Travel Insurance and Why You Need Ithttps://austenmorris.com/wp-content/uploads/2022/06/safe-travel-protection-tourism-insurance-concept-2022-05-10-03-14-02-utc-scaled.jpeg25601707AMA TeamAMA Teamhttps://secure.gravatar.com/avatar/4ad9c580ca7195a1d4f6c40c38a18a15?s=96&d=mm&r=g
Travel Insurance and Why You Need It
It’s commonly said among expert travellers that if you can’t afford to buy travel insurance, you can’t afford to travel – and there’s a lot of reasoning to back this up.
Travel insurance covers you financially while taking a trip and often even before, between booking – both your holiday and your insurance – and leaving for your trip if something happens that forces you to cancel your holiday.
There are a couple of different types of insurance you should be aware of:
Single trip – this type of travel insurance covers you for a single journey, typically in one location.
Annual multi-trip – this type of travel insurance covers you for a fixed yearly price regardless of how many trips you take and often works out cheaper than single trip insurance if you make three or more excursions a year.
Backpacking – this type of travel insurance covers you across numerous locations for a significant period of time.
Moreover, insurance will differ – primarily in cost – according to the places you intend to travel to, so you should ensure your insurance covers all the destinations you plan to visit.
But why should you purchase travel insurance in the first place?
Here are the four primary reasons why.
In case of a medical emergency.
By far, the biggest reason you should take out travel insurance when planning a trip away is to ensure that, should you need medical care, you’re covered financially.
Depending on the country you’re in, paying for medical care outright can cost millions, landing you in insurmountable debt and can even result in you not getting the help you need altogether.
So, suppose you sustain a significant injury while abroad or suffer a sudden illness that you can’t get back home to treat. In that case, it’s always worth having insurance to make these concerns an impossibility.
However, remember that medical emergencies caused by ‘reckless’ behaviour – such as that caused by drugs or alcohol – may not be covered by all travel insurance policies.
Certain risky activities – such as shark diving, skiing or snowboarding – are similarly not usually covered by regular travel insurance. However, on extreme sports holidays such as these, you should be able to find specialist travel insurance that covers all your bases.
Your belongings are stolen (or misplaced) abroad.
If your luggage is lost in transit, stolen at the airport or elsewhere on your trip – or if someone steals your phone or wallet – it’s good to know that, despite the inconvenience, you’re financially no worse off.
If you leave your baggage unattended or unsecured, most travel insurance policies won’t cover the cost of these items – so make sure always to do your best to keep your belongings safe.
It’s good to keep in mind that different insurance policies have additional terms dictating what they will and won’t cover and under what circumstances, so research each insurance policy thoroughly to ensure you’re getting the kind of coverage you want.
Lastly, many travel insurance policies won’t offer complimentary protection on gadgets such as phones, laptops and cameras – however, almost all will offer it as an add-on.
In case of delays and cancellations.
Hundreds of thousands of flights are delayed or cancelled each year. Without insurance, you may not see reimbursement for the knock-on effects, such as nights not spent in already-paid-for accommodation and any activities you might have planned.
With some travel insurance policies, you can receive a payout for delays and cancellations, including any financial loss you may have incurred.
If events outside of your control force you to cancel your trip.
An inescapable fact of life is that anything can happen, and nothing is ever entirely in our control.
So, when planning for a trip in the future, we have to consider that something unexpected could force us to cancel the trip – such as a severe illness, an injury or a family death – that means we need to stay where we are.
In these cases, it’s good to know that if you have sufficient travel insurance, you don’t miss out financially, as many of us really can’t afford to lose the amount of money we’d spend on a vacation.
This is especially true if, when these unexpected circumstances have passed, you have to take that trip regardless (for example, if you were going to visit family members who are still awaiting your call).
So, to safeguard yourself financially when travelling, make sure to purchase a travel insurance policy that covers all your bases to put your mind at ease while you’re away.
“I’ve been always targeted by many financial advisors and International investment groups over the years. I have had one fund with an offshore investment group before which I canceled in 2008 and since then I was uncertain if I should do something again. I met Kirk in 2014 and he kept contact with me over the next few years. In 2017 I thought of investing and starting some fund and I have immediately contacted Kirk since he has left a very strong impression as a competent, pleasant, and very well informed advisor. Now I have a few funds with AMA and I am very happy with the service level, professionalism, and guidance from Kirk. I am very confident that I will reach my future goals.”
Ivan Stefanovic - Commercial Director - Scania
“Warwick Hamilton has, since 2014, been the financial advisor dealing with the proceeds of my UK pension, invested via QROPS in an STM Pension Transfer Plan. I am sure that I am not his biggest client but you would not think so, given the excellent support and service that he gives me. I have been continuously impressed by the way he ensures that these investments are managed to perform well, align with my risk profile; and with his ethical, informative, honest and straightforward way of handling those affairs. I have kept these investments with Warwick despite approaches to change financial advisors because he ensures that I am kept well informed and I trust him.”
Dr Leslie Alan Carlo
“Chad is a pleasure work with, throughout my dealings with him he has always maintained care for our relationship over and above my portfolio. He has ensured our communication and working timelines are met to the highest standard. I’ve found Chad to be very thorough and more than happy to take the time always to keep me updated and continue to answer all questions in a timely and professional manner. He is also very personable and courteous, with a keen attitude to deliver the best service. Chad keeps updated on current market developments and regulations, and his attention to detail and analysis of my portfolio has been most informative and insightful. In my opinion, Chad is a knowledgeable and professional advisor, and I feel comfortable entrusting my international arrangements and overall portfolio management to him. I would happily recommend Chad to others who require assistance regarding their financial planning.”