The need for travel insurance is often overlooked when planning for any trip. It can be an investment in order to protect you and your loved ones against the unforeseen.
There are many things that can go wrong when you're traveling. From flight delays, lost luggage, to medical emergencies, it's important to take precautions before you go so that you don't find yourself in a situation where you need help but don't have it.
What is a Travel Insurance and why should I purchase it?
Travelers today are more vulnerable than ever before to serious illness and injury while abroad. That's why it's important to purchase travel insurance to protect yourself and your bank account in case an unexpected event occurs.
Travel insurance is a type of insurance that covers the costs of medical expenses, such as hospitalization and doctor's appointments, if you become sick or injured while traveling domestically or abroad. Consumers can purchase travel insurance, also known as travelers insurance, from many companies that sell tickets or travel packages. Damage to personal property, hired equipment, such as rental automobiles, and even the expense of paying a ransom is all covered by certain travel insurance plans.
So here are the reasons why travel insurance is important:
Primary types of travel insurance
Travel insurance is frequently marketed as a package, and it may contain many forms of coverage. Trip cancellation or interruption coverage, luggage and personal effects coverage, medical expenditure coverage, and accidental death or flight accident coverage are the four primary types of travel insurance.
Trip Cancellation Coverage
This type of coverage is a traveler’s safeguard against costly or even life-altering events that may occur during a trip. The coverage generally kicks in from the time it is purchased to the time of departure from the point of origin. Travelers can choose to pay for this expense as an individual, purchase it as an add-on with their travel package, or have their travel agent purchase it for them via a package that includes cancellation and interruption insurance.
Interruption Coverage
If your trip is interrupted, but not canceled, then you can get reimbursed for any expenses that you incur while traveling to the destination that you were originally scheduled to visit. There are some restrictions on this coverage - like if there's a death in the family, civil unrest in the country where your destination is, or if the airline goes bankrupt before you get on your flight - but otherwise, it will cover any out-of-pocket expenses incurred due to an interruption of travel plans.
Liability Coverage
This protects travelers from both injury and financial loss. If you are unfortunate enough to injure someone or damage property during your trip, liability coverage can help to cover the cost of potential damages. This is especially important for people who are normally covered by their own health care plan at home but don’t have coverage overseas.
Medical Expenditure Coverage
Medical emergency evacuation abroad is not something that most people worry about until they need it. Be sure that if you need medical assistance while traveling outside of the Philippines that you will be covered on your trip back home as well as on your holiday destination.
Accidental Death or Flight Accident Coverage
Accidental death or flight accident coverage is an optional coverage in travel insurance. It provides financial assistance to the recipient if the insured person dies because of an accident while traveling abroad. The beneficiary will also be compensated in case there is a flight accident that causes injury or death to the insured person.
This type of insurance covers the medical expenses and other losses incurred by survivors when someone dies because of an accident while traveling abroad.
Why it’s essential to get a travel insurance?
As mentioned, there are a number of reasons you might need to find an insurance plan. You may be looking for travel insurance if you’re going on a vacation and plan to travel internationally. Or, you could be interested in finding an insurance plan for your car, boat, or home if you want to make sure it’s protected. Whatever the reason is, it pays to research your options before deciding which travel insurance plan is best for your needs.
Travel insurance is important for both the traveler and the provider.
Travel insurance is mandatory for all travelers who are looking to travel internationally. However, this does not mean that it is important only for travelers. Travel providers also find it crucial because it includes many benefits such as covering medical emergencies, local transportation, lost baggage, etc. It also provides security against unexpected events like injury or accidental death which can occur while abroad.
Travel insurance will cover your destination country.
When traveling, it’s important to make sure that you are covered. If you don’t have travel insurance, you could end up shelling out a lot of money for medical treatment or other emergencies.
You should always make sure that the travel insurance company will cover your destination country. You should also double-check that the company will cover any pre-existing conditions that you might have. It’s also important to read the fine print and understand what is and isn’t covered. For example, some companies may not cover certain types of injuries or illnesses - so it's important to know what those are before purchasing coverage.
Travel insurance helps you if you get sicked or injured.
With late-night flights, changing time zones, air conditioning, change in temperature, and different cuisines, chances of falling ill when traveling are quite high. There also remains a chance of getting injured. And while the country you are visiting might require you to take vaccination for particular diseases beforehand, you cannot rule out falling seriously ill on your travels that might require hospitalization. These are just a few of the examples of when travel insurance will help you.
Travel insurance helps you if your passport gets lost.
It might be a nightmare if you lose your passport or other important documents when traveling overseas. However, if you have travel insurance, the insurance company will assist you in obtaining a new passport and other relevant documents, as well as reimburse the cost of a new passport.
Travel insurance may appear to most people to be an unnecessary investment, and many travelers have questioned the same question: why should I acquire travel insurance? To begin with, travel insurance, like immunizations, is one of the many things that you must have while traveling. Travel insurance, in addition to being a legal obligation, offers coverage for a variety of emergencies, as previously noted.
Living in a condo is a great way to have access to all the amenities that are offered. However, one of the most overlooked but important aspects of condo living is having travel insurance. Travel insurance can protect you against the mishaps that happen while you are away from home, whether it is theft or an emergency health issue.
For all of these reasons, travel insurance is a must-have and certainly a wise investment to purchase before going on a trip.
If you are thinking of moving in to a new condominium, check out Vista Residences!
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
