Travel Insurance: Do we really need it?
You’re making your travel plans and have got everything sorted out, all but one. You’re sitting there thinking do I really need travel insurance? What are the odds anyway? Is travel insurance worth buying? Well, if we’re going with Murphy’s law, yes. Lots of things can and do go wrong when you’re abroad. That is why travel insurance is a billion-dollar industry. The basic premise of travel insurance is about insuring yourself against exorbitant costs or losses that may cripple you.
It is likely that your existing medical plan does not cover you overseas, so getting a travel insurance is a clever way to supplement that essential part of your travel needs.
Commonly, there is a chance that you might contract a fever while on holiday. You definitely do not want the headache of searching for an in-network medical facility, which sometimes mean that you have to fork out more on cab fare just to get there. If you have travel insurance, you can likely seek treatment at a clinic or medical facility nearest to you. Another feature of travel insurance you should consider, especially if you are sickly or elderly, is evacuation coverage. Unless you’re uber rich, you wouldn’t be able to afford it in case of an unfortunate event.
Travel insurance is also handy for frequent or business travellers. Most plans cover you against flight cancellations, delays, and loss of luggage. If the airline cancels your flight or you are unable to make the trip at the last minute, you can recover your losses if you have a travel insurance plan. It’s worthwhile to insure your luggage too, which pays out a sum of money to you should it be delayed, damaged, or stolen.
The general rule of thumb? Make it a travel necessity, and buy it immediately after booking your flight and hotel accommodations. Safe travels!
P/s: Here’s a great travel insurance for you: https://www.chubbtravelinsurance.com.my/