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- Tagged why purchasing travel insurance is a good financial decision.
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For many people, traveling is a routine experience that appears to occur with few problems. But every day delays and cancellations happen whether you are booked on an airplane, a cruise ship, a train or bus. In all of these travel situations, travel insurance could help you recover travel costs if your trip is canceled or if it is delayed due to unforeseen events such as bad weather or mechanical failures.
Some plans even cover a portion of the cost of your trip even if you cancel your plans for any reason. This would be optional coverage and should be considered if there is a chance of an unforeseen event within your family, such as an illness, that could preclude you from traveling.
Nevertheless, it just makes financial sense to be covered for events that you cannot predict, especially when the cost of travel insurance can be as little as $30-$50 per person for about 8 days. International trips, of course, cost more. And it is important to note that you can usually purchase travel insurance plans up to 24 hours before your departure.
Aside from delays or cancellations, travel insurance could also cover the cost of lost or stolen luggage and medical treatment domestically or internationally. Even for routine domestic travel, travel insurance should be considered if you are carrying expensive luggage that might relate to work, such as camera equipment, laptop computers and other valuables that would be difficult to replace.
In most cases, travelers going from city to city domestically have few problems. But, for example, the more you use multiple connecting flights on airlines to reach your destination, the greater the chance of having luggage lost or misplaced. This is when travel insurance could come in handy. Medical insurance coverage in travel insurance plans might be the best reason for purchasing travel insurance, especially if your current medical coverage will cost more in other states, doesn’t extend to other states or carries no international coverage.
Keep in mind that if you need medical treatment in another country, most times you will be asked to pay on the spot for the cost of medical transportation and care. Moreover, some plans offer optional coverage for stays in private hospitals instead of public facilities if a stay is required.
Of course, as with most insurance, you can vary the amount of coverage you receive depending on the premium you are willing to pay. If you travel a lot during the year, there are plans that can be purchased annually. Regardless of the amount you travel, travel insurance could help you reduce or eliminate the cost of unforeseen events and reduce stress through financial sense as well.