Travel insurance is designed to cover a host of scenarios in which involve financial loss, medical hardship, and inconvenience caused by your own circumstances or that of an element that’s a part of your planned trip.
While some plans are at a discounted rate or may offer you a portion of your payment back at the end of the trip should you not need to utilize the service, unfortunately most travel insurance policies are not free. However, it is worth noting that some auto insurance and other forms of coverage that you may currently have (for example Medical Coverage through your University) could have options to carry that coverage while traveling—especially if it’s approved by your university or relevant to your studies.
Another example of a scenario in which your travel insurance might be free is if you were traveling for business and your employer covered the costs out of pocket.
What is Travel Insurance?
The most common travel insurance policy will be designed to offer coverage for short-trips. However, some travel insurance have plans that are specifically designed for long-term trips—such as for retirees, or those working, studying, or otherwise traveling abroad internationally for whichever reasons.
The Break Down
Travel insurance is designed to cover financial loss due to flight change plans, whether it be on your own accord or at the fault of the airline service provider—make sure you read the terms and conditions of your policy before making a decision to ensure you are “fully” covered.
If you are going to engage in risky behavior, such as extreme sports or travels to dangerous or risk-oriented environments it’s worth investing in travel insurance as it not only provides your loved ones as ‘beneficiaries’ financial retribution should anything happen to you, but also is designed to cover your medical costs incurred should such circumstances arise—again, check the ‘fine print’ of each contract or agreement.
Lastly, travel insurance is designed to cover and protect you from financial loss should natural disaster occur, an act of terrorism, or other forms of scenarios in which are otherwise understandably out of your hands—to remove you of financial burden or liability in such instances.
It is absolutely worth doing your due diligence in researching and verifying not only the authenticity of the travel insurance provider you’re considering, but to also look into and verify its reputation to determine whether or not it’s a justified investment of your money.