You must have come across the term “Travel Insurance” every time you attempted to book a flight ticket. This might just seem like an additional cost to you while buying a ticket. However, there is more to travel insurance than most of us don’t know. Let’s find out Are Travel Insurance worth it?
What is Travel Insurance?
Travel Insurance in simple terms is a safety cover for certain unforeseen losses or events during the time of travel.
Are you planning to buy travel insurance? Here’s what your cover would provide:
Generally, travel insurance covers a variety of expenses. This list may vary from company to company. Mostly covered expenses by travel insurance are: trip cancellation, flight delays, flight accidents, medical expenses, loss of luggage and other losses you might incur during the travel. These are applicable for both domestic and international travels. Hence, make sure you read the terms and conditions of your travel insurance carefully before signing up for it.
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When to buy travel insurance?
Most of the airlines and flight ticket booking sites offer travel insurance while you are booking your tickets. This insurance would cover the concerned expenses and losses in the duration of that particular trip. You can also take “multi-trip” travel insurance; if you are planning to travel extensively within a certain period of time.
Are travel insurance necessary?
Most of the times, you may find questioning yourself while buying an air ticket that Are travel insurance necessary? The answer to that question is, it depends. Usually, a majority of the travel insurances you find might be simply unnecessary for you. Especially, if you are traveling domestically. However, if you plan on traveling aboard, you can buy an international travel insurance online.
Travel insurance would not be necessary if your other insurance policies cover your medical expenses and accidents. However, if your life or health insurance doesn’t cover the emergencies that occur in a foreign country; then, you might consider taking an international travel insurance online.
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Are Travel Insurance worth it?
Commonly, most airlines do not refund a large percentage of your travel expenses, in such cases, you might rely on a travel insurance to give you a safety net if there are any last minute change of plans. Apart from your travel, when you are staying at your destination, many things could go wrong which would result in financial loss. To avoid this loss, you could calculate the amount of loss you could be subjected to on your trip and choose a travel insurance accordingly. We have created a three-step guide to evaluate travel insurance.
- Evaluate your forecasted losses: If you are going on a pricey trip, you might want to insure it. Especially, if you are traveling in harsh seasons or conditions where the flight cancellations are a possibility.
- Review your existing insurance plans: Most of your insurance policies and sometimes even your credit cards come with a provision for travel insurance. Read the terms and conditions of your credit cards and insurance plans carefully before you take a travel insurance.
- Compare the insurance costs: There are multiple travel insurance plans available in the market. You need not only buy a travel insurance plan offered by your airline. Compare the travel insurance plans and choose the one which suits you the best.