You have decided to go overseas for the next family vacation. The dates have been settled, the itinerary is set, and the kids are all excited. As you canvass for the cheapest airfare options available, the question arises: should you buy travel insurance?
Travel insurance packages may be purchased from these vehicles: the chosen airline or cruise service itself, a third-party travel insurance agency, or your credit card provider. Buying the insurance from the same airline or carrier will prove less of a hassle as you can directly transact with them in case an emergency occurs under their watch. Travel agencies may offer more comprehensive packages with a broader network of participating countries as well. Credit card companies may provide flexible payment options for their valued traveler clients. Regardless of what platform you prefer, it is the insurance coverage that should help you decide.
Trip Cancellation or Interruption Insurance
Most plane or cruise ship tickets are non-refundable, so many travelers experience the misery of canceling a paid flight and thereby wasting cash or being charged with additional fees when rescheduling a missed trip in spite of a justifiable cause. The cancellation clause allows one to reimburse all related payments in case a trip was aborted due to reasonable claims such as critical illness, severe weather, prior accident and others as may be listed in the policy.
The interruption policy meanwhile protects the client if unable to continue with an ongoing trip, allowing the client to reimburse the fraction of the cost of service not rendered. This will prove worthwhile when traveling with senior citizens or sickly relatives. Many organized tours already include this provision in the tour package, but it is still wise to carefully examine the coverage.
Medical and Evacuation Insurance
While it seems unfitting to talk about accidents in the middle of a vacation, it is still worth-caring to subscribe to an evacuation insurance policy during your trip. This insurance type covers the cost of receiving medical attention in case of an accident or health problem that would have occurred to you from remote locations. It is different from the usual healthcare plan as it also covers the cost of rescue, repatriation or (heaven forbid) transportation of remains. Other medical plans do not shoulder such expenses; hence, it will save you up to 50,000 USD should you get travel insurance with this inclusion.
Luggage Theft, Damage or Loss Insurance
Most airfare tickets automatically include a baggage protection clause that will allow you to reimburse lost or stolen items from your luggage under their watch. You may still want to look closely at the airline’s regulations as there may be certain limits and item restrictions. Some travel companies provide a separate or upgraded luggage insurance policy that can cover expensive items such as laptops, cameras, or jewelry throughout the tour. This will prove handy for travelers who use digital devices at sea or high altitudes.
All these inclusions may seem to hijack you further, but they also provide value in unspoken ways. So, should you buy travel insurance? Are you confident that no harm will go your way and that you can handle all finances by yourself? The answer deeply hinges on your resolve. Make sure to do your research as you organize your trip. A well-planned excursion is a well-spent vacation.