Picture this: You’ve planned out a fun-filled holiday with your flights booked, accommodations sorted, and an itinerary full of exciting excursions. However, the unthinkable happens, and you’re caught without travel insurance. It may sound impossible, but these shocking surprises can happen, and they could dampen your mood while on a holiday.
So, how can these insurance plans protect you from these accidental incidents, and is it truly as important as it sounds? Read on and let us tell you 5 reasons why travel insurance is perhaps the most important part of your holiday.
But first, what is travel insurance?
Sometimes known as a holiday insurance or trip protection plan, travel insurance is a specialised insurance plan that provides the traveller with financial support when an unexpected event arises during a domestic or international trip.
Depending on the policy you choose, these insurance plans provide a wide range of coverage, including protection against medical emergencies, cancellations for flights or hotels, lost or stolen luggage, and other travel-related disruptions. In fact, being in an unwanted incident, especially when you’re abroad, can be extremely costly when you’re not covered by holiday insurance.
Who should get travel insurance?
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A common misconception for travellers is that these trip protection plans are only useful for older holidaymakers or adventurous people with pre-existing health complaints. Unfortunately, this is far from the truth; a valid travel insurance policy should be something that anyone who will be travelling, even for a domestic trip, should have.
Whether for work or play, a trip protection plan is a small guarantee for a peaceful trip, so you can relax and enjoy knowing you’re never caught unaware. Thus, it comes as no surprise that holiday insurance plans are offered to travellers of all ages, from 1-month-old infants to senior citizens who are 85 years old.
That sounds expensive. How much does travel insurance ACTUALLY cost?
Despite its positives, a travel insurance policy often doesn’t cost as much as one might assume. This is because travellers can choose the type of coverage and the number of days they want to be insured. These plans, often regarded as single-trip plans, are the ideal choice for travellers who don’t foresee taking many holidays in a year.
If you’re planning on going on multiple trips throughout the year, however, the annual multi-trip travel insurance is what we would recommend applying for. As its name suggests, this holiday insurance offers travel protection for multiple trips overseas. It’s the perfect choice for travellers who require more frequent trips, such as for business or if you love going on numerous getaways in a year.
Why should I get travel insurance?
While it may not seem like a key item to your holiday plans, having a travel insurance policy while you travel brings more pros than cons. In some cases, travellers often think that they can save a quick penny by skipping the holiday insurance. Unfortunately, they’re usually caught in a bind when unforeseen circumstances arise. In case you need further convincing, here are 5 reasons why travel insurance is possibly the most important part of your holiday.
You can travel worry-free, knowing you’re protected from the moment your vacation begins
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From one holiday lover to another, we can vouch for that feeling of being on vacation without worries. After all, the last thing you would want while on a holiday is to think about the “what ifs” and simply enjoy what you’ve worked hard for. And that’s what a travel insurance policy can do for you. Instead of second-guessing the activities you can experience while on the trip, you can now enjoy your favourite excursions just the way you like.
Heading on a trip with high-risk activities such as skiing, snorkelling, or rock climbing, just to name a few? Then, applying for travel insurance is something you should definitely look into to safeguard yourself in case of unwanted accidents. Some policies may require you to take on additional coverage for these excursions at a small fee, but it’s something you should definitely not skimp on.
Travel insurance takes the burden off the shoulders of your loved ones
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For many travellers, taking out holiday insurance is more than just about protecting themselves. Instead, you’ll be surprised to find that most policyholders have their loved ones in mind when applying for a trip protection plan. This is because emergency circumstances can be extremely costly for non-locals who may be travelling for a holiday, especially when it comes to medical-related situations. Pair this with high exchange rates or long-term care as deemed necessary, and the numbers can quickly add up.
Thankfully, much of this can be avoided as long as a traveller has an active travel insurance policy while they’re on the road. This extends beyond just holidays, but also for those who may be travelling for business and more, as accidents can happen anytime and just about anywhere.
Having holiday insurance provides you with immediate care when necessary
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As you may know, time is key when it comes to receiving the best care during medical emergencies. Unfortunately, some hospitals may not be willing to treat travellers unless they have a form of assurance in payment or coverage. This is similar to medical cards with regular health insurance policies available locally. In cases where you’re abroad, however, having a valid travel insurance ensures that you can receive urgent care from medical professionals where necessary.
Subsequently, travel insurance also helps in case of hospitalisation should you need it while you’re on a trip. Much of this covers the deposit and after-care during the duration of your stay, which can be a huge relief for your loved ones who are travelling with you, or even if they’re apart and can’t provide the necessary payment immediately. This will also include travel arrangements for you to return to your home country, which can often be costly for anyone caught without holiday insurance.
