Traveling can be an exciting prospect, but it can also be a daunting one. While holiday insurance can be especially beneficial to those going abroad, it can also be used within the country of residence. Trip insurance may provide coverage for many unforeseen events like cancellations or medical emergencies. Domestically, travel insurance is often used as protection against booking incidents like delays in departure, missed connections, last-minute cancellations and loss of or damage to luggage. For those going abroad, these policies are still important, but many travelers opt for medical coverage as well in the event of an accident, unexpected illness, injury or even death. Trip insurance may also cover some more unusual factors like war and terrorism, natural disasters or high-risk sports though many policies will exclude these factors as unfavorable to insure.
Protecting against cancellations is one of the most common applications of holiday insurance. When a booking is cancelled, the purchaser often forfeits part or all of the monies paid. There may also be associated fees to compensate the company for the potential loss of business the cancelled booking represents. Because real life events sometimes ruin even the most well-laid plans, insurance is a convenient tool for every traveler. A traveler may spend months planning and purchasing everything needed for a trip only to have an event come up last-minute, resulting in cancellation. With holiday insurance, the loss is minimal, making it much easier for the traveler to reschedule.
While traveling domestically generally presents few issues with medical emergencies, traveling abroad can make securing and paying for hospital care difficult. Just as a person needs health insurance for the unexpected at home, so does a person abroad. International treatment varies, but many places carry exorbitant costs for non-residents. Travel insurance often guarantees hospital admittance and off-sets the costs of treatment abroad. It can also provide for transportation back home should the need arise. Many policies also offer coverage for pre-existing conditions, making them attractive options for those more likely to require care. In the event of a death, having trip insurance can make the process of repatriation much simpler during a difficult time.
Regardless of where a person goes, losing luggage can be immensely problematic. Beyond losing valuable or sentimental items, the loss or damage of luggage carries a financial burden, requiring the traveler to re-purchase items in what may be an unfamiliar locale, often at the mercy of a different market structure. Holiday insurance can compensate a traveler up to a certain amount for any damaged or lost luggage, allowing the traveler to more easily replace those lost or damaged items.
Travel is expensive, and unforeseen events can make a trip even more challenging. For protection of all a person’s assets, holiday insurance offers a clear solution.