A Business Case For Travel Insurance
Organising travel insurance can be a bit of a nightmare. Knowing what you’re covered for, any exceptions for activities and the values your insurance protects you up to can be pretty difficult to understand if you’re not used to reading page after page of small print – but travel insurance is still a must-have for any trip.
In this blog, we’re going to be busting some commonly held misconceptions about travel insurance and discuss why no matter where you’re heading off to, it’s an essential expense that’s well worth paying for.
1. Nothing is going to happen, right?
You may be lucky enough so far to have been on many trips without any mishaps or negativeencounters but like any insurances, it’s a nuisance until you need it. All insurances are risk management especially for those incidents that may be low in frequency but can have extremely high impact and consequences. There are so many cheap travel insurance offers out there; you might as well be covered. In best-case scenarios, they will ever be in need for minor incidences like a missed flight, passport theft, sudden illness, and trip cancellations due to unavoidable reasons. But you will be most glad to never need it in worse cases, like evacuations for whatever reasons or a natural disaster having taken place, etc.
2. Travel Insurance are mainly for high risk travellers
To most, people who travel often, travel to off the beaten track places, adrenaline junkies that go diving, bungee jumping etc., are considered high-risk travellers. It is a common myth that only these people need travel insurance. Not true.
There is a wide variety of policies designed to meet the coverage needs of a wide variety of travellers. For those who are heading out to more “mundane” and “normal” holidays, we are all at risk of missing flights, losing luggage, getting robbed and falling sick.
3. No need for travel insurance as my health insurance, plus credit card will cover me
Health insurance are likely to have lower benefits and deductibles when you use an “out-of-network” while travel insurance will pay for a doctor anywhere around the globe if you fall ill or get injured while on holiday. At the same time, travel insurance in its basic form will usually cover trip cancellation, trip interruption, lost luggage, travel assistance, accidental death and limited medical evacuation benefits, which health insurances may not.
Always find out just what your credit card will cover. Although they do offer some coverage, provided you pay for your travel expenses with that same credit card to be entitled, chances are that your credit card won’t protect you in case of travel delays, trip cancellations or emergency medical coverage overseas. Even if they do, it’s likely very limited coverage.
4. You don’t need travel insurance if travelling in the UK or for short trips
Consider the fact that home insurance don’t usually cover belongings if taken out of the house and Policy Expert’s research show that 8 per cent of Britons on a staycation had been a victim of loss, theft or damage with jewellery, cameras, mobile phones, and wallets being the most common stolen items.
The risk of accidents and injuries or inconvenient incidences like trip cancellations, loss, damage or theft of belongings isn’t decreased by the length of time of the trip or where you are. Such incidences can as easily occur on a weekend staycation trip as a long trip across the globe.