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Is Purchasing Travel Insurance Smart? |
by:
Steve Cogger |
To answerquestion "is purchasing travel insurance smart?" let's look at what insurance is.
When you purchase insurance - health insurance, homeowner's insurance, car insurance, life insurance, or travel insurance - you're not makinginvestment. It's notsame as going tobank and depositing money and expecting to reap financial rewards at some point. No, any insurance including travel insurance is about sharing risk in case of unforeseen catastrophic events.
For thousands of years, risks have been shared during times of tragedy. The first formal insurance company, Lloyd's, was formed in onesevensixnine, and their insurance concept remains today - to gatherpremiums of clients aspool of resources to return to clients who experience covered events.
Is purchasing travel insurance smart for you, then? Do you needpool of resources from others' premiums to help you out inevent oftravel emergency? Or can you take care of any unforeseen circumstance on your own? It's not just about money, either.
To decide if purchasing travel insurance is smart for you, let's takelook at justfew ofthings that could happen while you're traveling.
It's your first time in Europe and neither you nor your spouse speak any foreign language and your wallet is stolen. Your credit cards, your airline tickets, your passport and your money are all gone. What do you do now? Money may not beprimary problem here as you can always call your bank and havewire transfer completed. Or can you? Do you knowinternational rules and capabilities for this? Where arebanks and dotellers speak English? What about replacing your airline tickets? What about money to get toairport and check out of your hotel? Your passports areprimary issue probably. They tookvery long time to get. Now you can't get out ofcountry without them. Where do you go to replace them? If you had known this was going to happen, how would you have answeredquestion, "is purchasing travel insurance smart?"
Your child is involved inaccident and must have medical assistance but you find out your insurance does not cover you outside ofUnited States, and medical care is not adequate where you are anyway. How do you get your child back toUnited States for medical care? If you had known this was going to happen, how would you have answeredquestion, "is purchasing travel insurance smart?"
So, to answerquestion, "is purchasing travel insurance smart?" consider what could happen while you're abroad and determine if you might be grateful for outside assistance.
AboutAuthor
Steve Cogger,active traveler, has developed http://www.one-Happy-Traveller.com for your convenience. Visit today for all of your travel insurance needs. |
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