Why You Need to Buy Travel Insurance
If you are retired or simply love to travel and want to see the world, you need to look into buying travel insurance coverage. You can buy policies for singles, families, or business protection whilst travelling. These policies can cover just one trip, or can even be extended to cover multiple trips. The insurance also covers golfers and people travelling to wedding ceremonies.
In fact, some insurance providers offer up to 365 days of coverage on single-trip policies and as much as £10 million in medical expenses, £5,000 in cancellation coverage, up to £2,500 in baggage coverage, and protection for a scheduled airline failure. Coverage extends worldwide, including the UK and Europe.
Financial Risks Whilst Travelling
With that being said, travel insurance is indeed an important coverage, as you face a number of risks whilst travelling. Although some of the risks are small, such as experiencing a rainy day on the beach, others may include something more serious like a trip cancellation or sickness. Also, planning a trip means that you will incur several pre-paid expenses, such as cruise fares, plane tickets, and the costs associated with picking a travel package. All these costs are at risk if you have to cancel your trip. Plus, you need to consider medical costs too.
A Case in Point
For instance, suppose someone in your family becomes ill and you have to cancel your trip. By cancelling the trip, you lose the entire investment you made in your holiday. For example, if you book a cruise holiday, getting sick within two weeks of a cruise departure generally costs 100%. Plus, many cruise lines offer no refunds for cancellations that are made less than 14 days before departure. You can lose as much as £5,000 to £10,000 in prepaid expenses if you are not careful.
Another Case in Point
Let’s say you plan a resort trip to Cancun. However, you are forced to cancel because a hurricane damages the resort. Pre-paid expenses for plane tickets, your accommodations, and a charter boat for fishing will all be lost forever if you don’t acquire travel protection. The investment in this type of trip could be, minimally, around £5,000. So, if you don’t have travel insurance coverage that reimburses these costs, how can you afford to make a re-booking?
Making a Decision for Insurance Protection
Your holiday could be cut short as well by a family emergency, causing you to lose the remaining arrangements. Therefore, when choosing an insurance plan, you need to identify the most essential coverage options. When you begin comparing plans, you need to review travel criteria in order to short-list your choices. Draw up a list of specific protection packages that you believe are important for your holiday. You may also factor in the minimum coverage on certain travel plans, such as medical expenses.
For instance, taking a family on a cruise in the fall may feature the following coverage criteria:
- Hurricane coverage for cancellations.
- Medical evacuation coverage.
- Missed connection coverage.
The above examples enable travellers and their families to select a travel insurance policy that meets their specific trip needs. By taking this approach, you can filter out policies that do not meet your basic needs or preferences.