As much as we like to think we’re invincible and that nothing will go wrong on that holiday abroad, the facts speak for themselves: according to one recent study, 1 in 6 Americans had their travel plans impacted due to medical conditions, natural disasters, or mechanical/carrier-caused problems. That’s approximately 17 per cent of travelers – in the United States alone. If you travel frequently, i.e., for business purposes, then the chances of your own travel plans being impacted by health, weather or other causes is pretty significant. Here are four reasons why it’s so important to take out travel insurance every time you fly. “You never know what could go wrong.”
It can cover you for Medical Issues
This is obviously one of the most important reasons why anyone travelling interstate or abroad for business should take out travel insurance. Medical costs can be quite significant in different parts of the world. For example, in the US, a medical emergency can easily run into the hundreds of thousands of dollars. A medical bill that high can easily spell financial ruin.
It can cover you for Lost Luggage and Theft
If you’re checking in your luggage before you fly, then there’s no guarantee that it will show up on the conveyor belt at the other end of your flight on time – if at all. Lost luggage is a fairly common travel inconvenience, and by taking out a travel insurance policy, you can be reimbursed for most items you may need to purchase in order to proceed with your travel plans. Even if your luggage does arrive on time, there’s still the possibility of theft for which you should definitely be covered for. Unfortunately, Western business travelers can often be targets for petty crime in certain developing countries. Protect yourself against this kind of criminal activity and take out an insurance policy that covers against theft.
It can cover you for Rental Car Excess
Some business travelers appreciate the convenience and independence that a car rental can provide. But did you know that most car rental companies charge pretty steep excess fees in the case of an accident or car damage? It’s not unusual for these fees to exceed $5,000. Taking out a travel insurance policy – such as those that can be offered through an agency like Corporate Traveler – will cover you in the event that you’re in an accident whilst driving abroad. Of course, always check to see if you need an International Driving License before getting behind the wheel!
It can cover you for Delayed Flights
Have you ever had to spend a night in an airport because your 1am flight was delayed by 12 hours? Most insurance companies provide cover for such annoying situations by reimbursing you the cost of staying in a hotel whilst you wait. After all, it’s vital that you’re well and refreshed by the time you sit down at that important business meeting. Be covered in case this happens on your next business trip, and return home with that new client or deal in the bag.
According to many governments around the world, if you can’t afford travel insurance, then you simply cannot afford to travel. So do yourself a favor and take out some travel insurance the next time you fly.