5 Important Things To Know About Travel Insurance

When planning a trip, most travelers are unlikely to anticipate problems. However, with all the risks involved, having hassle-free travel may not always be possible once you are on your way.

Unwanted events may occur during travels that would not only ruin the trip but also cost you a lot of money. This is why being prepared for the unexpected is as important as every item on your travel checklist, and one of the most important items to consider is travel insurance.

Make sure you are covered during your next trip with Bell & Associates Consulting Firm. Get travel insurance coverage today!

What is Travel Insurance?

Travel insurance is defined as a type of insurance that covers losses incurred during travels, whether domestically or overseas. When things go wrong while you’re on a trip, travel insurance can be handy when you’re facing travel emergencies such as: 

  • Accidents
  • Canceled trips
  • Lost or stolen luggage and possessions
  • Travel interruption
  • Expatriation in case of natural disasters.

Why Many Travelers Don’t Want to Take Travel Insurance

Many people don’t see the real value of travel insurance until something happens and they need it; hence, they would rather travel without it. Without realizing what it is and what it is for, the lack of knowledge about travel insurance can put travelers in shock if anything goes awry.

In a survey conducted by ValuePenguin, 56% of respondents don’t want to take up travel insurance, while only 23% said they intend to purchase a plan for their next trip. Males and Gen-X respondents lead the list among those who plan to buy insurance for their travels.

Brett Holzhauer, ValuePenguin’s travel rewards adviser, thinks that the reason why many travelers don’t want to invest in trip insurance boils down to cost. Most people think that traveling doesn’t have to be that expensive unless you’re traveling first-class; therefore, they don’t find a need to pay anything extra, such as insurance costs.

Misconceptions About Travel Insurance

Besides having to pay extra for the trip, another common reason some travelers don’t see the need for travel insurance is the lack of understanding of its coverage. Holhauzer believes that travel insurance can be confusing and intimidating for travelers. Furthermore, some people think that the chances of anything going wrong while on their trip is very slim.  However, studies show that about 15-37% of travelers wind up dealing with a health problem while traveling internationally and travelers are found to be 10 times more likely to pass away from an injury over an infection during a trip.

What you need to know about travel insurance

Basically, travel insurance is offered to travelers to protect them from any financial losses due to unwanted incidents while traveling. However, there are still many things that people don’t understand about this type of insurance.

Some of the facts that you should know about travel insurance are:

  • Travel insurance works differently from health insurance. It will not cover regular check-ups for any existing medical conditions.  Therefore, if you need to go back home due to a medical condition, your regular health insurance will take over.
  • Travel insurance covers more than just sudden sickness or injuries due to accidents. As mentioned earlier, travel insurance coverage goes beyond illnesses and injuries. Travel insurance also provides coverage for canceled trips, lost or stolen luggage and possessions, travel interruption, and expatriation in case of natural disasters.
  • The insurance provided by travel credit cards has limited coverage. Travel credit cards offer very limited insurance coverage.
  • Travel insurance only covers accidental injury.
  • Coverage depends on the policy. It is very important to read the terms and conditions, as well as, the fine print to know what will be covered by the policy.

Are you preparing for your next vacation? Make sure you have the proper coverage – contact us today!

Is Travel Insurance Worth It?

Being prepared for any risks involved with traveling can be priceless. Undesirable events, such as getting caught up in an accident or suddenly getting sick while traveling, could be pricey, especially if you don’t have any insurance coverage. With the protection it provides, travel insurance can give you peace of mind knowing that your policy can help you have a worry-free trip by reducing the risks of financial losses if anything goes wrong.

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