Research that was recently conducted by a notable insurance provider has determined that one out of ten vacation travelers will have the correct insurance. That leaves a whopping nine out of ten people that are incorrectly insured or not insured at all. Travel insurance is often the forgotten, yet most needed insurance, especially when traveling abroad. The study showed that 25% of those polled said they think travel insurance is a complete waste of money while over thirty percent of those that did purchase the insurance waited until the very last second.
Travel Insurance is important in covering a number of events that can be completely out of the hands of the traveler. Most travel insurance policies will cover problems occurring during or before the trip that cause disruption. Disasters such as earthquakes, hailstorms and in some cases just severe inclement weather can be enough cause to keep your travel plans grounded. Those that are not insured could lose hotel deposits, reservations could be cancelled causing a reservation cancellation fee amongst many other factors.
There are other riders that can be attached to travel insurance depending on where you are traveling or what your specific needs are. Some may go for kidnapping insurance, mostly for major corporations that purchase it to protect their employees. There are also special policies in regards to healthcare and those that are elderly or need specific medical coverage for their illness.
Travel insurance is most often purchased on an annual or per trip basis. Policies can be custom tailored to the region you are travelling or your specific needs and there may be portions of policies that can be removed to cut down on costs. If you are interested in saving money and protecting your financial well-being, then purchasing a travel insurance policy may be the best way to go about it.