Podcast of Insure Horizon

Why is Insurance a Mandatory Need During Travel?

To ensure you and your family’s safety, get travel insurance. Insurance acts as a shield against any unforeseen financial or medical hardships. Plan your trip with complete security assurance by taking a policy from an insurance company in Canada, as it will provide you with peace of mind.

Duration:: 6m
Broadcast on:: 31 Jul 2024
Audio Format:: mp3

Hi friends, welcome back to Road just Traveled where budget travel doesn't have to suck. Today we are talking about travel insurance, particularly in this time we've been living in a pandemic, everything you need to know if you're planning on getting travel insurance in the next year or so. And if you're new here, I am Jessie and I have spent years figuring out how to travel cheaply while still having a blast, and every Sunday I pass that knowledge on to you, so be sure to subscribe and hit the bell so you don't miss anything. And with no further ado is that without any further ado, with no further ado, let's jump right in. To put it generally, travel insurance covers unexpected experiences in your travel. Keyword unexpected, we're going to go more into detail in a minute about that. Generally travel insurance companies break these down to three different types of insurance. The first is money lost anywhere from in having to delay your flight and having to cancel your flight, any sort of trip interruption, like getting the hotel, because your flight's been delayed, things like that. The second is to protect yourself physically, so this could be anywhere from getting an injury while on a trip to having to evacuate a situation from there being a terrorist attack, there being a hurricane or any other natural disaster, they will pay for you to get the heck out of dodge. The third option is protecting your possessions, which could mean an airline losing your bag, or worst case scenario being mugged. So if you've done any research on travel insurance, you may have realized that generally travel insurance companies don't always cover pandemics, especially now. A big reason why pandemic related issues are not included in most travel insurances is because, especially now, we live in a day and age where we are used to go, but we know everything about it, we've been living in it for over a year. If you book a trip in the next year or so, then you understand the risks, hopefully. However, let's say you booked a trip in 2019 for June of 2020 and you had to cancel, it is very well possible that your insurance from 2019 would cover pandemics. It was only when the WHO announced around March that this was a pandemic and this was a big deal, then if you were to book a trip after that announcement, most insurance policies would not cover you, but if it was pre-that or preferably before 2020, especially because this was only, it only became known around December of 2019. So if you had booked prior to that point, it is very likely that canceling your trip in 2020 would have been covered. Basically, if you want coverage for an event, you basically have to prove that you had absolutely no idea that it was happening, similar if you were flying into Florida and there was a big hurricane watch for weeks and weeks that have been talking all the news and everything that a hurricane was happening and you booked a flight to Florida and it had to be canceled, you would most likely not be eligible for reimbursement from your travel insurance because theoretically, you had all the information to understand the risks. If you're getting travel insurance and having coverage against any COVID-19 related issues is important to you, then this might be a little tricky to find, but there's probably something out there. However, you're going to really want to read the fine print over and over and over to make sure that the coverage you need is there before spending any money on it. I also recommend you read up on different coverages such as trip interruption coverage, trip cancellation coverage and cancel for any reason coverage. Having pandemic coverage could mean that if you or someone you are traveling with gets COVID-19 and is tested positively on an approved testing site, you may be eligible for reimbursement on the cost that you've incurred. Many find that cancel for any reason coverage could be best for them, but I will warn you even though it says for any reason, there are some reasons that are not included. I know. It's misleading. For example, if you get laid off your job right before a vacation and you cannot afford it anymore, some policies may cover this and some might. Again, you need to read the fine print. For example, if I do have pandemic coverage and I get canceled for any reason insurance and I book a trip, let's say it was March of 2020 and I booked a trip for March of 2021 thinking, you know, things are going to be fine by then because remember we all thought, we all thought things would be over in a year or sooner and let's say March is coming up and I'm just thinking, God, that's not any better. I don't really feel like traveling. This makes me nervous. Then it is very likely that cancel for any reason insurance will come through here and you can get reimbursed. People are starting to talk about mandatory insurance, which is not new at all. It might be the first time many are hearing about it, but it is not new, however previously, it was not always regulated. After experiencing all of last year, there are some countries and it might be a growing list that are requiring you to have travel insurance before entering the country. For example, all tourists coming into the Bahamas are required to have travel medical insurance. This is included in the price of the travel health visa that you have to apply for before entering the Bahamas. In Aruba, they require personal medical insurance to be purchased as soon as you arrive in the country. I wanted to do this video because since a couple of states are requiring travel insurance, it's possible that more well and I just wanted to make sure you guys are informed. Now I want to hear from you. What are your plans for traveling in 2021? Is this something that you're planning on doing? Are you going to get travel insurance if you do? Are you going to risk it without travel insurance? What kind of travel insurances do you usually like? Have you bought travel insurance before? I know it's not super popular with young people that I have found, so I'm curious. Let me know a little bit about you and if you're purchasing travel insurance regularly. Thank you so much for watching. If this video was helpful to you, feel free to give it a thumbs up. I post new videos every Sunday, so I will see you next week. Happy travels! [Music]