By Getachew Teklu
From family vacations to business trips, travel insurance gives people the peace of mind that they are protected from unforeseen circumstances. These are some of the top reasons to purchase trip insurance.
1. Trip Cancellation Or Interruption
With any kind of prepaid travel plans, trip interruption or cancellation usually comes with hefty fees or may not be refundable.
Trip cancellation coverage allows you to cancel your trip for covered reasons and be reimbursed (pre-departure). If a traveler is unable to make the trip due to health reasons, a death in the family, work changes or other covered reasons preventing arrival at the destination, trip cancellation coverage pays for the financial loss.
Trip interruption coverage allows you to cancel your trip for covered reasons and return home (while you are on the trip) while reimbursing your at risk trip costs and some or all of the costs to return home. If a traveler has to cancel their trip and return home while on their trip for covered reasons such as medical issues, death of a non traveling family member or other circumstances, they can be reimbursed for the unused portion of their trip costs as well as costs to return home, which can be steep at the last minute.
The covered reasons for trip cancellation and interruption vary by policy and can be seen by clicking on the trip cancellation or trip interruption benefit when quoting on our site.
Travelers who want to ensure full coverage can buy a “cancel for any reason” policy for a higher fee.
2. Medical Issues
It is common for people to get sick in foreign destinations. When an injury or major illness occurs abroad, most domestic health insurance companies won’t cover care from foreign providers. Medicare does not provide coverage abroad. However, medical travel insurance is a must when traveling to at-risk countries. The U.S. State Department issues updated warnings about at-risk areas. Medical travel insurance typically covers new illnesses, routine care and emergencies sicknesses and accidents/injuries. Pre-existing conditions are covered by some policies if you purchase it within a set amount of days of your trip payment date.
3. Lost or Delayed Luggage
Luggage may be lost, damaged or delayed while on your journey. When this happens, baggage insurance covers the lost or damaged items along with providing daily dollar amounts for purchasing essentials while you are without your delayed belongings. Home insurance might cover certain baggage items depending on the insurance company although most travelers find that the exclusions list leaves them not covered. Baggage insurance can cover what is not covered by a home insurance policy.
4. Other Coverage
Those are three of the most important types of coverage to have in a travel insurance policy. Most policies come with additional forms of coverage, and they are often bundled together in different tiers. These are some additional types of helpful coverage:
- Terrorism insurance covers non-refundable fees if a destination experiences a terror attack.
- Trip delay coverage can cover meals and hotel expenses when you are delayed beyond a set period of time.
- Medical evacuation insurance covers the cost to transport a traveler out of an area after experiencing destination-induced medical issues.
- Financial default insurance covers any money paid to a company that closes due to bankruptcy.
- Missed connection coverage can reimburse you for additional fees paid if you miss your connection due to bad weather and other circumstances.
To select an optimal policy, always read the terms carefully. Compare policies to see which ones offer the most useful inclusions for individual needs.
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