Why You Should Have Travel Insurance

Why You Should Have Travel Insurance

A getaway trip can rejuvenate and expose you to new experiences. while being a little pricey, things could go awry and the unplanned happens to threaten your holiday without recourse for the financial implications and other losses.

Fortunately, suitable insurance can help shield you from these financial setbacks and all you have to do is inquire if the credit card you intend to use offers any travel insurance or such information that could be of help to you.

Types of Travel Insurance 

Owing to events beyond human control, it is expedient to protect the investment on your travel plans and several types of travel insurance are suitable for different types of travel risks. To determine what packages best suits your vacation and your pocket size.

Travel Cancellation Coverage

Travel cancellation coverage, like most policies, compensates you for the outstanding amount of your vacation if you or a member of your immediate family becomes extremely ill or injured while on vacation.

Note that there is a difference between a trip cancellation package offered by insurers and the cancellation waiver offered by tour companies. Waivers may appear affordable when compared to insurance, and they do give coverage if you have to cancel the trip. They do, however, come with a lot of restrictions, and they typically have to be acquired at the time the trip is planned. They tend not to cover you right before departure or after the trip has started and most significantly, state insurance departments do not regulate waivers since they are not insured.

Personal Possessions or Baggage Insurance

Provides coverage if your items get lost, stolen, or broken during your vacation. To verify how much protection the airline or tour operator provides for your items and your homeowners’ or renters’ insurance coverage for theft that occurs off-premises, such as stolen luggage, before acquiring such coverage.

Emergency Medical Insurance 

This type of insurance provides for emergency medical crises, which covers being airlifted from a mountain after a skiing or hiking accident; extended stay in a foreign health facility; or needing to be flown home due to a major sickness.

However, consult your health coverage provider to know what your options are regarding traveling home or abroad before acquiring the package.

Accidental Death Insurance

This policy protects you and your family if you or a member of your family dies while on vacation. This could be redundant insurance depending on your life insurance policy or other financial preparations for your loved ones.

The Author

Ajisebutu Doyinsola

Doyinsola Ajisebutu is a journalist and prolific writer who takes a special interest in Finance, Insurance, and the Tech world.