ruin your vacation.
The money you spend on a vacation is money you’ll get back in the end. Also, if your vacation begins with one of these travel mishaps—a missed connection, an unaccounted-for bag, or another—you’ll lose that carefree spirit you had when you first left home.
If you ever find yourself in one of these circumstances, having travel insurance will come in handy. If your flight is delayed by more than six hours, you may be eligible for compensation for additional lodging/travel costs as well as lost pre-paid charges.
Suppose your baggage is delayed or misdirected by a common carrier for more than 24 hours. In that case, you may be eligible for baggage delay benefits, which would compensate you for reasonable additional purchases of essential items during your trip. Check your plan to learn what else is covered in the event of another common travel catastrophe.
Interruptions or delays in transportation
In 2015, about 20% of flights were delayed, and over 53,000 flights were canceled.
1 Unexpected incident such as flight cancellations, delays, theft of a passport, traffic accidents, and natural disasters can cause significant disruptions to your trip.
Many of these circumstances can be covered by a travel insurance policy, allowing you to concentrate on meeting your needs rather than worrying about how much it will cost.
Travel insurance is something you buy before you go on your trip.
There is a protective dome over every traveler’s head when it comes to travel insurance. It’s made to protect travelers of all kinds from danger or loss that can happen exclusively to a traveler.
Why is Travel Insurance Necessary?
Since globalization has become a fact of life, frequent travel, whether domestic or international, has become a given. However, as passengers, we are frequently confronted with situations beyond our control, which end up costing us money, time, and our ability to relax.
For example, losing one’s passport, having a medical emergency, or having one’s luggage lost or canceled on a trip are all examples of impolite occurrences. A travel insurance policy will protect you against such calamities, reducing the amount you fail to nothing.
Insurance options for various categories of travelers
Travelers both at home and abroad
Travelers on their own
Travelers on business
Tourists/students with their families
Travelers who are only taking a single journey
Travelers who plan on taking more than one trip