Imagine this: You’re all set for the holiday you have been working so hard towards. Bags are packed and everything is planned! But hang on, have you forgotten something? What if you get sick or injured overseas? That’s where travel insurance comes in. It may be the least exciting part of your holiday planning, but it is definitely essential.  

What is travel insurance? 

Travel insurance acts as a safety net for certain unexpected events on your journey. It can come to the rescue if things go wrong while you’re away from home. Depending on your level of coverage, travel insurance can protect you against a range of unforeseen events such as missed flights, lost baggage, illness and other travel related troubles. Remember, it’s important to speak to your insurance provider or read the fine print to learn more about what you are covered for. 

Why is travel insurance important? 

• Imagine getting sick or injured in a foreign country – Medical bills can stack up quickly and regular health insurance may not cover your medical bills while overseas. 
• Travel delays or cancellations– sometimes you might have to unexpectedly delay or cancel your trip due to unforeseen circumstances. Your travel insurance may reimburse for this if you have the right level of cover! 
• Lost baggage– If your baggage heads off on its own adventure, travel insurance can help to cover the costs of essentials, while waiting to be reunited with your belongings. 
• Peace of mind– Having travel insurance in place means you can focus on making memories and not stressing about what could go wrong.  

What to consider when looking for travel insurance

• Coverage– Make sure the policy covers risks that concern/relate to you. For example, if you’re going on a skiing holiday, you may wish to make sure that’s covered by your policy. 
• Exclusions– Read the fine print to understand what is and isn’t covered. 
• Insurers’ reputation– Check the insurers reputation for ease of claims processing. 
• Destination and activities – Ensure your policy covers the destination you wish to visit and the activities you’re planning to do.

When looking for a travel insurance policy for yourself, shop around and consider using a comparison website to find the right policy for you. Happy travels!

Like every article on TomorrowMoney, this is not personal financial advice.