Last Updated on March 31, 2022 by Visa Journal
Most people travel to meet friends and family, for vacation, and some for work. While engaging in such myriad activities, one forgets that calamities and accidents can occur at any time. That is why one should make provisions for the same early on. You may also have thought once in a while if booking travel insurance is worth it. Moreover, it might seem to be an irrational and an additional expense for you. You must have protected your health, house, or your car with insurance. However, it is time now, to give the most neglected item some attention.
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Travel insurance is coverage that mainly protects you from travel-associated risks. Additionally, the risks involve loss of luggage while flying, thefts, missed connections, or something very major like an injury. It depends on the kind of coverage you choose for yourself and your family when travelling together.
Let us break it up for you. It will make it easier for you to understand what circumstances can turn out to be. The most renowned travel insurance companies will tell you why you need it.
- Lost Luggage – This type of insurance can provide you coverage for lost or stolen luggage. If you lose your bags while travelling by airlines, they are supposed to compensate you for the loss, in amounts of $3,000 or more. Moreover, this figure can change for other regions. However, you need to file a claim within 21 days, with all the bills stating the price of the bag and contents inside. Lost baggage is very common when you are changing flights all too often. Furthermore, you may receive your bag late. However, by then, your trip would be in a mess. So, this insurance coverage can help you with all the necessities.
- Cancellations – You can also get coverage for trip cancellations. There may be circumstances when you have to cancel a trip. Airlines and cruises have very stringent rules when it comes to cancellations. Some of them will give you back something as low as 25%. However, there may be others who give you a bit more. Moreover, some cruise liners will give you a credit note and ask you to book on alternate cruises. So, you need some protection in such situations.
- Injury Or Sudden Sickness – The travel insurance companies will also give you coverage in situations when you might fall ill all of a sudden. Medical costs in foreign locations can be very costly and can burn a deep hole in your pocket. Moreover, you may have an accident as well. Medicare will not give you any sort of protection in a foreign country. Thus, this insurance works together with your regular healthcare policy.
Different service providers give you different kinds of coverage. So, you have to weigh your pros and cons before buying it. Determine your specific needs, as that will help you decide what coverage you need.
Cost of Insurance
Thus, you have the answer to the question, ‘Is travel insurance worth it’? The cost is mainly dependent on the cost of the trip. The age of the travellers is also important. A middle-aged person may incur about 3-5% more than the trip cost, while a senior may have to incur an additional cost of 10%. It is but a small cost that you have to bear to keep yourself safe. It is a necessity today, as times are volatile. 3-10% cost can give you peace of mind. Otherwise, you may have to shell out thousands of dollars in an emergency evacuation, medical bills, and costs related to trip cancellations.
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What’s Not Covered?
Your insurance will not cover some expenses. So, you need to get the complete information before you decide to purchase that insurance. You have to understand that the insurance may not cover global issues like pandemics unless it is already known. Only if you have a ‘cancel for any reason clause or policy can you get compensation for the same. It is the case with the Covid-19 pandemic. Now, that the pandemic is well-known, most companies will cover it. So, you must understand that the natural disaster for which you claim compensation should be a known cause before your purchase the insurance.
This kind of insurance does not cover any pre-existing conditions. It means all diseases that you already had before commencing the travel. You must prove your condition with supporting documents if you claim compensation for any disease while travelling. Routine dental care is also not included in the policy. Most such covers do not include mental conditions. If you are travelling for medical treatment, any illness or emergency arising due to the same is not covered. If you are pregnant while travelling and give birth on board, the company may not cover you.
Therefore, you must read the terms and conditions properly before zeroing down on the policy. It is very important.
Best Travel Insurance Add-ons
- Cancel For Any Reason – You should buy this at a probably higher cost, but it is worth buying. Normally, the company will not ask you the reason for the cancellation. However, they may give you a time frame beforehand, within which you need to cancel. It is usually 48-72 hours. You stand to get back non-refundable trip costs and prepaid trip costs back with this insurance. It can amount to at least 70% of the expenses. So, that is a huge benefit that you will get.
- Comprehensive Policy – The comprehensive policy covers it all, from luggage loss, cancellations, emergency medical situations, and even death. You need to read the terms before finalizing one. All this makes travel insurance worth it.
How Do You Claim Compensation?
If you already purchased insurance based on your needs, and something unforeseen happens, you should know how to claim compensation.
It is quite similar to claiming compensation for your health or car. If some untoward incident occurs, you have to file a claim. Take, for example, the airline loses your baggage. You need to submit a claim seeking reimbursement for clothes and other essentials. Today, it is mandatory to buy travel insurance when booking tickets for any transport.