Hundreds of millions of travelers ask themselves this question each year. And one in three jet-setters now opt in for travel insurance.
But before you can answer this question for yourself, you need to equip yourself with some knowledge, including what exactly travel insurance actually is, what the benefits are, and under what circumstances it makes sense for you and your family to elect for insurance before your next trip.
What Is Travel Insurance?
Different travel insurance companies and other credible sources may range in the nuance they use to define travel insurance, but here is a great place to start: travel insurance is insurance. It’s there to help us financially and otherwise in stressful and unexpected scenarios.
Travel insurance is designed to cover those who elect coverage with financial safeguards in the case of events ranging from inconveniences to calamities. Coverage may include both costs incurred before your trip, such as nonrefundable event tickets or hotel stays, and during your trip, including travel interruptions and medical expenses.
Like other insurance products, from homeowners’ to auto insurance, there are specific provisions tied to policies that outline when and how reimbursements are given – and how much insured travelers are eligible to receive.
Another element of travel insurance is assistance. For example, a travel insurance company may offer aid to subscribing travelers ranging from sharing helpful information to arranging for medical evacuations.
The most important detail to know about travel insurance is that its features can range broadly depending on the company offering the product, the package or policy that’s selecting and a host of other factors.
What Are the Benefits of Travel Insurance?
Part of travelers’ responsibility when it comes to educating themselves about travel insurance includes learning how and when their other travel partners may or may not offer them assistance when a trip doesn’t go as planned.
For example, you may learn that airlines aren’t obligated to do anything when your flights are delayed.2 When the airlines are the ones at fault, they may offer some assistance, but they’re not bound by law or duty to do so.
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