Many travelers have realized the benefits of purchasing travel insurance, and the number of policies sold every year has increased substantially. Travel insurance takes some of the pressure off of planning and taking an international trip. It is important to consider the what-ifs of travel, and even more important to protect yourself and your financial assets in the event of an emergency during an international trip. Travel insurance ensures that the traveler will get adequate reimbursement in the event that they experience unexpected financial losses during their travels, due to an incident of accident, such as a car accident, lost/stolen property including travel documents, and medical coverage.
According to the United States Travel Insurance Association, approximately 23 million Americans purchased travel insurance policies in the year 2007, and one out of 6 policyholders filed for compensation. This means that about 3.8 million travelers filed claims with their travel insurance providers in that year. From this figure, it can be seen that a considerably large percentage of people meet with misfortunes during their vacations. It is necessary that travelers purchase an insurance policy before they embark on their vacations.
Many kinds of unplanned incidents can occur before or during travel. Travelers may have to cancel their trips due to an emergency, work commitments, or illnesses; and they will lose their travel investments if they do not have travel insurance. In addition, medical expenses may be incurred during travel because of illnesses or injuries, and they can amount to thousands of dollars. This can be a concern for budget travelers, who may not have the financial means to pay for their medical treatments.
Travelers may also lose their baggage, personal possessions, or cash while they are traveling. Those who have a good travel insurance policy will be well prepared to deal with misfortunes that happen during their travels, because they can claim for financial compensation if certain unexpected incidents occur.
There are many types of travel insurance that you can purchase, including single trip travel insurance, multi-trip insurance, family insurance, group insurance, senior insurance, backpacker insurance, and others. You should select a type of policy that suits your specific travel insurance needs. Many people choose to buy cheap travel insurance policies, but some policies may not provide sufficient coverage for travelers and it is important to consider all coverage options before finally purchasing a travel insurance plan. To ensure that you will have a worry-free vacation, you should obtain a travel policy from a leading insurance provider. Make sure that the insurance company you choose offers efficient 24-hour emergency service and excellent claims service.