Five Reasons You Need Travel Insurance

5 Reasons Why Travel Insurance Is A Must

Is there anything more exciting than packing for a long-awaited vacation? Probably not!

Did you pack all the things that you need? Did you take your swimwear, the new summer suit you bought, and all your medicines? And did you take your travel insurance too?

Travel insurance seems like a pointless expense to most people. It doesn’t feature on top of our priority list. However, there are many situations where a travel insurance plan can be a huge relief.

Imagine a scenario where you have taken a week’s leave from your office to go on a relaxing tropical vacay. You’re all set to go, but your baggage that had all the travelers’ cheques goes missing. This is just one example where a travel plan can help you come out of a major mess.

Here are the five reasons travel insurance is one of the first things you need to take care of before going on a vacation.

Travel Insurance to Protect Your Vacation Investments

You have spent a major chunk of your savings on that dream Caribbean cruise with your partner. You are raring to go, and the day of the vacation finally arrives. Right on the day of the journey, a serious mishap in the family makes you cancel the trip. 

You can explain your predicament to the cruise company, and ask them for a refund. Your pleas for a refund will fall on deaf ears because you have signed the document that said the company offers no refunds for cancellations within two weeks of departure.

You will not have to incur such a heavy loss by having travel insurance because cancellation benefits are a crucial part of such policies. The insurance company will reimburse you for the losses, provided the cause of the cancellation is covered under the policy.

A travel insurance policy usually covers the following reasons for cancellation:

  • A natural disaster or calamity striking the destination
  • Sudden war or extreme political unrest in the destination
  • Death of a family member, a traveling companion, or the insured traveler
  • Injury or illness of a family member, a traveling companion, or the insured traveler

Taking Care of Medical Emergencies during Your Travels

You surely take all the measures to protect your health when you are on vacation. But, medical emergencies can arise at any time, regardless of how careful you are. Having travel insurance with medical benefits can be immensely beneficial in such situations.

Medical benefits that come with travel insurance help you get the medical attention that you need in case of emergencies. Whether you need to be taken to a hospital or have a family member flow to you (if you’re a student), the policy will take care of it both.

Besides, it also comes with dental treatment coverage. When you are on vacation, and a sudden, unbearable tooth pain hits you, you will not have to suffer in silence and let it ruin your vacation. Your insurance will also cover other related health expenses. You can even get cashless hospitalization if you have the right insurance final expense policy.

Suppose you met with an accident when you’re traveling overseas, and the hospital refuses to accept your existing health insurance card. Your medical bills will be taken care of by your insurance policy.

Protection against Loss of Documents, Baggage, or Passport

One of the worst situations you can land up in while traveling is when you lose your documents, baggage, or passport. But, you have the help you need when you have bought travel insurance beforehand.

If you lose your passport, your travel insurance will help in reimbursing the cost of getting a new or a duplicate passport. If your belongings are missing, you will get compensated for the losses incurred up to a particular amount. 

If you lose your passport, your travel insurance will reimburse the cost of getting a new or a duplicate passport. If your belongings are missing, you will get compensated for the losses incurred up to a particular amount. 

If you lose your documents, baggage, or passport on the way, you can be assured that you will not have to face a major inconvenience on landing in a new country or state.

Protection against Situations Involving Personal Liability

An emergency does not pertain only to you or the family members traveling with you. It might also involve damages inflicted on a third party (property or person), where the insured has to handle expenses.

Some of the travel insurance policies offer a benefit termed as a personal liability to cover such expenses. In this case, the insurance company will take care of the expenses for all damages inflicted on a third-party.

The travel insurance policies come to your aid when you are responsible for damages faced by someone else on a trip. You might not always be a victim in an accident. You or the family members traveling with you might be the one who has caused the accident.

Think of a situation where your kids have accidentally damaged some valuable properties in the hotel that you need to pay for. You might accidentally make dents in someone else’s car through your rented vehicle. In that case,your travel insurance will help you cover the expenses in case of unanticipated situations, such as these.

Travel Insurance Is Compulsory For Certain Countries

Finally, there are some situations where you have no other option but to get travel insurance. Some countries have made travel insurance mandatory for each visitor.

Some of the countries requiring compulsory travel insurance include Turkey, Switzerland, Germany, Denmark, Russia, Austria, Netherlands, and Cuba. 

Though not all countries ask you to provide proof of insurance coverage before letting you enter, many of them insist that you buy travel insurance from a local provider after arrival. It might lead to higher premiums, and thus, it’s beneficial for you to buy insurance in advance.

The US State Department advises travelers to purchase travel insurance before visiting any country. American travelers on foreign soil can take help from the local embassy, but there are many instances where the powers of the embassy are limited. They might help you contact your family or friends in the US or communicate with the local authorities. But, even they can’t help you in all situations.

After all, the local US embassy will not be able to pay for your medical needs or take care of the financial losses you suffer. They will also offer emergency transportation only in major, rare catastrophes. 

The Bottom Line

All the reasons mentioned above must have made it amply clear to you why travel insurance is a must-have for you. It saves you from a number of unpleasant situations that range from monetary losses to medical expenses.

The next time you plan a trip, make sure to pack in your travel insurance. After all, a vacation should be free from worries and hassles, right? Start looking for your options in travel insurance plans without further delay.

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