Travel Insurance
Vacation time is near and you are ticking off your list of must-bring. You have your airline tickets, travel documents, your itinerary and baggage all packed up. How about Travel Insurance? Do you need it? Some says yes. Others say no. Read on and decide.
Travel Insurance for some is as essential as your camera or sunglasses when you’re off for a vacation. It may be an additional expense for some but it is more an advantage than a disadvantage. Even a well planned vacation can be disrupted by glitches and emergencies. Lost baggage, accident, illness and damaged rental cars are some of the things that travel insurance can cover.
There are a lot of insurance companies and travel policies that you can choose from. Deciding on which one you want and need depends on the type of traveler you are and the purpose of your travel. Insurance policies differ and it is wise to read and understand each policy before purchasing. Remember that what are specifically stated will only be the ones covered by your insurance.
Here are some of the risks that your policy may cover:
- Lost, damaged or stolen bags – this is the number one reason why most people purchase travel insurance. People who plan to bring or buy antiques and other highly valuable items must have this covered.
- Cancellation of trip due to illness – this section of the policy covers trip cancellation due to unforeseen reasons.
- Loss of travel documents - this covers any loss of passport or personal documents that you have with you during your trips abroad.
- Damaged rental cars – if you plan to rent a car and drive, you need to have this covered to avoid extra cost for damaged cars on road accidents.
- Delayed flights or cruise – Flight delays are very common and if you are stranded in a foreign country, additional expenses will be incurred. Make sure your policy covers this.
- Accident or illness in a foreign country – this is one of the most important reason why you need a travel insurance. You would need to pay for medical treatments and hospitalization that you receive while in another country. This could be very expensive for you. Coverage for this will be extremely helpful to you.
There are many other options that can be covered by your travel insurance so you need to ask and read the fine prints on your policy carefully to avoid confusion. The premiums are generally 5-7% the cost of your trip, but fees depends heavily on your age and medical history. There are some companies who will cover your children traveling with you as well at no extra cost.
