It may not be the most exciting thing to think about, but travel insurance should be one of the first factors you consider when booking your next vacation or business trip. You want to spend your time and money enjoying yourself, as opposed to dealing with issues such as canceled flights or lost luggage. Sometimes, you may even consider using services like Bounce to reserve a well-grounded luggage storage spot if you don’t want to bring your luggage with you.
Whether you’re going on a business trip or an extended vacation, you may still need travel insurance for unforeseen circumstances that might arise while you’re away from home. Here are five reasons why you need travel insurance, no matter where your travels take you.
1. Medical Emergency While Abroad
If you’re traveling abroad and find yourself in a medical emergency, a travel insurance policy will help cover your expenses. Medical care overseas isn’t always as advanced, and bills can quickly add up when you have to take an unexpected trip to the hospital or visit a local clinic. A good travel insurance policy will reimburse your expenses, from hospital stays to prescription medications, even if you need to make arrangements for specialized treatment outside of your country of origin.
Additionally, some health issues may require a medical evacuation. You can have an emergency airlift to get you to advanced care or even return home if you’re critically ill. Without travel insurance, those treatments could be costly and hard to access. Travel insurance is essential to avoid getting stuck with massive bills and no ability to pay them.
2. Lost Luggage, Passport, or Critical Documents
If you’re planning a business trip, you might lose your luggage, passport, or critical documents such as a business envelope. Lost luggage is a common complaint among travelers, and many people come to dread it. If you’re worried about your suitcase getting lost when you travel, make sure to pick up some travel insurance before setting off on your trip. Having insurance can cover any lost or damaged items in your luggage and compensate you for extra expenses while dealing with lost baggage.
Replacing your lost passport or documents before departure can cost hundreds, if not thousands of dollars. Luckily, travel insurance will cover those losses if you misplace your passport and critical documentation due to airline mistakes or natural disasters. For example, if you’re traveling internationally and can’t replace your lost documents immediately for your flight home (or in time for a missed flight), travel insurance might cover an emergency trip at minimal cost for you.
3. Trip Cancellation or Interruption
Sometimes, you have no choice but to cancel your trip. In these cases, some insurance companies will reimburse you for part or all of your non-refundable trip costs. If you have to cancel your trip for a valid reason, travel insurance will reimburse you for most of your expenses.
A policy that includes coverage for trip interruption might reimburse some expenses if you have to come home early because of a death in your family. Likewise, it might cover costs if something happens while you’re on vacation (your flight gets canceled due to bad weather, for example), and you have to cut your trip short. Most policies cover some costs to reschedule or refund reservations, medical care if you get sick during your trip, and also cover any associated expenses.
4. Fraudulent Charges
We have all heard horror stories about fraudulent charges on credit cards. If your credit card number or bank account is compromised, you can end up spending lots of money trying to make things right. Having a card lost or stolen when traveling can be stressful, but what’s even worse is when you find out that someone has charged items to your account and forged your signature.
It would be best to be protected just in case you incur fraudulent charges from a third party. You should invest in travel insurance to utilize it as an extra safety net if something happens to your financial accounts.
5. Accidents and Injuries
Vacations are fun and exciting, but they also involve risk. Accidents or injuries can occur at any time, which is why you need travel insurance. It’s a financial safeguard that provides coverage for your vacation in case of accidents or injuries that happen while you’re traveling. With an excellent insurance policy, you can be provided with access to professional rehabilitation services to get back on your feet after a severe injury away from home.
Even if you don’t think you’re at risk, you never know when unpredictable scenarios could occur and leave you with hefty expenses. Fortunately, travel insurance can protect you against the cost of medical care, lost luggage, trip cancellations, and more that may come up while traveling abroad.