Travel insurance is one of the most important factors to consider when planning a vacation or even a business trip to another country. The premiums for travel insurance vary depending on the age and health of the applicant as well as the destination and total cost of the trip. If you have no insurance, consequences can be devastating.
Travel insurance can include a host of insurance coverages that will protect you from various perils that can crop up before you travel as well as while you are in your destination. One of the most important parts of travel insurance is trip cancellation and interruption insurance. Most airline tickets, cruise line tickets, and vacation packages impose cancellation penalties and many are actually non-refundable. Even if you are sick or have sustained an injury that prevents you from traveling, many tour operators will not offer refunds unless you have travel insurance in place. As well, if you are in your destination and you must return home because of an emergency, without travel insurance, you would be responsible for the cost of a one-way ticket back home and you will not be reimbursed for any unused portion of your trip.
Often, when people travel, their luggage can be damaged, destroyed, or delayed. This can cause stress and financial loss, as you then have to go out and purchase new clothes and toiletries to replace those you no longer have. If you have not secured a travel insurance policy, then you will not be reimbursed for any of these purchases.
Perhaps the greatest consequence of not having a travel insurance policy in place is having to dish out large medical expenses. Health care in other countries may not be set at the same standard as we are used to back home. If you have been injured in a foreign country, contract a serious disease, or fall ill with food poisoning, then you will have to seek emergency medical assistance. Travel insurance will cover these health care costs and in more serious cases, will cover the cost of returning you home for treatment. Otherwise, you will have to pay for all prescriptions, surgeries, treatments, services, procedures, and transportation that evolve from a medical emergency. Medical expenses can add up to thousands and even hundreds of thousands of dollars. You can end up paying for these expenses for several years.
Before you make the final decision to book that long anticipated holiday, ensure that you compare travel insurance quotes and purchase a plan before you put any money down. If you have no insurance, consequences can lead you to experience heavy financial burdens as well as life threatening results.