We go so far as making detailed travel itineraries. We make it a point to be at the airport hours early so we don’t miss our flights. We take extra precautionary measures while on the road. Yet people, especially, first-time travelers, sometimes tend to ask: why Do I need travel insurance?
What is travel insurance?
Travel insurance is a type of insurance that mainly covers you for any mishaps when you travel. Whether it is a medical emergency or travel disruption, travel insurance is the traveler’s safety net when things go wrong.
What does Travel insurance cover?
The coverage of travel insurance is not only limited to medical treatment, but also cancellation costs, which may come in handy when you miss your flight. It also covers airport delays, lost or delayed luggage, trip termination, and emergency assistance.
Some possible scenarios include:
- Missed flight for a non-refundable/non-rebookable promo fare.
- Flight delay or termination in the event that your airline can’t accommodate your flight—either for a few hours or moved to another day, due to (a) bad weather, or (b) strikes, air traffic congestion, or other unforeseen events, all without prior notice (sound familiar?).
- Lost luggage, or misplaced, and was mistakenly transported to another flight
- Medical assistance in case of an emergency
- Hotel accommodation for Scenario No. 2
You still need travel insurance even if:
- You’re a risk-averse type of traveler.
- You have an existing medical insurance which is enough to cover all medical expenses while you’re away.
Why is travel insurance important?
Travel Insurance is still necessary because aside from covering medical emergencies, it also gives you monetary compensation for covered losses or inconvenience on your trip.
Seasoned, risk-averse travelers may opt for cheaper premiums, which provide financial reimbursements for basic policies.
Reimbursements include, but are not limited to:
- Lost, stolen, or delayed baggage
- Prepaid costs in the event of trip cancellation
- Accidents while in transit
- Lost or stolen passports or Visas
- Emergency evacuation
- Medical or dental emergencies
- Damaged baggage or damaged/stolen rental vehicle
Travel assistance is also provided, which include, but are not limited to:
- Hospital assistance
- Medical repatriation
- Referrals to legal, medical, and dental assistance
- Emergency travel arrangements
Coverage varies for each travel insurance company. If you need to cover preexisting conditions, you will need to pay a higher premium. Here are some of the things you need to check in finding the best travel insurance deals.
Do I also need travel insurance for domestic trips?
And it’s not as expensive as you might think. In the Philippines, you can get travel insurance for as low as ₱242, which covers four days of domestic travel.
Pacific Cross’s Executive Peso Plan for domestic trips covers ₱500,000 worth of medical expenses. It’s as affordable as the cost of additional 15kg baggage to your domestic airfare.
If you’re looking for the lowest travel insurance rate for international trips, Pacific Cross Executive Peso Plan offers worldwide coverage for as low as ₱360 for 4 days, and ₱1,283 for one month. This covers trips to USA, Canada, and Hong Kong.
Sample Travel Insurance benefits:
- Baggage delay: ₱1,000
- Flight delay: ₱1,000
- Missed connecting flight: ₱1,000
- Trip cancellation/termination: ₱20,000
- Baggage loss/damage: ₱15,000
Do you have to declare medical conditions for travel insurance?
Yes, it is vital to declare all your medical conditions to your travel insurance provider to ensure you do not breach the terms & conditions of your policy. As part of the sign– up process, your travel insurance will typically ask you about the general state of your health.
When to buy travel insurance
One common question that travellers ask is when they should arrange their insurance prior to travelling – should they buy it immediately, or wait until a better deal comes along?
The best advice we can offer is to buy your travel insurance on the same day you book your holiday. This doesn’t mean opting for the default insurance policy offered as an optional extra by your airline or tour operator. You can usually get better, more comprehensive cover by buying it separately.
The reason for arranging your insurance as soon as you book your holiday is simple: if something happens that means you need to cancel the trip, you’ll be covered. From illness to travel disruption, there are all kinds of reasons why a holiday might need to be cancelled. And by purchasing an insurance policy that comes with cancellation cover, you’ll have peace of mind that you won’t have to spend your savings on a trip that never happens.
Where can I get cheap travel insurance?
There are a handful of providers catering to domestic and international trips in the Philippines. To make sure that you get a reliable, low-cost travel insurance, or one that fits your budget and preferred coverage, use Travel Insurance online comparison tool to see and compare your options.