Travel insurance can simply be taken as the insurance policy which covers various unforeseen risks which may arise while traveling. For the most part, it covers various things like medical fees, luggage insurance, flight delays & many more. Travel insurance is advantageous for domestic as well as foreign travels. In summary travel insurance is a comprehensive insurance policy that protects the insured from incurring losses while traveling either domestic or foreign. Similarly, the insurance policy starts from the date of travel till the return of the insured. Some of its pros & cons are pointed hereafter.
Pros of travel insurance:
- Travel insurance covers the insured in case of any unforeseen events that may arise. Similarly, it also covers various medical expenses which can help the adventure tourist to be carefree and enjoy their vacations. Furthermore, it is applicable to both domestic as well as foreign tours & travels.
- The insurance policy can also help to minimize the losses during the trip. For instance, the insurance company can cover for the delay of the flight, loss & theft of the insured properties as well as for the death of the insured.
- The insurance policy can also be beneficial if the insured involuntarily harm a third party or their belongings. Generally, the insurance company covers any damages done by the insured while they are within the insurance coverage. Thus providing financial freedom for the insured.
- In case of cancellation of the trip due to various uncontrollable factors like natural disasters, war, pandemic, etc. the insurance company is liable for the reimbursement of the losses of the insured as per the company’s policy.
Cons of travel insurance:
- There are various loopholes in the travel insurance policy. Furthermore, the insurance company can deny the claim as a whole citing that the claim is outside the insurance coverage. Hence one should always consider carefully the insurance coverage that they are getting. There can also be additional charges for additional coverage.
- Travel insurance doesn’t cover medical coverage prior to the agreement. The insured should clearly state any medical conditions that s\he may have before the agreement between both parties. Likewise, the additional costs can incur for insuring such pre-medical conditions & the person should prove that they are symptom-free before the agreement.
- The insurance claim process can take a long time. As many people fake their injury and loss for securing the claim amount. Therefore the insurance company has to be very careful & check if the said claims are true or not. Thus, this can often make this a lengthy process. Until our claim is verified, we are stuck to use our own finances.
- As we are planning a long trip, the expenses pile up making it a large amount. Together with the insurance charge, the amount can be a bit overwhelming & discouraging to some people. Thus they try to cheap out on the insurance. And in the long, it is fatal.
Our final words
For travelers who want to go on a trip travel insurance is a necessity. The trip can whether be domestic or foreign. If the insured person doesn’t use the insurance & feels that it was a waste of money. S\he should note that if anything had happened, ordinarily without the insurance they would have been in a crisis. It is better to have a safety measure than to not have one.