People do not give a second thought to insurance when traveling. Most are focused on the details of the travel like itinerary, what to do and items to bring. Moreover, since a trip is regarded as a temporary event, many think that it is unnecessary and opt out of it.
Basically, travel insurance is a type of insurance that covers losses that you might incur while on domestic or international travel. Coverage may include one of the following broad categories: trip cancellation and travel medical.
The trip cancellation insurance, as its names signifies, provides you with coverage in case you cancel or delay your trip. For instance, you have to make a booking for a certain date and an unexpected business meeting comes along that makes you cancel your trip; or, you have booked a Mediterranean cruise but your friend has convinced you to go on one of the popular European river cruises in the Danube River, in a Viking River Cruises ship. Obviously, you will get a refund for the cancelled trip; but in most cases, you will not get it fully. However, if you have trip cancellation insurance, it will pay for the difference between the amount you paid for and the refund you got. Hence, you don’t incur any loss. This type of insurance also covers delays and cancellations due to illness, bad weather or delays in processing travel documents. Trip cancellation also covers trip interruption. For example, if an emergency occurs in your home while you are on a trip, then you will have to cut your trip short. In events such as these, this type of insurance will pay for additional expenses as well as help make travel arrangements for your return trip.
Travel medical insurance is a more crucial one, since it provides coverage in case you fall ill or get injured while on a trip. If you already have medical insurance, verify from your provider if your coverage also includes international travel; otherwise, you might feel the need to get one. Coverage for this type can include emergency medical expenses or reimbursement for a visit to a medical facility.
The cost of getting travel insurance can be high, especially when you are over fifty years old. Fortunately, there are less expensive options that you can choose, such as those that offer basic coverage options for medical treatment and trip cancellations.
Travel insurance is not a necessity for every traveler. Unlike health insurance, you might need it or you might not. However, if you want to be prepared for any inevitability while traveling, it may be a worthy investment.