Like any other insurance product, travel insurance is meant to protect a person from financial loss. If you are planning on traveling by air, sea, or rail, purchasing insurance to protect your investment is mandatory. Without this important coverage, you run the risk of losing your hard earned money if something traumatic or unexpected occurs. Following are three main reasons to have a travel insurance policy in place before you begin your vacation.
Travel insurance covers a wide variety of perils that can occur both before you leave and while you are in the middle of your trip. In many cases, airline tickets, cruise tickets, or packages that are purchased through a tour operator are fully non-refundable up to a certain point before the date of departure. A person can easily come down with a serious illness that will prevent them from traveling. Even something seemingly insignificant as an ear infection will affect your trip. If you were to fly with an earache or ear infection, you could run the risk of damaging your ears because of the pressure change while thousands of feet in the air. A doctor will recommend against traveling if you are ill or if you have suffered an unexpected injury. A broken leg or car accident will surely stop most people from continuing on their journey. With travel insurance in place, the full cost of your trip can be recovered.
With the economy flailing these last few years, many businesses have found themselves unable to keep up with operating costs and therefore, must close their doors. The situation can also apply to airlines and travel companies. If you booked a vacation months ago, and the tour operator suddenly goes bankrupt, it can be very difficult to recover the money you have spent. Travel insurance will also cover this peril.
Most people only think of medical emergencies when they consider purchasing insurance. Because of this, many people who are young and healthy often dismiss the thought. However, travel insurance covers much more than hospital stays, medications, of cancellation due to sickness or injury. It also covers if you have to cancel your trip prior to leaving if you have lost your job or if there is inclement weather in your area or in your destination that can affect your travel. If a hurricane strikes in the Caribbean or there is a huge snowstorm in your city, then travel insurance benefits can kick in.
Purchasing travel insurance should be a number one priority for anyone who is planning on traveling anywhere. Without it, you will run the risk of losing hundreds or thousands of dollars that you may have saved up for years.