It is important to buy travel insurance but there are times when you can give buying travel insurance a miss. There are many times when purchasing travel insurance is not that necessary. In such scenarios, having travel plan means over-insuring. Having said that, it’s important to have travel insurance. Buy domestic travel insurance if you feel it’s an absolute necessity.
To buy or not to buy travel insurance boils down to two crucial factors i.e. financial risks and health concerns. Are you concerned regarding losing your money because of trip cancellation, trip interruptions, lost baggage, trip delays, or medical expenditure? Are you crossing the geographical boundaries of the country where your medical insurance won’t provide you insurance coverage? Here are three scenarios where having travel insurance isn’t that necessary 1. Impromptu domestic trips If you’re taking an impromptu trip in your country, probably you don’t require travel insurance coverage. You don’t have any pre-paid or any non-refundable trip expenses; you aren’t concerned with trip interruption or cancellation coverage. Since you’re within the geographical boundaries of your country, your health plan will look after your emergency medical needs unless you are participating in high-risk activities or violating the terms and conditions of your insurance plan. Buying online travel insurance would cover you for baggage loss and trip delays, but these coverages might cost you more than your trip. 2. Inexpensive Domestic Trips If you avail a super saver flight ticket offer and you’ll stay with your friend, you do not have much money exposed to risk. A travel plan is best when your non-refundable and pre-paid expenses cost you a lot. In this particular situation, you’re at a minimal risk which might not need any insurance coverage. Indeed, you are missing out on delays and baggage insurance coverage, but these coverages might not be worth buying for such trip. 3. If you are Able to afford to lose your Pre-Paid Travel Expenditure (if any) If you can afford that monetary loss, miss out on purchasing travel plan. As mentioned earlier, ideally travel insurance must be purchased when your non-refundable and pre-paid expenses are more than you can afford to lose. The One Scenario Where you Must Always Purchase Travel Plan In case you’re traveling overseas, you must always buy adequate travel insurance coverage to take care of any emergency medical need as well emergency evacuation coverage (if needed). This coverage is offered by major travel insurance providers. When you travel abroad, your health insurance might or might not travel with you. When you travel traveling abroad, shop around and buy sufficient insurance coverage in order to neutralize all the travel-related risks. Buying travel insurance gives you that much-needed peace of mind. Keep in Mind In no way, we are endorsing the idea of not buying travel insurance. You must always buy travel insurance in order to be safe when you are away from home. We just penned down the situations where you aren’t exposed to that much risk and if you want, you can skip buying travel insurance. Don’t bother much about money, more than money your safety and security is important. Never compromise on your safety and security. If you feel you should buy, go ahead and buy travel insurance coverage. For more updates and News visit Policybazaar Linkedin
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AuthorInsurance and financial manager. Archives
May 2018
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