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Many people fantasize about taking a dream vacation to a far-off destination where they can get away from the realities of daily life and fully embrace a new cultural experience. However, when the fantasy becomes a reality with a departure date to look forward to, there’s a genuine feeling of excitement in knowing that the destination of your dream vacation is a plane ride away.
Even though there’s a lot of preparation that goes into planning a dream vacation, a critical aspect of the planning process that should not be ignored is making sure you have trip cancellation coverage. Below, we’ll highlight why investing in trip cancellation coverage is an important “safety net”, in case a situation arises where you need to cancel your dream vacation.
Understanding Trip Cancellation Coverage
The concept of having insurance is well known to most people, whether it is insurance coverage for health, dental, vision, car / home ownership or life insurance. There’s a need to feel protected whenever unexpected occurrences happen and having insurance can provide the partial or full coverage we depend on. Trip cancellation coverage operates along the same principle of providing protection when an unfortunate situation necessitates cancelling your dream vacation.
Also referred to as travel insurance or trip protection, a policy inclusive of trip cancellation coverage has what are called “covered reasons” that your policy will accept once you reach a point of having to cancel your dream vacation. Generally, a covered reason is any valid reason (s) stated in your policy that will ensure you’ll be financially covered if it becomes necessary to cancel your vacation. Some examples of covered reasons you will find in a travel insurance policy include:
1. The travel company who booked your trip goes into bankruptcy.
2. Your flights are cancelled due to inclement weather.
3. You, your traveling companion or family suffers a become seriously ill or injured.
4. A terrorist event occurs at your place of destination before your arrival.
5. Your destination is determined to be uninhabitable due to a natural disaster.
6. Your home or business is badly damaged or destroyed.
7. You and your travel companion are injured in a traffic accident while in route to your departure and you both require medical treatment at a hospital.
8. Your traveling companion or a family member dies prior to the trip.
9. You’re ordered to join a military deployment or required to serve jury duty.
10. You lose your accommodations due to the death of the host or family where you expected to stay.
Travel Insurance is Worth the Investment
Many people are familiar with the saying “If something can go wrong, it will.” Planning for and financially investing in a dream vacation can be exciting for anyone who has longed to experience the thrills of an African safari, hiking the Himalayas, visiting the Amazon rain forest, or traveling throughout Europe, Asia, or South America. There’s something about a set departure date that makes a dream vacation feel like a once in a lifetime opportunity.
Unfortunately, an emergency may require that you cancel your dream vacation, which is why having trip insurance can help prevent a substantial financial loss. Booking airfare, accommodations and added services for a dream vacation is a costly investment and can put a “dent” in a person’s savings or finances. The mistake some people make is assuming that nothing will go wrong before a vacation, that life will be “smooth sailing” until the departure date. This type of mindset is synonymous to believing you’ll never be sick and don’t have to worry about being covered by health insurance.
Trip Cancellation Coverage is Peace-of-Mind Protection
Having trip protection gives the aspiring traveler the peace-of-mind in knowing that she is covered when faced with the reality of canceling a vacation. Of course, the goal is to not worry about using travel insurance and only be concerned with the business of reviewing the itinerary of a dream vacation. While this is the ideal situation people want in their travel plans, the fact of the matter is that there’s a financial benefit to being covered by a trip protection policy.