Do you know Travel Insurance Benefits & Drawbacks for Medical, Business and Tourism? What are the Benefits Of Travel Insurance? This is a trending question by travelers these days. This article will guide you to Spending Smart by knowing the Travel insurance pros and cons in Nigeria and other countries. For the benefit of those who may not clearing understand this topic, lets look at this first.
What Is Travel Insurance?
For those who don’t know the meaning or benefit of travel insurance. Travel Insurance is simply an insurance well planned to cover things like....travel trip cancellation, all medical expenses, eventualities like lost of luggage’s, flight accident and any other losses that one incurred during or after travelling, either internationally or locally.
Travel Insurance Benefits & Drawbacks Limitations - Medical, Travel, Business, Tourism
Many people do not know that travel insurance is as important as the trip itself. One bitter truth is that If you cannot afford travel insurance, then you cannot afford to travel.
Getting medical care abroad or other personal liabilities can be very expensive; especially when such expense was not budgeted for, which can ruin your entire trip. That why it’s advisable you get a travel insurance, Travel insurance can cover all that has been mentioned above.
All Schengen Countries require that every successful applicant (not must please) should obtain travel insurance issued by an accredited Schengen Insurance Policy Company, which should be valid in all Schengen Countries and cover expenses caused by illness, medical care, accident… up to the sum of 30,000 Euros, before visa can be issued.
If you are taking more than two holidays in a year, an annual multi-trip insurance could save you money rather than purchasing a single trip insurance, valid for the duration of each trip.
The first step to getting affordable travel insurance is to compare different insurance providers and check reviews from their customers. It is imperative to disclose to your provider whether you have a pre-existing medical condition, so you can get advice on optional coverage as most insurance policies may not cover pre-existing medical conditions.
You should opt for an insurance company with good customer service and round-the-clock accessibility in case of emergencies.
Insurance policies have specific benefits and exclusion clauses; you must review your insurance plan thoroughly before you buy, read the wording carefully and ask questions when in doubt.
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Travel insurance also covers medical evacuation, which means that travelers do not have to pay medical emergency transportation expenses with their own money. Another important benefit of travel insurance is that it provides protection against trip cancellation and interruption. Source: www.travelinsurancereview.net
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Travel insurance also covers medical evacuation, which means that travelers do not have to pay medical emergency transportation expenses with their own money. Another important benefit of travel insurance is that it provides protection against trip cancellation and interruption.
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In case you are only looking for emergency medical evacuation and repatriation coverage, we suggest the Sky Rescue plan. If you are primarily looking to cover your trip we recommend the RoundTrip plan that includes travel benefits such as trip cancellation, trip interruption and trip delay.
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The advantages and disadvantages of purchasing travel insurance
The recent nightmare suffered by people aboard the Carnival cruise ship Triumph has put a spotlight back on travel insurance coverage. When is it wise to insure your travels, and when is it a total waste of your resources?
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Do not need insurance
Whether or not Insurance is worth it depends on the investment. Many people like the idea of feeling safe with large investments, such as a home, but nobody ever expects things to go wrong. Still, you are paying in case there is a problem.
Thomas Nulty, previous president of corporate travel agent Navigant International, said that people who purchase travel insurance are "buying peace of mind."
Coming home early
The nice thing about insurance is that it will reimburse you for all travel expenses if you cannot go on the trip last minute. Travel plans can get canceled and cut short if there is some sort of emergency, and you may not lose money on it.
According to the U.S. Travel Insurance Association, about 12.5 percent of all adults in the United States traveling since 2010 have had to get rid of plans for one reason or another. About a third of them had insurance covering it. There are a lot of natural disasters that happen and a lot of bad weather that cause people to get rid of their plans.
Consensus for travel plans
Pam Seagle of Travel Leaders explained that any time you spend over $1,000 on a trip then it is smart to get insurance. Insurance is also good when going overseas or when booking a cruise.
However, according to MarketWatch, "If you’re flying domestically on a discount carrier, your investment might not be worth the extra cost to cover a cancellation, delay or interruption."
Paying for insurance
The cost of insurance is quite reasonable most of the time. In fact, you can pay just $59 and get $5,000 coverage for medical and $15,000 for emergency evacuation on a $1,800 trip for only $59, according to WCCO.
Seagle says her company bases travel insurance rates on the age of the travelers and the cost of the trip. For a family of four, she says, the cost is generally around $200. She added that the cost is "well worth" the peace of mind that Nulty said is the true value of getting travel insurance in the first place.
Lost baggage covered
There is one other benefit to travel insurance; the cost of baggage is covered usually