It would be wonderful if travel insurance actually allowed us to “travel worry free,” as the advertisements proclaim, but in truth, there’s no such thing as worry free traveling. And certainly travel insurance cannot cure all those happenstances that may occur as we move from one place to another.
The advertisements encouraging us to “travel worry free” are about as realistic as claiming one can ski the Alps without threat of breaking a limb on the way down. In today’s world, life generates its own hazards, and travel insurance cannot predict or eliminate the worries or risks that can come when traveling.
Travel insurance can, however, help replace financial losses that may occur while traveling; losses that can be grouped into three primary categories:
- Personal losses that result when confronted with the need for medical treatment, medical evacuation, or even death.
- Trip investment losses if/when a trip must be cancelled or interrupted due to a hazard/peril listed within an insurance policy. Insurance coverage can also include additional trip expenses incurred due to a covered hazard or peril; costs that include living expenses necessitated when one’s flight is delayed or cancelled.
- Property losses that result while baggage and personal effects are in transit with you.
To be sure, travel insurance policies do not cover all the potential hazards of travel. As with all insurance policies, fine print limits coverage. It’s therefore imperative that travelers read their policies carefully and ask questions surrounding various plans before buying one. The best place to find a plan is online, through a travel insurance website that offers comparisons compiled by insurance professionals who can explain policy provisions and help guide travelers to the right plan.
While travel insurance won’t do anything to stop you from traveling “worry free” from all that may occur, it can be beneficial in protecting you from major financial losses.