Purchasing travel insurance is always a good idea if you are going on a trip overseas. Having trip insurance makes it easier to receive health care while in a foreign country, makes it easier to get your belongings replaced if they are lost or even get you home if your travel plans are interrupted. However, are people actually getting this extra insurance?
More People Are Seeing The Value Of Travel Insurance
Nearly $2 billion worth of travel insurance products were purchased in 2010. That represents the most current year where figures are available. A whopping 94 percent of the insurance products being purchased are related to travel interruptions. Medical coverage and evacuation coverage was also a popular insurance product being purchased for trips overseas.
Where Do People Purchase Their Insurance?
There are many options when it comes to purchasing trip insurance. While most people still buy their insurance from a traditional broker, the Internet is becoming a popular tool for buying coverage as well comprising almost one third of sales made in 2010. This is mostly due to the fact that travelers can comparison shop and compare multiple quotes at the same time. Insurance rates may also be cheaper when policies are purchased online as consumers have access to a wider array of policies vs. speaking with just one “offline” insurance agent.
Safety And Health Considerations Make Buying Insurance Worth It
Being medically evacuated out of a foreign country could cost up to $100,000 or more. Therefore, traveling in a country that is experiencing a disease outbreak can be costly as well as put an early end to your trip. Your current insurance may not cover the entirety of any medical bills that you rack up while on vacation. Other costs incurred for airline tickets, hotels and other accommodations may not be non-refundable. In that scenario, it is important to have a good insurance policy. This explains why 64 percent of travelers said that their health and safety were the most important consideration when deciding where to travel.
Purchasing trip insurance is a great idea if you are traveling a long distance for a business trip or just to go on vacation. If anything were to happen to you, it is comforting to know that you are taken care of financially. The last thing you want is to be stranded in a strange city without your clothes or suffering from a medical condition. Therefore, make sure that you are covered before you leave for your next trip.