Travel insurance is there to cover you in case something bad happens while you’re away from home. That could include your luggage being stolen, you or someone in your travel party becoming ill or hurt, or even having to cancel your travel plans for one reason or another. There are many kinds of policies, so it’s a good idea to review them all with your travel insurance company before setting out on your trip.
1. You Can Cancel Your Trip Without Penalty.
Many airlines, cruise lines, train companies, and other businesses that provide travel won’t let you get a refund for a purchased ticket, especially if it’s at a special rate. By purchasing the right kind of travel insurance, you’ll be able to cancel and get a refund.
2. You Can Replace Your Stuff.
Let’s say someone steals your luggage. On a weekend trip, that’d be just an annoyance. But, if you’re going on an extended holiday, you could lose a good portion of your wardrobe, not to mention an entire set of luggage that likely wasn’t cheap. You can buy insurance that covers you if your things are stolen. Most of the time, these policies will give you up to $1,000 or $1,500 per item. Generally, the recommendation is to insure anything that costs more than that separately on its own rider.
3. You Can Get Medical Treatment.
If you’re traveling and get sick or injured, then you can seek treatment without having to head home to get it. Of course, you would likely still have the option to head home to get treatment, and some policies actually cover this extra trip. Otherwise, depending on the terms of you policy, you could be covered for almost any treatment you might need in the country where you are at the time.
4. You Missed Your Flight
Sometimes, your trip gets canceled through no fault of your own. There could be a refueling delay that makes you miss your connecting flight, leaving you one place and your luggage someplace else. Or, severe weather could crop up. The place you’re visiting could suddenly erupt into a war zone. In these cases, having the right kind of travel insurance will cover you for any costs associated with the adverse events.
5. You’re Covered for Special COVID-19 Circumstances
In some places, the pandemic isn’t as contained as it is in Europe or North America. Additionally, some countries actually require you to have COVID-19 insurance coverage before issuing you valid travel documents.
In all cases, it’s smart always to have a “Plan B.” Not having travel insurance means that you won’t get reimbursed for missed flights or canceling your trip. You won’t receive compensation for anything of yours that gets stolen. And, if you get hurt, then you’ll be paying for medical treatment with your traveler’s checks or prepaid credit cards. Worse, you’ll lose all the money you’ve invested in your trip if you experience an adverse “act of God.” Therefore, it’s always wise to secure travel insurance before taking any trip no matter how short.