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Should I Buy Travel Insurance?

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By Bob Levin on July 19th, 2011

Categories: The Travel Debunker

When on vacation nobody should have to worry about the consequences or the cost of something going on. It is an understood fact that individuals are more prone to uncertain and unpredictable situations when they are in a foreign country. Travelling is not a fun experience if you are weighted down by the worry of the possibility of danger or the cost incurred due to some unexpected incident. The stress of being in an anxiety-stricken situation is enough when encountered with ill-fate let alone being further hassled with the thought of the cost that is associated.

Basic travel insurance covers the following expenses which could be incurred during travel:

  • Cancellation cost: the expense incurred when cancelling a flight, but with valid reason, is almost or completely covered.
  • Missed flight expense: in situations when a flight is accidentally missed, the expense of re-scheduling or the fine of missing the flight is covered.
  • Loss of baggage or personal belongings: usually, the biggest worry is the loss of baggage or personal belongings such as money or credit cards. If such incident takes place, the travel insurance recovers what is lost or at least covers some amount of the lost wealth or belongings.

Basic travel insurance covers the following emergency medical expenses:

  • Emergency medical treatment expense: it is the coverage of cost associated with getting medical treatment, the amount of which is usually limited.
  • Emergency medical assistance expense: the cost incurred when receiving medical assistance in emergency situation.
  • Personal accident expenses: if involved in an accident which leads to possible death or disability, a small proportion of insurance is received in that case. Limited amount of disability assistance expense is covered as well.
  • Hospital benefits: if in any case, there is a requirement to check into a hospital and receive medical benefits, the cost of staying for example is covered.
  • Medical flight: a proportion of cost associated with transportation in case of medical emergency, be it local or international, is usually covered.

Some other costs such as legal expenses are also covered by travel insurance. There are various travel insurance packages to select from. It is essential to research on the different options and policies regarding travel insurance. Different travel insurances cover different amounts of cost and medical or travel expenses. Some might not cover medical flight costs or might just offer to recover 25% of the lost belongings. Various travel insurances target specific kind of people, group of people or travel situation and provide expense coverage in accordance to their specific need. Most common types are business travel insurance, family travel insurance, cruise travel insurance, single trip travel insurance, and worldwide travel insurance. Most companies have now started to include travel insurance for their employees to take advantage of while travelling. Despite the fact that mostly travel insurances are preferred or considered by adventurous or frequent travelers, but individuals and families should also realize the benefits of travel insurance to enhance travelling experience.

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