Travelling without travel insurance can be analogous to driving a car without car insurance or living carefree without a health and life insurance. If you don’t have insurance, you are not covering risk and this can cause many problems.
As an individual, our current lifestyle is engulfed by many risks. You might be living in a metropolitan city or a town in mountains, off the global map. The risk of falling ill or meeting with an accident is cannot be planned for. Risk can appear in many forms and if we are not prepared for it, we might suffer from a financial crisis and frustration.
Similarly, if we don’t have travel insurance before travelling abroad, we are seriously risking our happiness and well being, especially while travelling to the western countries where requiring medical attention can burn a big hole in your pockets. Getting medical treatment in Europe or US can prove to be so costly that without travel insurance, you will have to cut short your month long foreign trip to the day you are relieved from medical attention. The hours spent in a medical facility will swipe your entire travel budget clean.
Now, before purchasing travel insurance, you need to be careful about what is covered. Travel insurance can be primarily categorized in 5 segments.
- Medical Insurance
- Evacuation Insurance
- Cancellation Insurance
- Flight Insurance
- Baggage Insurance
As conspicuous from the name of the insurance plan, medical insurance covers your medical bills in a foreign country. Evacuation Insurance helps you get evacuated from risky landscapes like Mt Everest. Cancellation Insurance will help you recover your costs if your trip gets canceled without any situation created by flights or hotels. To cover cancellations due to your flight, flight insurance comes to the rescue. Baggage Insurance, of course, takes care of your loss in case your baggage goes missing. This also covers you in case your baggage is damaged or stolen.
These basic types of coverage are offered by almost every travel insurance company. However, it is imperative to understand the differences. There are portals that help you compare insurance policies and you can arrive at a list of pros and cons while choosing travel insurance policy. These websites and portals also allow you to compare the prices along with the insurance features.
By scrutinizing the various travel insurance plans scrupulously and analyzing your own requirements, you will be able to choose the best travel insurance.
So, are you heading out soon for a foreign trip? Make sure you check if travel insurance is mandatory in that country or countries. Even if it’s not, I highly recommend getting travel insurance even before you start planning your next foreign trip.
What do you think about travel insurance? Let me know your views in the comment section.