Is Purchasing Travel Insurance Smart?
|
To answer the question "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 making an investment. It's not the same as going to the bank 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 1769, and their insurance concept remains today - to gather the premiums of clients as a pool of resources to return to clients who experience covered events.
Is purchasing travel insurance smart for you, then? Do you need a pool of resources from others' premiums to help you out in the event of a travel 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 take a look at just a few of the things 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 be the primary problem here as you can always call your bank and have a wire transfer completed. Or can you? Do you know the international rules and capabilities for this? Where are the banks and do the tellers speak English? What about replacing your airline tickets? What about money to get to the airport and check out of your hotel? Your passports are the primary issue probably. They took a very long time to get. Now you can't get out of the country without them. Where do you go to replace them? If you had known this was going to happen, how would you have answered the question, "is purchasing travel insurance smart?"
Your child is involved in an accident and must have medical assistance but you find out your insurance does not cover you outside of the United States, and medical care is not adequate where you are anyway. How do you get your child back to the United States for medical care? If you had known this was going to happen, how would you have answered the question, "is purchasing travel insurance smart?"
So, to answer the question, "is purchasing travel insurance smart?" consider what could happen while you're abroad and determine if you might be grateful for outside assistance.
Steve Cogger is an avid traveler offering a wealth of travel information. For more information on travel insurance visit the 1 Happy Traveller website.
|
|
|
Why Boat Insurance Doesnt Help A Lousy Sailor
For thousands of years men have sailed the seas. From the earliest trips by the discoverers and settlers of the Americas, Australia and the Pacific Island...(related: Insurance)
About Online Term Life Insurance Rates
Online term life insurance ratesHow simple it is today finding online term life insurance rates. At the click of your little mouse, fingers on the keyboard off we go into the world of cyber space. Never before have we had...(related: Insurance)
Life Insurance Benefits
Life Insurance is a legal contract between you and a life insurance company with the purpose of providing an income to spouse, children or other beneficiaries in the event of your de...(related: Insurance)
An Introduction To Uk Home Insurance
Unlike motor cover, home insurance is not a legal requirement in the UK. It is, however, a vital precaution aga...(related: Insurance)
What You Need To Know About Auto Insurance
Let's be realistic, everyone needs to have auto insurance. Aside from the fact that almost every state requires it, it is only logical for a driver to see that his vehicle is properly insured. Auto insurance offers property, liability and medical coverage. A full policy c...(related: Insurance)
Credit Card Insurance
A word of warning about Credit card repayment protection schemesThe people who sell you the policy and who take out your monthly payment for 'card protection' are not always (in fact, often aren't) the people who you will be dealing with in the event of a claim.So be careful.I took out my credit card protection cover last November (2004). I merrily watched the monthly payments being taken up to date. I recently made a claim. ) I had a heart attack and had to be off work for 8 weeks) I sent off for the claim forms, I sent them back, together with doctor's ...(related: Insurance)
What Should I Do About Billing Problems When Using Hsa Money?
If you run into a billing problem or misunderstanding with a hospital or doctor's office for which you're planning to use money from your Health Savings Account (HSA), you could be in trouble.This article will help you understand how hospital and doctor visits are different when paying with a Health Savings Account. Not better or worse, just different.If you have an HSA, you must have health insurance. It's a requirement. However, if you are using money from your HSA, it means that you haven't hit the deductible of your policy yet.In this particular situation, life is a bit different when it comes to resolving billing disputes with hospitals.Insurance companies have a comprehensive system for d...(related: Insurance)
Millions Of Americans Have No Life Insurance
Only 61% of adult Americans have life insurance (down from 70% in 1984).Only 41% of adult Americans have individual life insurance, many rely on group insurance leaving them vulnerable if they lose their...(related: Insurance)
An Annuities Primer
Though popular among today's aging Baby Boomers and members of the Mature or "Senior" markets, annuities can be traced back to ancient Greece. The term "annuity" comes from the Greek word "annus"-or "year"-and refers to annua...(related: Insurance)
Shopping Options For Auto Insurance
Shopping for car insurance can be a big undertaking. It can be daunting at times but is very important. There are now many ways to get yourself insured and the coverage you need.Smart customers know it pays to do a little research before buying car insurance. Just based on the price of the insurance rates today, why not take the time to...(related: Insurance)
Millions Of Americans Have No Life Insurance
Only 61% of adult Americans have life insurance (down from 70% in 1984).Only 41% of adult Americans have individual life insurance, many rely on group insurance leaving them vulnerable if they lose their...(related: Insurance)
site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance