Planning a trip can be an exciting but frustrating experience, especially when done without a clear objective, proper budget and as a last minute affair. According to AIG Ireland, traveling anywhere without insurance is both a risky and unwise decision. Insurance not only ensures your comfort and peace of mind as you trot the globe but it also offers an incomparable sense of security, convenience and peace of mind while enjoying the trip.
Protect your well-planned vacation from financial loss and unforeseen occurrences by investing in a travel insurance policy. A good is important for those unexpected mishaps that occur when travelling like a sudden injury or accident, sudden illness, lost luggage or valuables and missed or delayed flights and connections. Below we look at examples of risks that you may face if you travel without the proper insurance cover.
Serious Accident or Injury
While accidents happen every day and everywhere, they are unpredictable and may cause a great amount of physical, mental or financial damage. While in a foreign country, a car accident, motorcycle accident, plane crash, hiking accident, fall down the stairs or minor incident in the kitchen, may be a very expensive affair especially in the event that emergency medical insurance coverage is not in place. These unforeseen incidents account for up to 32% of insurance claims that arise from costly medical bills incurred while travelling.
Sometimes trips are cancelled due to unavoidable circumstances like natural disasters including hurricanes, earthquakes or floods, manmade events like political strife, economic instability and insecurity or unforeseen events like flight cancellations, hotel double bookings and event cancelations. 31% of insurance claims made by travellers account for damages or losses related to holiday cancelations mainly because the cancellations carry serious financial implications for the traveller.
Imagine arriving in a foreign country with just your wallet and passport on you, all your other luggage was ‘misplaced’ during the several flight connections you made. Long haul flights that involve a lot of connections or flight changes usually come with the disadvantage of lost luggage. This accounts for 16% of insurance claims made by travellers around the world. Travellers are usually reimbursed for the inconvenience caused by the loss of luggage while some premium insurers purchase new luggage for the traveller.
When planning a trip, itineraries are usually planned to the smallest detail meaning most time slots are filled and venues booked. Any delays caused by either delayed flights, train rides, bus schedules or vehicle hire service usually have a financial impact on the traveller. This is further reinforced by the fact that 6% of travel insurance claims originate from delayed departures.
Research indicates that while the majority of travellers do not see the need for travel insurance, 29% of travellers will make a last minute decision to purchase a cover within 1 day of their departure. Another 11% will purchase such a cover 2 days before departure while only 7% may incorporate travel insurance in their plans and purchase a cover 3 days before departure.