TRAVEL INSURANCE: The Meaning And Different Types

Many travelers do not know its important. Some have heard about it while some don’t know what it is. So fasten your seat belt because today I will be taking on the meaning of TRAVEL INSURANCE, THE USES, AND THE DIFFERENT TYPES


Before we talk about travel insurance let us first look at what insurance is all about. According to Investopedia, Insurance is a form of risk management in which the insured (you) transfers the cost of potential loss to another entity (Insurance company) in exchange for monetary compensation known as the premium.

While Travel insurance, according to Wikipedia is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one’s own country.

The truth is, you cannot enter the plane without your ticket, you must provide them. But So many people travel without Travel insurance. Purchasing travel insurance is very important whenever you are traveling away from home.

Now ask yourself these questions.

What If I fall ill when traveling and I need a medical treatment?
If I want to cancel my trip because of one reason or the other, what do I do?
What if I couldn’t make it to my destination? God forbid.

Travel insurance can help you answer the above questions. Travel insurance can protect you from so many things from trip cancellation to baggage coverage, medical assistance to financial assistance.
There are different types of insurance that can cover your needs. So once you have decided to travel, I would advise you should purchase travel insurance. Purchase the types that best suit your needs. Though, it depends on the type of travel.

TRAVEL INSURANCE: The Meaning And Different Types
Insurance – sagetravels
Types of travel insurance
Travel Medical/Health Insurance

Medical/health insurance is very important. You need it no matter where you are traveling to because your destination (other countries) medical requirements can be very expensive. Any accident or illness whether minor or major can cost you thousands. This medical insurance covers hospital room fees, hospitalization, the cost of using an ambulance and also for drugs. There are some other benefits that are attached to transportation cost.

Trip Cancellation and Trip Interruption Insurance

There are some holiday packages that will require you to pay a huge sum of money in advance before you arrive. What if after spending this huge amount of money and at the point of departing, you’re forced to cancel the trip maybe due to a medical problem, civil disturbance, change in your finance etc. or maybe you missed your flight. Travel agents or even the carrier will not pay you back.

The same is also applicable to a situation in which you must stop your journey and you want to change your date or flight or even destination. You must pay for the changes. Since you are not going to the same destination, you will lose the money you paid for the hotel and other services.

You need Trip Cancellation or Trip Interruption Insurance because it will help you from unforeseen contingencies that can interrupt your trip or force you to cancel your trip.

NOTE: Most of these policies exclude trip cancellations due to war or political instability in your destination.

Lost Baggage or Baggage coverage

Someone asked me one day, so people do lose their baggage at the airport despite the presence of security personals. Yes, people do lose their belongings. Some people do travel with valuable items like laptops; pieces of jewelry etc. and some of these items are stolen at the airport.

It is advisable you take care of your belongings and possessions at the airport but Baggage insurance can assist you when you lose your baggage. It will help you to buy and replace the item you lost at the airport.

Flight Delay and Cancellation Insurance

I saw pictures on the internet, where airline customers and airline staff were fighting. When I looked into the cause of the fight, I found out that the airline delayed and canceled a flight that has already be booked and scheduled to fly. Although, airlines have the right to cancel or delay flight departure time for instance if there is inclement weather or any other technical issues that need to be addressed before departure.

Most of the airlines do not give any form of compensation or assistance if your flight is delayed or canceled. Any form of delay or cancellation will definitely cost you. You may miss something important and you may have to pay for hotel accommodation and meal.

Flight delay and cancellation insurance will cover you in a situation like this. It will help you to pay for unexpected expenses that you will incur due to flight delay and cancellation.

Travel Live Insurance

There is a difference between Travel life insurance and full-time life (or whole Life) insurance. Full-time life insurance is the type of insurance that is for a whole lifetime provided you’re paying the premium. While Travel life insurance only cover when you are traveling. The advantage of this travel insurance is that it provides additional benefit to the life insurance you already have.

This type of insurance covers for you especially where medical insurance cannot cover. For instance, in the case of death abroad, travel life insurance will cover the cost of returning the remains home for burial.

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