Travel Insurance: Debunking the Myths

Travel insurance – do you really need one?

While travel insurance was previously considered as the bane in any travel transaction, it is now regarded as one of the most essential elements of a successful trip. Without the right kind of travel insurance, you risk ruining a lot more than just your travel. For all you know, you might also be putting your possessions, health and well-being in jeopardy.
Some Interesting Facts and Figures
According to the US Travel Insurance Association, about 30% of American travelers purchase insurance to protect themselves against any potential loss. However, it is interesting to note that upon closer inspection, you may notice that a lot of these extra expenses are already covered in your regular homeowner and/or car insurance. Therefore, it really pays to do some research so that you won’t be tricked into buying travel insurance for coverage you already have.
Debunking the Myths
When it comes to travel insurance, how do you separate fact from fiction? Let us uncover some of the most common myths regarding the issue:
Myth #1. Emergency medical assistance is included in the package. Contrary to what most people believe, emergency medical assistance is not automatically included in your travel insurance’s medical coverage. However, since it can potentially save you thousands of dollars in case you get seriously injured or ill while travellng overseas, consider purchasing this as supplemental coverage if it is not included in your current medical insurance plan.
Myth #2. Your credit card provides ample trip protection. While some credit card travel rewards programs offer trip protection, most of them do not provide full coverage. So, if you are heading off to a remote or high-risk location, you may want to check if your credit card travel insurance package offers trip cancellation coverage for delays and lost baggage protection to make sure you are fully protected during the entire trip.
Myth #3. No one needs rental car damage protection. Adding a rental car to your vacation plan can improve your vacation experience but without an extended coverage policy for rental car damage, you may be putting yourself at risk for higher insurance rates. Remember, your regular car insurance provider can offer you some protection but your rates will definitely increase if you file a rental car damage claim.
Myth #4. Travel insurance doesn’t cover activity-related injuries. While some standard policies do not cover accidents and injuries sustained while doing extreme sports and other high risk activities, most travel insurance policies provide coverage for such events.
Do yourself a favor by getting decent travel insurance coverage every time you travel. It’s advisable not to go anywhere without it.