Why You Should Get Travel Insurance for Your Vacation
That trip to London didn’t just come about. You’ve been saving for two years to make sure you could see the sites there, including Big Ben, the Old Bailey and, of course, London Bridge. That’s why you want to spend a little more money and purchase travel insurance.
Why do you need travel insurance? There are a number of reasons it could come in handy. Following are a few of them and how having travel insurance could help:
Trip cancellation: Can you do it?
Suppose you or one of the members of your family gets sick or injured just before the trip begins. Suppose you lose your job just before the trip begins. In any of these situations, you might need to cancel your travel plans. However, most airline tickets are nonrefundable these days – unless you have travel insurance.
What if you get sick or injured in another country?
You didn’t get sick or injured before the vacation. You fell ill or got hurt during the vacation. That could be even more problematic. Most U.S. health insurance, including Medicare, isn’t accepted overseas. It can get worse, depending on where you’re traveling. In some countries, you have to pay cash for treatment. Travel health insurance can help you get the treatment you need without breaking the bank.
It also can step in if the injury or illness is serious enough that you must be evacuated back to the United States for care. Did you know that it could cost up to $95,000 for a medical flight to the U.S.? This is another situation where having travel insurance can bail you out from taking on major expenses.
What else can it do?
Travel insurance is there to help if your luggage gets lost en route to your destination. It also will kick in if your passport and money are stolen. It can also help replace medicine in some situations. You can buy blanket policies that cover a number of scenarios or individual policies to take care of what you perceive as the main threats to your good times.
How much will it cost, and how do you get it?
Typically, travel insurance will cost between 5% and 8% of the total trip cost. Yes, that’s an extra expense, and it’s why you should treat it the same way you do any other insurance. Shop travel coverage around and get multiple quotes, just as you would home insurance with a website such as IRED.com.
After all, any money you can shave off your premium is money you can spend in Harrods.
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