You’ll save on headaches in case of unforeseen circumstances such as theft, delays, or cancellations
Beyond medical emergencies, having a valid travel insurance policy also saves you from the headaches of theft, lost luggage, flight delays, or even cancellations in case of emergencies. While it’s not something that you’ll want to think about, accidents can happen even to the most careful travellers. In certain destinations where theft is more rampant, having a trip protection plan will help get you back on your feet quicker.
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Most holiday policies will also provide coverage should you encounter a flight delay, though the compensation may vary depending on the duration of the inconvenience. Should you encounter a missed connection due to the delay, you’re likely to be eligible for assistance from your travel insurance as well. This allows you to have peace of mind while you make your way through your trip.
In fact, many travellers were caught in a real bind during the pandemic that closed borders and shut down flights a few years ago. Although it was not the fault of the travellers, guests who did not have a trip protection policy were mostly unable to retrieve any cancellation fees.
Natural disasters happen, and your wallet shouldn’t have to pay the price for it
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Finally, many travellers will understand that some things are often out of our hands when it comes to planning a trip. If you’re going on a holiday to countries where natural disasters are more prone to happen, having travel insurance will help with concerns in case these unwanted situations arise. From earthquakes to typhoons or floods, these natural disasters may cause you to cancel a trip before flying out or need assistance should you be trapped on location.
In these cases, having an active policy is a huge plus, as you wouldn’t have to fork out extra money to pay for something that is out of your control. This helps in situations where panic understandably sets in, but rest assured that the right travel insurance can help you in every way. Many insurance companies also provide round-the-clock customer support to help ease your concerns, which can be comforting during difficult times like these.
How to choose the best travel insurance coverage?
Now that you’re aware of why holiday insurance is likely to be the most important part of your holiday, it should be just as crucial to choose the best coverage possible for your trip. But with a variety of choices being offered by multiple insurance agencies, how will you know if your pick is the best in the market? Below are some things to help get you started, so you can make the best choices or have the right questions in mind.
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Read the fine print
While you may be tempted to simply skim through any travel insurance policies and assume that everything is in order, it’s always better to take your time with your application. Reading through the fine print is essential to ensure you get the best coverage that you need while you’re abroad, as you wouldn’t want to be left with a hefty price to pay should your claim be outside of what is protected. These moments are unlikely, but it doesn’t hurt to be safe rather than sorry.
If the terms on your policy seem confusing, it’s always a good idea to ask any burning questions to your trusted travel advisors, who can provide more details. You can also ask the insurance agency to recommend the best plans to suit your needs and travel itinerary at the budget you’re most comfortable with.
Compare your policies
Like many insurance plans out there, you’re always welcome to seek out multiple plans and compare the many travel insurance policies available in the market. Doing so allows you to pick the coverage that fits your needs best, including details such as the types of high-risk activities you might be doing or if the most basic trip protection plan is sufficient. The varying price points should also come into mind, although we never recommend skipping out on the essentials just to save a little money.
Comparing your policies is also great if you want to customise your travel insurance so that it can fully cater to your needs. If this is something you need help with, our travel advisors are always ready to lend a hand or provide you with some advice that can ease your concerns. For first timers who have never taken a trip protection plan prior, this would be beneficial so you can familiarise yourself with what’s available for future trips.
Be honest with your medical history
When applying for travel insurance, you are often asked to include all your medical history to the best of your knowledge. This ensures you’ll receive the immediate care you need in case of emergencies, and prevents discrepancies if you need to make a claim on your policy. Most insurance agencies are very strict with having your full details on file, and you may have your claims disapproved or face fraudulent charges if you’re found to be dishonest during your application process.
Of course, you wouldn’t have to worry if you don’t have prior histories or complaints before travelling. However, we do recommend keeping any of your medical details close should you require assistance while on a trip, allowing yourself the best care possible should the unthinkable happen.
As frequent travellers ourselves, we understand the need to pick the best travel insurance provider out there. This is why Holiday Tours is proud to partner with AIG for the AIG Travel Insurance, providing the peace of mind you deserve while on a holiday. Whether it’s unforeseen delays or unwanted medical emergencies, this exclusive travel insurance policy will safeguard your holiday every step of the way.
What’s more, these coverage plans will even factor in your start and end destinations, number of days insured, and more. This ensures you get the best value for your money and reduces the worry of being caught unaware during an emergency while travelling.