Despite a smart plan, traveling may turn out to be expensive. And it is the travel insurance that can protect your travel investment if anything unexpected occurs. But the question is, ‘Is travel insurance worth it?’ or ‘Should I get trip insurance for flight?’ Well, the answer depends on various factors like if your trip is refundable, health coverage is provided and how much coverage you will be getting from your credit card, where you are going, etc. In this article, we will discuss whether availing of travel insurance will be right for you!
What Does Travel Insurance Cover?
Travel insurance covers travel-related risks like flight cancellation, medical emergencies, lost bags, etc. The coverage amount depends on the policy that you choose and when & where you bought the same. Your travel insurance provider will give a myriad of options to choose from a variety of policies with lower or higher levels of coverage and lower to higher prices according to your preference.
You can opt for policies that will simply cover a single trip or even multiple trips. You can choose to buy an individual policy that will cover your entire family.
What Is Not Covered In Travel Insurance?
It varies from policy and policy and also depends on your provider. Pre-existing medical conditions are excluded from your travel insurance coverage. So any claim related to that particular condition will not be considered. But some policies even cover your pre-existing medical conditions provided you meet certain criteria.
If you are planning to engage in dangerous activities or mountain climbing, your policy will not cover if something goes wrong. Other incidents not covered may include the act of terrorism, war, use of alcohol that can lead to injuries that will be considered as ‘self-inflicted’, or usage of drugs that are considered illegal.
And if you want to entirely cover your trip cancellation then you have to choose a policy with a Cancel For Any Reason (CFAR) as an add-on. This does what the name implies and you can simply cancel the entire trip if you want to. You might get back around 75% of paid ahead of time non-refundable outing costs and the circumstance or rate might shift from one arrangement to another.
Is Travel Insurance worth It – COVID-19 Related Claims
In most cases, travel insurance does not cover COVID-related claims. However, some insurers are trying to make exceptions and bring them into effect in their insurance policies. So in such kinds of policies, medical expenses due to corona for existing policyholders on a trip will be covered.
Also, they will additionally cover any interruption or trip cancellation if the policyholder becomes sick due to COVID during or before a trip. But if you have not purchased travel insurance, then this may not be applicable in the policy that you will be availing of now.
When Can You Prefer Travel Insurance?
Availing of travel insurance will be worth it in two situations: to protect your health & protect your trip. Travel insurance will be a good idea if you have prepaid a trip and will not be able to cancel without a penalty. The policy will cover your reservations if your trip is canceled for a covered reason.
Is Travel Insurance Worth It For Domestic Flights?
Insurance is equally important even while traveling on domestic flights. It not only covers you but also your belongings. Whether it is a domestic or international flight, unpredictable events or situations tend to happen. So having travel insurance for your domestic flight will give you the comfort of dealing with emergencies hassle-free.
Is Travel Health Insurance Worth It?
Travel medical insurance covers medical expenses during a trip. While traveling, if you have any injury, unexpected illness, or any medical condition, it will be covered by your travel medical insurance. It will enable you to reimburse up to the plan limits.
Is it worth getting annual travel insurance?
If you usually travel a lot throughout the year then it is worth it to get annual travel insurance.
Is it a good idea to take out travel insurance in case you need it?
Yes, taking travel insurance is a good idea if you are traveling so that it covers your travel expenses, your health & your belongings against any unexpected risk.
Is travel insurance a must?
Yes, travel insurance is mandatory if you are traveling abroad.