Annual travel insurance: who should have it and why? The answer to the first question is fairly straight forward but the answer to the second holds many component parts. Travel insurance generally covers the policy holder for a great many unforeseen and unfortunate eventualities and is something which can be essential in a great many circumstances.
Travel insurance is generally purchased in one of two principal forms. It is either purchased as single trip travel insurance which covers the individual for the duration of that trip or it is purchased as annual travel insurance which covers the policy holder for a period of a full twelve months. Anyone who takes more than two or three trips per year should probably opt for annual travel insurance, quite simply because they are likely to find this option cheaper than paying for a number of single trip policies.
The reasons for having annual travel insurance include events which can occur prior to the trip being scheduled to take place. Illness can strike at any time, or an accident can happen causing injury. In either circumstance, if the travel insurance policy holder is unable to make the trip, their policy may cover them for a refund of the entire or partial cost.
When an individual is actually travelling, it does happen occasionally that items of luggage will go astray in transit or unacceptable delays will occur at airports. Annual travel insurance will cover the policy holder in the event of their luggage being permanently lost or damaged and very often in the event of a delay amounting to more than a stipulated number of hours.
Just as illness and accidents can occur prior to making a trip, so too can they happen during the trip. It may be that the policy holder will require medical attention as a result of illness or accident and travel insurance will usually cover them for the cost of this treatment. If someone requires medical treatment in another country and does not have travel insurance, the cost of same could be enough to bring about financial ruination.
Travel insurance will also often have liability cover for where the policy holder causes damage to property or an individual through their direct action. This could be very important in the light of damages settlements awarded in the modern world.
Travel insurance will hold an element of cover should the individual meet their death during their trip. This will include the return of their remains to their home and a probably substantial financial payment to their dependants.
It is therefore imperative that anyone who travels regularly have an annual travel insurance policy to protect them against all types of potential misfortune.