Why is it important to have travel insurance?
By taking out travel insurance you are essentially covering yourself against travel risks such as lost or stolen luggage, cancellation cover (should you not be able to travel due to unexpected medical reasons) and most importantly, unexpected medical costs abroad.
Considering that the cost of a small medical emergency abroad could deplete ones entire holiday budget it offers you peace of mind. Something routine, like a visit to a GP in the UK, could cost upwards of £150 with hospital bills easily running into the millions. Travel insurance also provides a level of protection against currency fluctuations as, although one’s policy is paid for in local currency, all claims are incurred in foreign currencies.
If you are travelling overseas, or even domestically, taking out travel insurance is highly recommended by the Australian
According to the U.S. Travel Insurance Association,about 30 percent of Americans purchase travel insurance, an increase from 10 percent before 9/11. The top three reasons are: peace of mind, protection against the unexpected and concern over losing the financial investment in a trip. Some 70 percent of cruisers buy travel insurance.