When you’re planning a vacation, the last thing you want to worry about is getting sick or having your luggage lost. That’s where travel insurance comes in – it can help protect you from the unexpected while you’re on holiday. But is it worth the cost? In this blog post, we’ll take a look at the pros and cons of travel insurance and help you decide if it’s right for you.
What travel insurance is and what it covers
Travel insurance is a type of insurance that covers you for medical expenses, lost or stolen belongings, cancellations, and other unexpected events that might occur while you’re traveling.
It’s important to note that travel insurance does not cover everything – most policies exclude pre-existing medical conditions, for example.
Do you really need travel insurance?
The short answer is yes. You will need it if you wish to travel in today’s context. Pre-Covid, you may still have a choice of not buying a travel insurance.
However, many countries have made it mandatory for the traveller to buy travel insurance that includes medical coverage for Covid 19. The traveller will usually be required to do an online declaration days before the flight, failing which they may be barred from embarkation.
For many insurers, medical insurance coverage for Covid 19 has been added on top of the existing travel insurance.
When you should buy travel insurance
You should buy travel insurance as soon as you book your trip. This way, you’ll be covered in case you have to cancel your trip due to an unforeseen event – like a family emergency or a natural disaster. Travel insurance typically has a “cancellation for any reason” clause that will allow you to get a refund (less the cost of the insurance) if you need to cancel your trip.
Most people like to buy their travel insurance ‘last minute’. We strongly discourage you from doing that as you may potentially forget to get your travel insurance coverage.
Does travel insurance cover pre-existing conditions?
Most policies will not cover pre-existing conditions. If you have a medical condition that requires treatment or medication, you should purchase a policy that includes coverage for medical expenses. You may also want to consider a policy with trip interruption and cancellation coverage in case you have to cancel your trip due to your medical condition.
What about high risk activities?
If you plan to participate in any adventurous trips, please be sure to check the insurance coverage for the particular activity you wish to engage in.
Most policies exclude coverage for high-risk activities, such as bungee jumping, skydiving, and mountaineering.
I thought my credit card also provided travel insurance coverage?
Many people think that their credit card provides travel insurance coverage. While it’s true that some cards do offer limited coverage, it’s usually not enough to protect you from the high costs of medical care or cancellation fees.
We recommend that you purchase a separate travel insurance policy to make sure you’re fully covered.
Which is the best travel insurance policy out there now?
There’s no one-size-fits-all answer to this question – it depends on your needs and preferences. To find the best policy for you, we recommend that you compare different policies and read the fine print carefully.
A few things to keep in mind when buying travel insurance
When you’re comparing policies, be sure to pay attention to the following:
– The amount of coverage you need
– The deductible (the amount you have to pay out-of-pocket before your insurance kicks in)
– Exclusions (activities or events that are not covered by the policy)
– Cancellation and trip interruption policies
We hope this blog post has been helpful. If you need help in assessing and comparing the right travel insurance for you, please feel free to get in touch with us.
