10 Reasons to Buy Travel Insurance

You can purchase several different types of travel insurance policies, so the price can vary. On average, travel insurance may be approximately $250 for a trip that is worth $5,000. Whatever the price, the following 10 reasons to buy travel insurance will show you that purchasing it will be a very good idea.

1. Trip Cancellation

You can purchase trip cancellation insurance if there is a possibility that you may need to cancel or postpone your trip. If you cancel for a reason approved by the insurance company, you will receive the money that you paid for the trip even if it is non-refundable. You also may be able to purchase a policy that will allow you to cancel for any reason.

2. Protection of Baggage

Protection of baggage insurance can pay out in several different ways. For example, you may receive a sum of money in the event that your luggage is lost or delayed, be it through the insurance company or reimbursement from the airline.

3. Medical Emergency

You may have health insurance now, but it will not cover your medical expenses if you become ill or are injured while you are outside of the country. On top of that, in most cases, any hospital that you are taken to will ask for payment up front. Medical emergency insurance will take care of your bills in the event you are injured or contract a serious illness in a foreign country.

4. 24/7 Emergency Assistance

If you ever need to find a doctor in a foreign country, how will you know where to go? You may be completely unfamiliar with the area or who to ask for help.

If you have 24/7 emergency assistance, you will be able to ask people you can trust about the medical services in the area in which you are visiting. You can call either the emergency or the non-emergency number 24 hours a day.

5. Accidental Death & Dismemberment

Of course, this isn’t what anyone wants to happen, but there is the possibility that you could die while you are on your trip. In order to prepare for this, you can purchase accidental death and dismemberment insurance in addition to the life insurance coverage that you already have. With this insurance, you will name a beneficiary who will receive the benefits if you die or are dismembered while in another country.

6. You Lose Your Passport

If you lose your passport, travel insurance will allow you to cancel your trip and have the money that you paid for it returned to you. Make sure to report the loss of the passport to the police and then they will be able to give you a police report that you can present to your insurance company. You will be able to re-schedule your trip when you have your new passport.

7. There’s a Natural Disaster

Travel insurance will cover you for the costs of your trip in the event that of a natural disaster. These disasters include earthquakes, tornadoes, hurricanes, fire, flood, volcanic eruptions, blizzards, and avalanches that are due to natural causes. However, every plan does not necessarily cover every one of these disasters. Plus, the above-mentioned disasters will not be covered by an insurance company if they are currently happening.

They only cover the possibility that they will occur and cause great monetary loss. This is the reason that travel insurance must be purchased early. Your insurance coverage will pay benefits if a natural disaster is in danger of destroying your home or your place of destination and mandatory evacuation orders have been given.

8. Trip Interruption

You may need to interrupt your trip for serious reasons, but if you don’t have trip interruption insurance, the money you paid for the portion of the trip that you must miss will be lost. With trip interruption insurance, you will be able to shorten your trip for one of your insurance company’s covered reasons and receive payment from them.

9. A Terrorist Attack Happens

You may have always wanted to take a trip to Egypt, and now you are finally going. Unfortunately, a terrorist attack occurs, and the trip doesn’t seem like a good idea. If you have terrorism coverage, you will be able to cancel your trip, and your policy will reimburse you for all of the money you spent even though it was labeled as “non-refundable.”

10. Flight Cancellation

Your flight can be cancelled because of a natural disaster, but you wouldn’t know where to go to find another flight home. With travel insurance, you will have the money that you need to stay in a hotel until you can catch another flight home. You will also have money with which to purchase another ticket.

Dave and Les Jacobs / Getty Images

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