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Why Travel Insurance Is A Smart Investment

Five Reasons Why Travel Insurance Is A Smart Investment

Travelers who go on a holiday/vacation or business trip usually take a considerable time planning their itinerary, accommodations and transportation. However, many travelers take one critical travel aspect for granted and that is taking out travel insurance

Many travelers don’t consider travel insurance as a necessary part of their trip. Obtaining travel insurance isn’t at the top of their priority list when making travel arrangements. 

Travel insurance isn’t on top of the priority list when a traveler makes preparations. Painfully, some travelers only realize its importance when an unexpected occurrence happens during their trip.

Typically, the occurrence results in loss or damage to property or injury. This is when they wish they had taken out travel insurance. Why?

Because this is the very purpose of travel insurance – to provide coverage and protection when an unforeseen event occurs.

Here are five reasons why having travel insurance is a smart investment:

  1. Travel Insurance covers Medical Emergencies

The best travel insurance companies usually provide good coverage for medical emergencies. Coverage includes 24-hour care and emergency transportation.

Your regular health insurance plan is usually not valid or may offer limited coverage outside your country of residence.  If you need emergency medical treatment abroad, hospitals and clinics can be very expensive. 

Your travel insurance will cover medical expenses incurred during your trip.

  1. Travel insurance covers Cancellations

If you need to cancel your trip because of an unexpected illness or other valid reasons, you’re able to claim your trip expenses up to a certain limit. You’ll be able to determine the maximum amount you can claim by carefully reading through the policy.

This is also applicable in case tour agencies, hotels or airlines cancel your booking or reservation. Your policy will state you will receive a significant refund of your deposit.

  1. Travel insurance covers the Cost of Lost or Stolen Travel Documents, Wallets and other Valuables

No worries If your passport, wallet or other important valuables get lost or stolen. Your travel insurance company will be able to help you get in touch with your banks, and even your country’s embassy or consulate to replace your travel documents.

If theft of your wallet happens your policy will also cover the lost cash.

  1. Travel Insurance covers Travel Costs in case of Emergency Evacuations or Trip Interruptions.

Although this is a rare occurrence, in case you have to cut your trip short because of events beyond your control. For example, such as a natural disaster or conflict, your travel insurance will cover the missed days of the trip.

ln the event of an emergency evacuation, most policies specify the insurance company will help you coordinate your trip back home.

  1. Travel Insurance covers Lost Baggage Costs

For lost baggage, most insurance policies will cover items you lost or refund you for damaged personal items. The coverage also includes reimbursement for all trip necessities until the baggage is returned.

Being a responsible traveler means you value your personal safety, as well as that of your family’s.  Getting family travel insurance is a way of making sure you and your loved ones are protected while on the road.

About The Author

Max is a travel insurance expert at Globelink International. He specializes in preparing niche articles about the importance of travel insurance and ways of travelling safe.

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