Every year, millions of people go on holiday around the globe and they are almost totally uninsured whilst doing this. Just why that occurs is sometimes a mystery but more commonly studies indicate that it’s among the following:
- Seeking to save a few dollars on vacation costs
- Being unaware of what can go wrong and just how much it is going to cost if something will
- admit, generally wrongly, that somebody else’somewhere’ is covering them
- Believing that”it will never happen to me”.
In a sense, there’s nothing whatsoever wrong with this. That is providing that you have appropriately weighed the risk factors and determined that the typically modest amount of money you’re going to be saving is worth the risk of spending hundreds or even thousands of dollars should something fail.
If that’s your choice though then fair enough – and let us all hope your luck holds.
Deciding to save money without knowing the risks though is harmful.
For example, let’s assume you’re staying with your loved ones in some luxury holiday accommodation. Maybe you’ve been unlucky and managed to break an arm, meaning you can’t fly back with them to house base for a few days.
So, you’ve dropped your flight and will need another. Perhaps a member of your household has remained on with you to help you journey home in due course. All told, that is going to be another flight cost and their extra nights at a resort.
Before you even blink, you could be facing a bill of thousands of dollars. Are you currently convinced you don’t need insurance?
Someone else is covering you
This is often heard in the context of people thinking, for instance, that their private property household cover may also cover things such as their bag and possessions when on vacation.
Well, it may but don’t rely on it! That is not something you will want to discover if your bag is say stolen or lost and you claim in your household policy only to be advised that your claim is invalid since your goods were outside your property’s boundaries.
The moral here is clear. Rather, assess and if in doubt, call your policy provider and ask.
If you think about it, travel insurance would not exist if additional existing policies already provided such pay into the policyholder.
That may be OK but remember to read the cover particulars attentively. If it’s free then it is very likely to be limited in its security.
It will never happen to me personally
In the united kingdom in 2015, nearly 500,000-holiday insurance claims were paid out from the travel insurance market.
If this does not convince you that journey issues are not just a freakishly rare event, then nothing will.
Accidents, flight delays, thefts, cancellations because of personal reasons, accidents – such things do occur. While we sincerely hope they won’t occur to you, it’s worth asking yourself the question just how you’d cope if they did and you had no insurance to assist?
Perhaps you’re a naturally lucky individual and have no doubt that your fortune won’t 1 day run out once on vacation. If you are not totally convinced of this though, it may be worth thinking again about traveling.