Contrary to what many may think, hiring travel insurance when we go on vacation is not a superfluous expense. In fact, they are a smart investment that can get us out of trouble.
This type of financial product can help a lot to protect our personal finances. Medical expenses are always expensive in most parts of the world, and if you can count on a service that helps you pay for them more efficiently, why not hire them?
Throughout this article you will discover everything you need to know about travel insurance so that you are encouraged to hire one on your next vacation.
Travel insurance is a type of insurance that is contracted in order to cover medical expenses, baggage problems, theft, unforeseen events, etc. that may be incurred on a trip, particularly abroad.
International travel insurance is the essential tool when it comes to leaving home for a long or short period of time. These insurances have the function of protecting you or at least covering your expenses in case of an eventuality.
Travel insurance serves more than just to cover medical expenses. Discover some of its applications below.
It allows you to receive quality medical assistance no matter where you go (as long as the insurance operates in the country where you are going). This will help you avoid out-of-pocket expenses in private medical centers.
Travel insurance will also help you save time. In many cases, the policies make sure you keep your luggage protected, and if you lose it, you will have extra money to purchase essential products.
You can cancel the trip up to 1 day in advance without losing the money you invested. Travel insurance will also protect your investment in the event that you must suspend the trip in the middle of the planned day.
During the period of time that travel insurance is active, you will have personalized assistance from the insurer. You can contact them to receive information about document procedures, receive any object you have forgotten on your trip, or ask to cancel your cards in case of theft, etc.
Depending on the reason for the trip and your needs during that period, the travel insurance policy adapts to suit you. You can request a policy for your whole family, or another annual one for business trips, etc.
The most common travel insurance are:
Also called Trip Cancellation Insurance, this insurance protects your money and helps you receive it back in case the tour you hired is declared bankrupt, or you need to cancel the trip for personal reasons.
This coverage protects your luggage in case of theft or loss by the airline. It also allows you to secure the contents inside the suitcase.
It is the one that is commonly associated with travel insurance. It allows you to receive medical assistance in case of illness or injury. In case you get seriously ill, this policy ensures that the commercial airline takes you back to your country with all the necessary care.
In case you suffer a fatal accident during your vacation, this policy ensures that you compensate your direct relatives. Usually this policy is added to life insurance.
If you want to vacation, but do not have the necessary liquidity, apply for a travel loan. The amount you receive should be enough to also pay for travel insurance.