A travel investment is a trip or excursion that is purchased with the hope that it will either generate income for you or will appreciate in value in the future. Once you put your money up to jet set beyond the country’s borders, you want to make sure you protect your travel investment.
There are a number of situations that are beyond a traveler’s control. Some of these situations can happen before you take your trip or while you are traveling. We searched social media for some real life stories of people who did not get travel insurance and this is what we found:
Robyn Bodzin says
“We are supposed to be in the Atlantic Ocean on the Norwegian Breakaway this week. We did not take out travel insurance. My mother in law died. There is a shiva in our house. Thus far Norwegian has shown no compassion or good business sense and basically said that since we didn’t have insurance they are thrilled to keep the nearly $2000… Who can help us? Does anyone have a connection with corporate or a news station? Obviously we have a death certificate.”
Gemma Mann says
“Another reason to take out travel insurance no matter where you go… we helped a customer who fractured their leg on a cruise ship in the South Pacific and needed urgent surgery. The Air Ambulance we organised and paid for to get the customer back to Australia safely totalled $64,500.”
Nikki Miller says
“Currently looking at a 1.5 hour delay for my flight. That means leaving at 12:45am, instead of 11:15pm….Still on track for an achievable layover in Detroit. Lets see what happens in the next 9 hours though. Vegas might have to put up with me for one more night! Good thing I have a Travel Insurance Policy to help me out should I have extra expenses such as Hotel and food!”
A list of other unexpected situations that we’ve learned of from some of our travelers:
- One of our travelers from Texas was recently involved in a car accident while in Dubai
- While touring Ghana, we learned of a couple of our east coast travelers who contracted malaria. One had to go to facilities while in Ghana for treatment and the other discovered she had it upon her return to the state.
- Another one of our travelers from Texas was hit by a car while in South Africa at the airport. Luckily, this incident was NOT severe and did not require medical attention. It was just the shock of getting hit while boarding a van for transport.
- In the winter months, thousands of our travelers have dealt with flight cancelation while traveling east, which forced them to miss both domestic and international flights
- Last year in Los Angeles, we had a traveler who severely sprained her an ankle while boarding an airport shuttle at LAX
- It’s not uncommon to hear reports of travelers getting food poisoning while on the road
- We have another traveler who plays ball over seas. During one of his season’s he got injured while playing ball in Croatia. He had to fly home to have surgery and was out for months.
- Lost luggage happens quite frequently, through no fault of the traveler.
- Experiencing the loss of a friend or family member while traveling, is another unfortunate situation that can abruptly interrupt your trip.
Each of these incidents can impact you financially if you do not prepare in advance. So, one very common travel question that always comes up is: Should I buy travel insurance?
Our answer is always: YES
It’s so hard to pay additional money after you’ve already paid for your trip. However, expect the unexpected and prepare yourself. Give yourself some security and buy the travel insurance.
What You Need to Know About Travel Insurance
Evaluate the existing insurance you currently have and how much you are covered both in and outside the country is a good first step to take. No two travel policies are the same. What type of coverage you get should depend on what type of coverage you already have, where you plan to travel, and what kind of activities you plan to do while on your trip. For example:
If you currently have health insurance and you are traveling domestically within the United States, the medical portion of your travel insurance may not be as important. However, if you have a sick relative and may need to abruptly abandon your trip to get home, travel insurance is something you should look into.
Also, some homeowner /renter insurance policies and credit cards may protect you in the event your luggage is lost. Just take a full account of the insurance you currently have and work from there to draft your travel insurance policy. Travel insurance can help to fill in the gaps of where your current insurance leaves off. In order to benefit from the maximum amount of protections, your travel policy should be tailored to the trip and activities you plan to participate in while you travel.
Be Very Clear On What Is Covered
It is not uncommon for insurance companies to deny claims based on the nature of what is covered. So, become familiar with what all is covered under your travel insurance policy and what’s NOT covered.
When It’s Necessary
If you are traveling to a location where you know nothing about the medical facilities; if you plan to participate in activities that could lead to an injury if an accident occurs, then you need travel insurance. If there is any situation that could occur back home that would cause you to abruptly have to abandon your travels in order to get home, then you need travel insurance.
In fact, there isn’t a single situation where we would recommend that you not get travel insurance. Especially if you are leaving the country. Anything can happen and you do not want to be out of more money because you decided to save your money and not get the insurance.
Protect your travel investment and do your research to make sure you get the right travel policy for the trip you are going on.
Our Favorite Travel Insurance Providers
We love World Nomads because it’s simple and easy to get a quote. Once you plug in your trip details, the system automatically gives you a quote and a full listing of what is covered under your trip insurance policy. If you have further questions about the quote that’s given, you can always pick up the phone and call to get one of the agents to explain what the policy will cover and will not cover. It’s very affordable and very simple to protect your travel investment with World Nomads.
- It’s affordable
- You can buy online
- You can extend your policy while you are traveling.
- Open to residents in more than 150 countries
- You can file a claim online 24/7
- They cover a range of adventure activities and list out EXACTLY which ones
Based on editorial and consumer reviews conducted by consumersadvocate.org, Allianz rates #1 in 2016 among the 10 Best Travel Insurance providers. This leads it to making our list of favorite travel insurance providers.
Other Highlights Include
- Affordably priced
- Covers Domestic, International, Cruises & more
- Coverage for medical emergencies, trip cancellation, lost baggage, rental cars, even change fees!
- 24-hour services & kids under 18 covered free