An Overview
Traveling is one of those things we all look forward to, no matter where we plan to take off. From sandy beaches and snow-covered mountains to hilly greens and bustling cities, the world is our platter, and the very act of traveling is our chance to experience at least one portion of it. However, traveling comes with its own set of uncertainties and risks. That is where travel insurance comes in. It ensures safer journeys and peace of mind.
The Stats Speak Volumes
Traveling can be a thrilling adventure, but it is essential to be aware of the potential risks and uncertainties that can disrupt your journey. Each year, 5% of the 28 million mishandled bags result in a staggering 1.4 million lost luggage incidents, as reported by Claim Compass. Also, The Economic Times reveals that 1 in 4 passengers has experienced lost checked-in baggage in the last 3 years, and there are approximately 20,000 daily flight delays and cancellations. Shockingly, 47% of baggage losses occur during international transfers, according to The Telegraph.
Importance and Benefits of Travel Insurance
Embarking on a long and expensive trip requires extensive preparation, wherein you invest time and money. From flight bookings to hotel arrangements, from trip advisors to on-trip travel guides, there is a lot that you spend on. Travel insurance ensures the safety of your hard-earned assets from travel uncertainties or trip cancellations.
While on a journey, medical emergencies often come uninvited. If you are vacationing on lone islands or quiet beaches, medical aid in the first place might not be readily available, and second, it may cost you a lot. In such a situation, travel insurance comes to the rescue.
Also, sudden flight cancellations due to bad weather or hotel restrictions due to unexpected civil unrest might ruin your plans. An unexpected illness or injury before the journey or a sudden, unavoidable situation can become a cause of your trip cancellation. Travel insurance can assist you in retaining your non-refundable, prepaid cost.
Furthermore, while you plan your trip to spend precious time with family and friends, you already get occupied with a lot of packing and scheduling tasks. In between all of this, there are high chances of losing or misplacing important documents and belongings. When you buy a travel plan, you get coverage for financial losses associated with such scenarios.
Moreover, some emergencies may lead to unintended damage or loss to a third party’s possession and may charge you an expensive amount. By mistake, if you spoil or damage a third-party property on your tour, then travel insurance pays for the loss and will save you from the mess.
Additionally, for students planning to study overseas, travel insurance acts as a safety prerequisite that will assist in dealing with uncertain situations on their tour abroad. Factors to Consider When Buying Travel Insurance. Student travelers can select a student-specific insurance plan with travel benefits and longer validity. If students face challenges during their time abroad, they can pre-opt for study interruption coverage in their travel plans to ensure safety against unpredictable scenarios.
There are a variety of plans and insurers available on the market, you might get overwhelmed. One must consider the following before buying a policy:
- The delay and cancellation history of the trip being taken
- Time of the year and weather conditions while traveling
- Cost of luggage being carried for the trip
- Trip duration
- Age of the traveler
- The cost of the policy
- Medical expenses in the country being visited
Conclusion
Travel insurance is not just an optional expense; it is an essential investment that safeguards your journey, your finances, and provides peace of mind.
By – Chirag Nihalani
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