If you are a frequent traveler and love to travel, explore new locations, and enjoy the experience at one point or another. In that case, you may have offered travel insurance or bundled with your travel package without asking your decision whether or not you want to take it.
But the main question is, is travel insurance a good idea or a waste of money? Before concluding, there are many things to consider; when you are traveling, the risk of financial or health/physical loss is higher; travel insurance in this regard is a good idea, but there are numerous things that come with travel insurance that could be useful or waste of money, you need to consider all things to take an informed decision.
Understanding of Travel Insurance Basics:
Traveling allows you to see places and people that you never had a chance to see before; it not only helps you broader your vision, but like all the things in this world, it also involves risks that can be fatal for you or any traveler, you can get sick, loss your valuable possessions, or you can get robbed or lose your electronic gadgets and cell phones.
All these risks or factors can be minimized by taking travel insurance; it not only financially guards you and your valuables but also provides you coverage for different items. Other than that, you can also buy insurance add-ons or supplemental policies to cover your special items; identifying theft is also one of them. Let's explore all the major travel insurance categories; they are categorized into five main types:
Flight Insurance:
Flight insurance provides a cover if, due to some unfortunate circumstances, the plane crashes; it is more like life insurance that provides you cover if the plane crashes while you are traveling or going somewhere, either for work or pleasure.
Baggage/Luggage Insurance:
Baggage or Luggage insurance is mostly included in your travel packages; it covers your luggage if lost or delayed due to a flight delay, technical issue, damage while handling, or other reason. A list of items may be excluded or have a cap on them, including jewelry, electronics, or other expensive items.
Trip Cancellation Insurance:
You are in the midst of preparations for your next trip; all things are set when you hear the unfortunate news of the death of a relative or some loved one got into an accident or your travel partner gets sick, or you are not feeling due to some physical issue, in all these cases you can get all the refunds that you made earlier for your trip.
Trip cancellation insurance covers your expenses for your trip, which can be health-related accidents and inclement weather; in either case, you will get a refund for the expense you have paid.
Medical Travel Insurance:
Suppose you are planning to go on a safari trip in Africa, or want to explore the amazing diversity of Amazon by exploring different Latin American countries, or even you are going to any travel destination, if you suffer from any medical condition, it will bring a lot of toll on your travel budget. Normally your regular insurance doesn't cover your insurance while traveling to different regions.
For that purpose, you need to avail yourself of medical insurance that covers and provides financial backup in a medical emergency. One must check the offerings and services included; they vary from insurance type to another. Usually, it covers the hospital bills, ambulance service, medicine, tests, and lab work as allowed or limited by your insurance.
Medical Evacuation Travel Insurance:
Similarly, medical evacuation travel insurance is also offered by many insurance providers. The main purpose is to provide cover for any mishap or accidents that happen in far-flung areas; for example, a mountaineer summiting a mountain needs an air ambulance to evacuate from the mountain, or a person suffering from any acute emergency condition needs immediate tertiary care hospital treatment, to cover all those expenses, a medical evacuation travel insurance is a lifesaver. Still, it all depends on your travel, and whether or not you want to avail yourself of it is usually expensive from other insurance options.
Insurance of Travel Delays:
Time is an important factor that can make or break your travels plans; similarly, a delay in flights due to many reasons can take out all your enthusiasm, and you may also miss many places you planned, but travel delays insurance ensures that you can reimburse hotel and restaurant expenses, for reasons mentioned in your insurance.
Things That Travel Insurance Does Not Cover:
Travel insurance usually covers losses or damages that occur due to some unforeseen events that are not in your control, like the cancellation of flights, due to weather conditions; if you deliberately want to cancel your flight, the insurance will not entertain you; it only covers against all the reasons mentioned in the policy. It's better to get a printout of all the items that your insurance covers; however, certain things are not covered by travel insurance; they are:
- Selective surgeries or elective procedures.
- Issues related to mental health.
- Taking part in extreme activities or adventures.
- Physical therapy.
- Dental and physical routine checkups.
- Pregnancy routine checkups.
Is it worth it?
Travel insurance is worth it if the following conditions are met, there may be some other points as well, but generally, these points are considered in most cases.
- The trip costs you more than you can afford.
- You are on an international trip.
- You are traveling far-flung areas with no health care units for immediate medical assistance.
- You are traveling to a country that is more vulnerable to hurricanes.
- Your trip includes many pre-planned sightseeing and activities that may include nonrefundable tours.
- You are prone to flight delays due to connecting flights.
Final Thoughts:
Travel insurance is a good idea if your trip involves activities or risks that cannot be covered otherwise. It's not money wastage if you plan an international trip, explore remote areas, go to regions vulnerable to weather conditions, and prepaid or nonrefundable activities. Insurance provides you a financial cover against all the odds and things mentioned in the insurance policy. It's better to read and take a printout to know what your travel insurance covers.
