Fire up those travel insurances before your next trip
Know when it’s time to get travel insurance
Travel insurance is still, sadly, a lesser explored territory of insurance policies. People get their car insured the day they buy it and their houses as soon as they get the chance. However, travel insurance is something people rarely get because some might just label it ominous, while others consider it a waste of time and money.
Travel insurance has many misconceptions surrounding it and while it might sound like you have to do a ton of work, getting travel insurance is probably the cheapest and the easiest of them all. Should something happen to you or you were to face any unforeseen inconvenience, travel insurance will save you from getting your bank account completely wiped out.
So whenever you plan a vacation, get yourself covered to avoid any unnecessary fuss and/or difficulty. You should preferably buy your travel insurance as soon as you book your trip.
4 Things you should know about getting travel insurance
1. It is more affordable than you think
Some insurance policies can seem like excess use of money. Even though travel insurance is something people skip on because they don’t want to spend the extra money; it is wiser to just buy it and avoid any problems later on. The franchise is the minimum amount of money you have to deposit and is mostly around 100 bucks. Wouldn’t you be at peace spending $100 when you know it saves you $5000+ travel expenses in case of a mishap?
2. There are plenty of options to choose from
You can get your trip insured alongside booking your ticket or hotel. Most options are available online and can be easily compared to get the best deal.
3. There are countries that won’t let you enter without a travel insurance
Some countries, like Cuba, do not accept the VISA unless you have travel insurance that covers your trip. Wise, eh?
4. There are multi-trips and annual policies for frequent travelers
If you’re a frequent traveler, you can get annual policies and would not need to fuss over this every single time you go abroad. There are multi-trip packages for those who know they’ll be traveling a lot in the coming days, for example, for a world tour with your newlywed spouse.
5 Ways travel insurance has you covered
1. In case you have to cancel your trip because of some unforeseen emergency
The biggest mishaps can be unforeseen. If you’ve planned a vacation beforehand and have bought tickets, booked hotel rooms and arrange conveyance; it can come as quite a bit of a financial hit if you have to cancel it last minute. There can be a million reasons for you to do so, but none of them will repay you or redeem your money. Travel insurance will cover a canceled plan due to an emergency and your bank account wouldn’t have to suffer for nothing.
2. If you fall sick during your vacation and have to see a doctor
Health is important to all of us and it cannot be predicted when you end up in need of a doctor or some other medical facility when abroad. Your travel insurance is your medical insurance away from home and will not let you pay excessive hospital bills while on vacation. Even so, some insurances cover your bills if you come back with an illness say, the flu.
3. If your baggage gets stolen
There is a high chance that some of your belonging or any baggage gets stolen or misplaced during extensive traveling. Getting travel insurance will make sure you don’t suffer in case of such an event.
4. If you need to be helicoptered out of somewhere
Your travel insurance will most likely cover your rescue and evacuation from a situation of natural disaster or terrorism-related threat. You’ll be helicoptered out of the place and brought safely back home.
5. In case you lose your passport
Losing your passport is probably the biggest nightmare of a traveler. Your insurance will cover this and will help you get back home safely, without the fear of being featured in the next episode of “jailed abroad”!
4 Times when you can ditch the travel insurance
1. Traveling locally
If you’re taking a domestic flight and going somewhere locally for a short trip, it’s mostly advised to just skip on travel insurance. The stakes are usually not as high and it can seem unnecessary and expensive.
2. If you’re spending less than a big ticket purchase
A $5000 expense is considered a big ticket purchase. If you’re spending less than that on your overall trip; it is best to just avoid getting travel insurance as you might not even use it for recovery of a minimal loss.
3. If your pre-existing insurance policy (medical or otherwise) would cover the trip already
The biggest support of travel insurance is in the medical insurance they offer away from home. If your medical insurance already covers the place you’re visiting. For example, for domestic travel; you can just skip the travel insurance.
4. When travel insurance would be minimally useful
Sometimes, while traveling, we use minimal services provided. While staying at your friend’s place instead of a hotel and carpooling instead of booking rides, buying a travel insurance policy might be an indulgence as most of the things involved in your trip will not even be covered by the insurance policy, you can just ditch it all together as it is in this case, minimally useful.
Travelling is all fun and games until misfortune strikes you. It’s always better to be safe than sorry and travel insurance is no different. Even though one might hope to never have to use it, it is wiser to invest in a smart travel insurance policy than to regret later on. Enjoy your trip abroad in peace, knowing your travel insurance has you covered. Bon Voyage!