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4 Great Reasons to Purchase Travel Insurance
For many years, risks have been shared during times of great tragedy. The first formal insurance company, Lloyd's of London, was formed in 1769 and their principal concept still remains today - to gather premiums of clients as a pool of resources to return to clients who experience unexpected but covered events. So, the secret is to plan for the unexpected and make sure that you're covered - especially when you're travelling. Whether your taking a quick trip or a cruise around the world, there are many great reasons for travel insurance. Here are 4:
Trip and Flight Cancellations: What happens if you have to cancel your trip? Many people worry about losing their money that they've already paid for it. Since life is unpredictable, you may want to consider buying travel insurance with trip cancellation coverage. If your flight is cancelled or delayed then your travel insurance could also be of assistance. Depending on the type of coverage available, it could help provide a room for the night and even alternative travel home.
Medical Problems Before or During a Trip: What happens if someone your travelling with becomes sick or injured and can no longer travel? What about when a non-traveling family member becomes hospitalized or passes away and you can no longer make your trip? In these situations there are many travel insurance coverages that can help you out.
Medical Emergencies: If you become sick or injured during your travelling adventure, your travel insurance can assist you with financial coverage.
Illnesses: If you have to cancel your trip because one of your traveling family members is sick and unable to travel, you could be reimbursed for prepaid, nonrefundable trip costs.
Injuries: What happens if you're injured during your trip and are unable to continue? Trip interruption coverage could reimburse you for the portion of the trip that you missed. It can even help make sure that you have a way home.
Weather, Natural Disasters, and Emergency Evacuations: The weather is something that we have no control over. It can cause travel delays and even cause your trip to be cancelled. If a flight cancellation causes your trip to be cancelled, travel insurance can help. Travel insurance can also help in an emergency evacuation situation where you have to get out quick.
Damage or Loss of Personal Property: Do you have a plan if your luggage gets stolen? It happens all the time! In 2018, 4.27 billion bags were lost, delayed or damaged by airlines (1). With travel insurance, you can be reimbursed for lost, stolen, or damaged luggage or personal items. If you have a plan with baggage delay coverage, it can help pay you back for the purchase of those necessary items that you had to purchase while your baggage was delayed.
Okay, there you have it. 4 great reasons why you need travel insurance for your next trip. Make sure to always read the fine print and find out what is both excluded* and included in your travel insurance.
*Accidental coverage is not provided in case of drunk driving or driving under the influence. Exclusions are also provided for risky sports like bungee jumping, racing cars, scuba diving, white water rafting, flying an aircraft (except as a passenger in a regular airline), gliding, skiing, bike racing, diving, mountaineering, windsurfing, or many other potentially dangerous sports or activities, not limited to this list of examples. This means that if there were an accident in one of these situations that the insurance company is not liable to pay any amount to the insured.
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