When you travel abroad be smart and consider purchasing travel insurance. Travel insurance is meant to protect you against unforeseen travel mishaps, like your flight getting cancelled due to severe weather or your baggage getting lost or stolen or medical help when you need it. Many US regular health plans do not cover you when you are abroad and it’s a good idea to keep yourself covered when you travel.
When Should You Buy Travel Insurance?
As with other insurance policies, buying travel insurance (or not buying it) is a gamble. You don’t want to regret not buying the insurance, but you also don’t want to pay for something you don’t need. Remember that Travel insurance is worth it when you’re traveling abroad and your health insurance doesn’t cover emergencies outside of your country. It’s also good for when a large portion of your trip is non-refundable and losing out on the cost of your trip would seriously set you back. For everything else in between, consider how much a financial disaster it would be if something bad happened on your trip or you had to miss it.
Travel Insurance Coverage
When buying international travel insurance you can get just what you need and even mix and match packages since you may currently have some type of coverage that may help you in case of travel misfortunes. Below are the most common reasons that people buy travel insurance.
Trip Cancellation and Trip Interruption Insurance
This reimburses you non-refundable travel costs if your trip is cancelled or seriously delayed due to a natural disaster, illness, or the carrier goes out of business. This is the main reason people get travel insurance, especially for cruises.
Emergency Medical Insurance
You wouldn’t want to go without medical and health insurance in everyday life and when you’re traveling abroad it’s important to stay covered in case of accidents. This is the second most popular reason people get travel insurance. Coverage is usually around $10,000-$50,000 for emergency medical care.
Baggage and Personal Items Coverage
If someone steals something from your bag or your luggage is lost or delayed, travel insurance will pay you for your trouble, usually up to about $500 per lost baggage and $100-$300 per baggage delay. Missing and damaged bags happen a lot more often than you might think, get yourself protected.
Accidental Death or Dismemberment Insurance
If you or a loved one dies on the trip or suffers a life-impairing accident (e.g., losing an arm, leg, or eyesight), this insurance feature pays out up to about $500,000, depending on the situation. As inconceivable as this may seem, unfortunately it does happen, so protect yourself and your family.
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