During travel, travelers face lot of risks like, trip cancellation, loss of baggage, loss of money or valuables, accidents, terrorist attacks, natural calamities and occasionally death. You cannot stop travel because of the risks involved, but you can reduce the amount of risk involved by buying a travel insurance policy.
The concept of travel insurance is very simple. The insured pays a premium (this is the amount you pay to the travel insurance company), the company in turn pays any costs involved in case of accidents or other types of eventualities. In case there is no eventuality the travel insurance company keeps the premium.
Travel insurance covers lots of risks like:
Trip cancellation: There are lots of reasons, due to unforeseen circumstances that you may need to cancel your air ticket or vacation. If you cancel your ticket at the last moment, you will not get any refund from the airline or you may get a very small airline credit. Travel insurance provides coverage against this kind of loss. The travel insurance company has to provide the cost of cancellation of ticket. However, the cancellation has to be done under circumstances which are covered by the travel insurance policy.
Baggage loss: if your baggage is lost, then the cost of the baggage is paid by the insurance company, but it is governed by the rules of the insurance contract.
Medical cost: if you get sick during your travels and you incur medical costs you will be paid by the travel insurance policy. However, if you have health insurance which covers overseas travel, then there is no need to separately buy a travel health insurance.
Others: Other things that are generally covered by travel insurance are medical evacuation, accidental death, repatriation of remains etc.
I highly recommend that you read the fine print when you buy any travel insurance policy. If you are in an emergency situation, you will not have the time. Colesville Travel offers Travel Guard travel insurance and they offer brochures explaining their policies.
Travel Guard offers several plans to suit your needs. They also have a Price Comparison Tool that can you help you find the right travel insurance plan for your budget.
In conclusion, protect your investment. You worked hard for your vacation and it may have taken you a year to save the money to go away. Unfortunately, it only takes a second to ruin your plans. While you can’t do anything to prevent an unexpected storm from closing the airport, the airline losing your bags, sudden illness, or death of a loved one, you can help cover your investment and minimize your loss by buying travel insurance.