Pros and Cons of Overseas Travel Insurance

Different places require different insurance policies. A trip to go on a tour of India will be quite different from a tour in South Africa. They require specific insurance packages that will be relevant for the journey they are embarking on.

Every traveler should have a personal travel insurance package to meet the needs of the journey to and fro. It helps to reduce financial risks like losing all your money or luggage on a trip and saves lives in the event of an injury or accident.

Taking out a travel insurance policy has an upside and downside to it. Both sides have an equal amount of credibility but it all boils down to what you want, where you are going, and what you will do in the event of an emergency.

reduce financial risks

The insurance companies will try their best to persuade you on what they feel is the best. Experts review travel insurance companies online to help travelers know more about their insurance packages for different locations and countries.

Now we shall consider the pros and cons of travel insurance. Why do we need one and why shouldn’t we get one.

Pros

1.    Security and Peace of Mind is Ensured

Your mind is settled concerning everything because you know that your insurance package is great and meets your needs. Medical needs are covered, refunding for any cancellations or loss of any property is covered and guaranteed as well as any other than thing concerning your trip as stipulated in the policy you signed on for.

2.    It Saves You Time and Money

Imagine if you fall sick on a trip and need to visit the hospital or need a medical emergency in a strange land, what would you do?

Once you have travel insurance, there won’t be any need to spend money and time trying to obtain medical help. All of this has been arranged by your travel agency.

Cons

1.    Cost

Travel insurance is costly and one might end up not needing it and is nonrefundable. Some travelers would rather not waste money on it.

2.    Coverage

If you don’t read what is stipulated on the insurance policy one might end up getting confused as to what they are entitled to. And most coverages don’t always cover what they claim to cover. Careful reading and scrutiny of policies will help you not to fall prey to any foul play.

3.    Pre-existing Medical Conditions are Not Covered.

Insurance companies want to know of any pre-existing medical condition before they can make an offer for insurance and what type it will be. Travel insurance companies don’t cover any known medical condition. They only cover any medical situation that arises during the trip.

Though travel insurance is costly the pros duly outweigh the cons. You’re better off with one than none at all. The extra cost could be tough to carry but the advantages will always override the disadvantages. No one will take his family on a holiday or visit another country without making efforts to ensure their safety.

This entry was posted in Finance and tagged . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *