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Lessons to Learn from the Coronavirus Pandemic About Travel Insurance

25 Mar

Lessons to Learn from the Coronavirus Pandemic About Travel Insurance

On Wednesday, March 11, 2020, the World Health Organization (WHO) announced that the highly contagious COVID-19 coronavirus outbreak is a global pandemic. This occasion is the first time that the WHO has designated pandemic status to an outbreak since the H1N1 swine flu in 2009. As of the beginning of March, countries all around the world have been implementing lock-down procedures to curtail the virus’ spread, and many more restrictive precautions are likely to be introduced globally in the near future. Aside from inflicting a significant toll on human life, the COVID-19 outbreak is responsible for massive disruptions to international travel. Travelers everywhere are being forced to either cancel or postpone trips because of the uncertainty surrounding the COVID-19 pandemic. Moments like this are the reason why travel insurance is an advisable investment.

What is Travel Insurance:
     The farther away you travel from home, the more important it is to make sure you’re protected from being stranded under difficult circumstances. This is where Travel Insurance comes into play. Travel Insurance refers to insurance coverage that is specifically designed to supplement or provide monetary compensation for costs related to medical treatment, lost property, accidents, trip cancellation and other setbacks that happen while traveling domestically or abroad. Travel insurance certainly can’t prevent bad things from happening, but it can soften the blow of having to make difficult decisions suddenly in a strange environment. Travel insurance is especially valuable because of three main reasons:

    1. You won’t have to worry about Cancelled Plans:
     Plans can change at the last minute for an infinite number of reasons. But that doesn’t necessarily mean you have to be on the hook for all the money you’ve committed to spend. Trip Cancellation Coverage is an option under travel insurance that provides financial reimbursement for situations where passengers are compelled to abandon their travel plans unexpectedly.

     2. You won’t have to worry about Losing your Stuff:
     Only a lucky few know what it’s like to travel without losing or breaking valuable possessions. But if you invest in Personal Effects Coverage, an insurer can provide you with financial compensation in case your possessions are stolen, damaged or lost during a trip.

     3. You won’t have to worry about Getting Sick:
     If you become seriously ill or injured abroad, it can cost a fortune to get even the most basic medical care. Emergency Medical Coverage can offer compensation for expenses such as hospital stays, minor treatment, or special travel accommodations like air-lifting and general evacuation.

The next time you start making plans to travel, take a moment to explore whether Travel Insurance would be right for you. Being safe while travelling isn’t just a matter of physical security. It also involves taking basic precautions to avoid extreme financial losses while away from home. It’s never a bad idea to think about the future and prepare for the worst.