Most people believe travel insurance is meant for the rich, when they are traveling abroad, or when they are going on a long journey. Unforeseen circumstances can happen to anyone, hence why it is essential to purchasing travel insurance for any trip. You do not want to be caught off guard.
One of the popular travel insurance brands in the U.S – Allianz global assistance – recorded that 35 million Americans bought travel insurance in 2017. The people recognize the presence of risk and uncertainty, that is why they purchased the insurance policy.
When you tell people about travel insurance, they always ask “why should I purchase travel insurance”. Well here are some reasons why you should purchase travel insurance;
In case of a canceled trip: plans change! Even the best-planned trip can be canceled at the last minute. When you book your trip through an agency, if the trip gets canceled, no one is held responsible for a refund. The airline, tour operators, cruise lines won’t even listen to your request.
If you’re lucky, you will be offered a minimal refund, you would lose so much money. A travel insurance policy will protect you against such a situation. There are cancellation reasons stated in the policy agreement, if your cancellation reasons fall under any of them, the insurance company will refund the full amount spent on the canceled trip.
Accidents: people experience all forms of medical issues before and during flights. American Allianz global assistance recorded 4,000 calls every year – these calls are from customers who experienced one medical crisis or the other.
Crisis such as; trauma, broken bones, heart attacks, and strokes are covered by the travel insurance policy. When you experience any of this during the flight, you should contact your insurance manager and have them arrange money to cover the expenses of medical care.
Your health insurance might not cover other countries: getting sick or injured in a foreign land can be troubling. In most states, your health insurance from your resident state will not cover those damages.
Most hospitals outside the U.S don’t accept foreign insurance cards, they only take cash payments. And some insurance companies refuse to provide insurance coverage outside the registered state.
However, when you have travel insurance, this policy will cover your expenses and emergencies. Any medical crisis that happens during the trip will be covered.
Medical evacuation: while you are on the trip, you can get seriously ill and require immediate transportation to the hospital. Immediate transportation is quite expensive, it could cost about six figures. The fee to get treated at the hospital or get you back home is not included.
Travel insurers have the option to choose the benefits covered under the policy. A travel insurance policy that covers emergency medical transportation will pay for you to be transported immediately. If by any chance, you sustain serious damages, and there is a need to be transported back to your resident state, travel insurance will cover the trip.
Flight delay: the percentage of delayed flights in the U.S currently stands at 20%. Statistics curated in 2017 showed that 18% of 1.1 million domestic flights were delayed and 2.4% of that number was canceled.
When you have a travel insurance policy that covers delayed trips, you’ll get the delay trip benefits. The benefits can cover your extra night spent at the airport hotel and feeding. It could even cover extra accommodation days and meals on your trip.
Missing bags: around the world, a total number of 21.6 million lost or temporarily misplaced bags was recorded in 2016. 93% of those bags were returned to their owners, however, 7% were not returned to their rightful owner.
The airports’ luggage tracking cannot be trusted at all times. When you are a travel insurance policyholder, after 24 hours of a misplaced suitcase, the insurance company pays you a benefit to cover for most of the things in the missing bag and if the bag is later retrieved within the 24 hours max, the insurance company is mandated to cover the cost of missing items in the bag or cover the repair of spoilt items. The cost being covered is determined by the limit in the policy letter of confirmation.
Assured help: you can never be too sure or too confident that things will go as planned. The peace of mind that comes with owning a travel insurance policy is worth the purchase. Any form of issue experienced while traveling; medical emergency, a stolen wallet, misplaced luggage, natural disasters, will be covered by your insurance policy. All you need do is to contact your insurance company and explain the situation to them with the necessary details.