By Emily Miller
Travel insurance is like any other form of insurance; it is meant to protect against the unexpected and to reduce damages lost.
No matter how careful you are during the planning process, situations may arise that could either delay or cancel your travel plans entirely. However, missing a trip is just one reason to purchase travel insurance.
So, before you plan your next big vacation, consider taking out travel insurance as it can extremely beneficial if travel mishaps or unexpected costs should occur.
According to U.S. News, there are five concrete reasons to purchase travel insurance:
Missing a Trip
Say, if you or a family member suddenly becomes ill and can no longer go, there’s a lot to lose. Often times travel services – such as planes, hotels, excursions or rental cars – are nonrefundable.
But, with travel insurance, you can get some if not all of your expenses reimbursed, if something were to prevent you from going. Keep in mind that there may be some specific restrictions, exclusions or deductibles in your policy that may limit your options.
A Canceled Trip
Perhaps your trip is canceled due to reasons beyond your command – such as travel warnings issued by the US Department of State, natural disasters, mechanical issues or extreme weather conditions – travel insurance can help cover those costs.
Medical Emergencies
While your current health insurance may cover you while traveling, extreme or abnormal situations may develop that may not be fully covered under your health insurance policy. This is when travel insurance could come into play and fill in those gaps.
However, depending of your travel insurance policy, there may be limitations based on your current age or any pre-existing conditions.
Interrupted Trip
Much like having your trip canceled – due to external factors – with travel insurance you can receive a refund for expenses, if your trip is unexpectedly interrupted. Situations can range from mechanical issues to weather-related issues to a missed flight connection.
Lost Baggage or Belongings
Perhaps one of the most common travel inconveniences is either having your baggage lost, misrouted or even delayed. This can also be covered under travel insurance, but may already be covered by your existing homeowners or renter’s insurance coverage.
Keep in mind that limitations and deductibles still apply. Also, expensive purchases made during your travels may require special travel insurance.
But, before purchasing a policy, make sure you know and understand all of the policy details. Verify if traveling companions or family members are covered under the same policy and if high-risk activities – such as skydiving, BASE-jumping or scuba diving – are also covered.
