emergency

Taking a vacation for personal reasons, or going on a business trip for work, can be very enjoyable and efficient, but can also be a big investment. Between the costs of airplane tickets, hotels, and rental cars, you could easily spend thousands of dollars on one small trip. Unfortunately, many of the costs you incur may be completely non-refundable even if you book your trip well in advance. For those that are looking to protect their investment, purchasing travel insurance can be a great option as it can provide a traveler with many different benefits.

Protects Financial Investment 
When you book a trip many of the parts of the trip can have a very restrictive cancellation policy. If you have to cancel your trip for any reason, you could end up losing out on all of the money that you have spent. If you purchase a travel insurance policy, you will have much more flexibility when it comes to canceling your trip. Generally, any part of your trip that is covered by the policy will be able to be canceled and you will be refunded your costs.

Awards Points 
While travel insurance is normally reserved to help someone recoup the money that they have spent out of pocket, it can also protect rewards points. Rewards points tend to have looser cancellation policies due to the status that the traveler has. However, there are always situations in which you will not be able to recoup your points if you cancel too late. If you have a travel insurance policy in place, you will be able to recoup these points if you cancel.

Lost or Stolen Personal Items 
Another advantage of having travel insurance in place during your trip is that you can receive coverage for your personal items. Dealing with lost luggage or stolen personal property is somewhat normal for travelers. If you do not have insurance in place to protect these items, you will not receive any reimbursement. You can purchase a travel insurance policy that will provide you with insurance coverage for your personal items up to a certain dollar amount of coverage.

Medical or Dental Emergency 
If you are in need of medical or dental attention in another country your base health or dental insurance coverage may not provide you with the coverage you need. A travel insurance policy will often have a carve out for medical or dental coverage to ensure you are covered in a situation in which you need to seek medical attention.

Personal Liability 
Many travel insurance policies today also have personal liability coverage. When you are out of the country traveling, you could be found liable if you make a mistake that leads to the injury of another person. While you may have some coverage from your home insurance liability policy, your travel insurance policy will provide additional liability coverage. Furthermore, the policy provider will be able to provide you with assistance in the event you need legal support related to the liability-causing incident.