Going on a trip can be very unpredictable. As much as you plan and strategize what you want to do on your travels, there’s always a huge chance that something unexpected can happen.
There might be accidents, big or small, that can change the course of your trip in a snap, and it’s often uncontrollable from your end. But fortunately, its long-lasting impact doesn’t have to be as drastic.
Thanks to travel insurance, you could still recover from an accident or incident you might face during your trip. From physical injuries to lost items, your bank account doesn’t have to suffer as much as you did. But how much is travel insurance in the first place? And what does it usually entail? Here are some answers to those questions.
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The Cost Of Travel Insurance
As with any other form of insurance, before getting yourself a plan, you’d most likely ask yourself: how much is travel insurance? In reality, travel insurance doesn’t usually have fixed prices. Similarly to how health insurances back home tailor their packages for you, your travel insurance costs will depend on your age, current physical well-being, the length of your trip and how much it all costs.
The price also varies depending on the type of package you purchase and the limits of the insurance. Some travel insurance packages only last for one trip, especially those that are more than a week long.
Others, on the other hand, can cover you for some months or years and all your travels within that span of time. Generally, travel insurance is 4%-10% of your total trip price.
What Does It Cover And Not Cover?
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Similarly to health insurance, travel insurance plans vary depending on you and your trip. There are numerous kinds of insurance for travel that covers almost every part of your journey, from your flight to your destination, the belongings you’ll bring for the trip, and any medical costs you might face. Some of these different types can be purchased on their own separately or bundled in one big package, which will more or less be costlier.
The most basic and most important of these is the travel medical insurance, which covers emergency expenses while you’re on your trip. Subsequently, flight insurance covers whatever happens to you while you’re on your flight and are usually offered by the airline you’re using.
Cancellation/Interruption policies touch upon getting your money back if you suddenly find yourself unable to travel, but only specific reasons will be seen as valid for such refunds. Almost similar to this are trip delay packages, which can reimburse your money when your trip is delayed by the airline.
While this all might seem convincing from a travel insurance salesman’s mouth, you also have to ask what does travel insurance not cover?
Usually, such packages don’t include the loss of unattended belongings, injuries from activities you planned, and road accidents that could have easily been avoided had you followed the area’s rules. These sorts of incidents are results of the customer’s reckless behavior and are therefore not covered.
Difference Between Travel Insurance And Health Insurance
You may think that your general health insurance, also known as private insurance, might also be able to cover you while you travel internationally. This is possible to an extent, but it’s not the same as having travel insurance.
Firstly, before brushing off getting travel insurance, make sure that your national insurance covers you when you leave your country. It’s possible to avail on such packages, but they’re most likely to be the more expensive plans.
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Even if you get one that does cover your international trips, you still might find that your health insurance wouldn’t be able to cover your medical costs when you’re outside the country as it’s not within the sphere of coverage defined in the plan.
It’s also important to note that national health insurance will not answer for any trip cancellation or interruption costs. Only travel insurance can safeguard such investments. It’s always better to be safe than sorry when it comes to traveling, so it might be best to purchase actual travel insurance than merely relying on your domestic health plans for coverage.
Reasons For Getting Insurance
If you pride yourself as a careful and proper traveler, you might think that travel insurance is unnecessary. As stated earlier, you never really know what might happen on your trip, and here are a few reasons as to why you might want to get a plan for yourself the next time you travel to another country.
Ensured Coverage For Medical Costs
The very reason the concept of insurance was created in the first place was to ensure that anything that needed financing will be done without having to empty your bank account. The same goes for your travel insurance for when you go on a trip. Your trip insurance will cover your medical costs for any accident that may occur you (through no fault of your own) while you’re away.
This includes physical injuries, contraction of illnesses, and even cases of food poisoning. When you’re in a foreign land, you may not be able to adhere to how their health care system works, and you’ll find yourself having to shell out tons of money to get better. A travel insurance plan will take care of it and will leave you financially stable until you come home.
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Protection Of Financial Investment
Every trip is a financial investment, and they can be protected by a good travel insurance plan. No matter how diligent you in preparing for your trip, certain uncontrollable forces can still ruin your ideas and if you don’t get insurance, you might be cheated of your money.
The most common of these incidents is the cancellation or overlay of flights. Airlines usually don’t refund passengers’ money if your flight is canceled, but insurance can ensure that you can still get yours back. In the event of a flight delay, which might ruin your plans on the destination you’re going to, your package can also see to it that you’ll be fairly reimbursed.
Protection For Your Personal Belongings
No matter how careful you are with your belongings, it’s still possible to lose them and lose a lot of money in the process. In the events of robbery or negligence of the accommodation or airline in your trip, your travel insurance can help pay for the lost items so you’ll be able to replace them. It sounds like a good deal doesn’t it?
A good traveler is a prepared traveler, one that has availed a travel insurance plan for the trip. No matter how expensive or hassling it might be to purchase a package, the coverage you’ll get, and the safety you’re ensured are all worth every penny!