8 Reasons Why Travel Insurance Is A Must-Have For Every Trip
The most fulfilling thing in life is traveling. You visit new countries, experience different cultures, and meet new people, whether traveling for business, pleasure, or education. Yet, it has its risks and uncertainties.
Thus, there should be no trip without travel-insurance. It is a coverage that protects you against different risks as well as losses that may arise during travel.
Travel insurance is a significant topic that this article will address. Learn eight reasons travelers should have insurance and why it will give you peace of mind while traveling.
What Makes Travel Insurance Essential?
1. Protection Against Unexpected Medical Expenses
While traveling, you can face multiple health-related problems that can negatively affect your finances. Likewise, you can suffer illnesses such as infection, allergies, or injury due to an accident.
Medical services abroad may be costly with great complexity. Moving for emergency treatment elsewhere or repatriation becomes even more challenging and expensive. Thankfully, travel insurance can assist in combating each one of them.
For instance, skiing injuries in Switzerland may lead to a bill worth $US 5,220 daily. With travel insurance, you can easily tackle these medical expenses.
So, if you are still wondering is travel insurance worth it, think again.
2. Cancellation and Trip Interruption Coverage
While traveling, you can encounter many incidents that might interfere with your travel itinerary and pocket. Injury, death, natural disasters, civil unrest, strikes, and so on could be entirely out of one’s control.
A study conducted by USTIA reveals that 88% of travelers felt impacted by these incidents, while over one-third wasted some funds. Losses in an average person amounted to approximately $1640, and travel-insurance costs were merely $139 per person.
Fortunately, travel-insurance allows you to surpass these challenges and save you from cancellation, financial loss, and trip interruptions. For example, it compensates for the canceled trip if a hurricane costs you $5,000 for your cruise to the Caribbean.
3. Protection Against Lost or Delayed Luggage
While you travel, you can face numerous problems with your baggage that would not let you feel comfortable, even financially. An airline, hotel, car hire company, or another third party could misplace or damage your luggage.
As per SITA Baggage Report 2023, one out of 50 passengers suffered from delayed, lost, or damaged baggage. Luckily, there are ways to get around these problems, such as purchasing travel insurance.
Insuring Travel can cover lost luggage. If the parties, including the hotel and airline, misplace or damage your luggage, the value or price for repairing will be reimbursed depending on which has a high amount among the two.
4. Emergency Evacuation and Repatriation Coverage
Suppose you fall ill or encounter trouble while traveling; this might cost you your life or well-being. You may require evacuation to safety, a medical center in case of a natural disaster or a medical emergency.
Travel insurance protects you from excessive and unexpected expenses incurred through emergency evacuation and repatriation. Medical evacuation can bring you from your point to another safe point.
Someone can accompany you; another can come from your home to see you. For instance, you may get caught up in a civil war in South Sudan. Travel insurance can cater for your air evacuation to Kenya, which might otherwise cost you $25,000.
5. Coverage for Personal Belongings
During your travel, you may have many personal things that are essential to you. For instance, you may require clothes, accessories, electronics, souvenirs, etc.
Nonetheless, these things may get lost or damaged by negligence or otherwise at the airline, hotel, car rental agency, etc. In 2023, according to a recent U.S. Travel Insurance Association (USTIA) survey, 35% of travelers lost their belongings due to theft or damage.
Luckily, travel insurance will help mitigate the risks associated with the loss or damage of valuables, including electronic items.
6. Weather-Related Cancellations Or Interruptions
You will deal with different situations that might interfere with your travel itinerary and budget. Your trip may get canceled before departure or interrupted upon arrival because of natural disasters or political turmoil in your destination or transit points.
Such events may occur anytime hereafter, so you may lose any unreclaimable prepayments for your tour. You will also have to pay extra for transport and overnight stay should you have to go back to your home state or continue with your journey.
Luckily, travel insurance can assist with such incidents and shield you from financial loss due to the cancellation or interrupted trip. For example, travel insurance enables you to be connected to a 24/7 emergency assistance line to keep up-to-date with what is happening in your destination.
7. Travel insurance Provides Personal Liability Coverage
You may suffer different risks and obligations while traveling, such as legal matters or financial losses. Therefore, in such a case, you may be liable for the act of negligence occasioned by reckless driving resulting in an accident, thereby leading to personal injury or damage to other people’s property.
A misunderstanding can lead to legal complications and false allegations while committing the offense in a stranger’s land as well. Such circumstances can also be expensive and very complex, whereby you need to learn the local laws and practices.
Because of this, it is vital to purchase travel-insurance that can cater to such sudden and expensive personal liability costs. It can cover medical, repairs, or legal costs, as well as claims caused by the traveler.
8. Travel insurance Provides Peace of Mind
Several factors can result in doubtfulness and significantly influence one’s mood while traveling. During the trip, unexpected things like sickness, injury, cancellation, loss, and harm may happen. A USTIA survey indicated that 96% of the people traveling with travel-insurance were relaxed and fulfilled with their journey compared with 84% of those who traveled without the insurance.
Luckily, there are specific steps people can take to get over their anxieties and improve their mental and emotional health while traveling, such as buying travel insurance.
Is travel insurance worth it?
The answer is yes.
While some feel that travel insurance should always be bought, its benefits must be considered if anything happens during a journey. You can enjoy your stay by knowing that you will be having cover in case of any emergencies.