Taking a vacation doesn’t cost as much as your home or car, so people tend not to look at it as an investment. Even those who consider it may be hesitant to add another expense to a list of expenses that is already adding up. Travel experts continue to recommend it in part because each trip will encounter unforeseen circumstances, and having a travel insurance policy will help cover unexpected expenses. With that in mind, let’s explore the other reasons many travel experts won’t travel without it.
1. Vacation is Nonrefundable
Many vacation packages are nonrefundable. That means that if you get sick or something else goes wrong on your end, that money is simply a loss. Most travelers can afford to eat that amount and will have to forgo vacation that year. That’s why experts recommend purchasing travel insurance that will cover all of the nonrefundable portion.
2. Emergency Medical Reimbursement
Your medical insurance may not cover you when you travel. It’s therefore important to choose travel insurance that gives you enough medical coverage for a worst-case scenario. If you have coverage that will be active while you travel, you won’t need as much. That said, you should still review your policy for potential deficiencies and choose travel insurance that fills those holes.
3. Emergency Transport
Even if you have medical coverage, it likely won’t cover the need for helicopter transport to a hospital. This is also true if you have to be evacuated out of a danger zone. Most travel insurance policies do include coverage for specifically these types of problems.
4. Delayed or Lost Luggage
You do have the right to claim compensation from the airline if they delayed, lost, or damaged your luggage. But it can take a long time to get that compensation. If you have travel insurance, you can make an immediate claim that reimburses you for necessities that you’ll need while you wait for your luggage.
5. Trip Interruption
Another reason to protect yourself is the unpredictability of weather. You wouldn’t be the first person to fly overseas only to have their vacation ruined by severe weather. Without coverage, you can lose the cost of airfare, side trips, resort stays, and much more, but travel insurance will generally cover it all.
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6. Unplanned Changes to Your Stay
What happens when you book a travel plan and arrive at a hotel only to find that there is no room for you? It happens a lot more than you’d believe. Will the company that sold you the package make it right? They may or may not, and if they do, they may only pay a small portion. Your travel insurance, on the other hand, will cover the full cost.
Be mindful that travel insurance comes in many different packages, and you can often personalize that package based on your individual needs. Shop around for the best deal, but be sure to check in with the company that insures your house and car. There are often discounts available. Also, feel free to secure your insurance in advance. You can dictate the precise period in which it covers you.
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