We all wish traveling was a hassle free process, but not only are there various costs and regulations to look out for, there's still the possibility of something going wrong no matter how well planned or prepared you are. Even so, many of us are willing to skip travel insurance for the sake of saving that little bit of cash for your travels.
But should we really skimp out on travel insurance? How useful can it be anyways?
What are travel insurances
In the same manner that health insurance gives you coverage in the possible moment you need hospitalisation and such, travel insurance gives you a protection plan when something goes wrong with your travels. They can cover the bad circumstances you may get into such as a personal accident, medical expenses, loss of luggage and personal effects or even travel documents, baggage and travel delay, travel cancellation, missing departure and more. Each policy varies widely, depending on the kind of travel insurance you opt for.
There are three ways you can get travel insurance, which is either through a travel agent, provided by the airlines and even banks. Most insurance companies provide at least one travel insurance, but if you travel at least once a year you can consider using the airlines travel insurance instead. Travel insurances provided by airline companies and banks are usually underwritten by insurance companies that are being re-sold. These travel insurance provide coverage and charge you depending on where you're going (domestic, Asia or worldwide) and how frequently you travel.
What about the costs?
Many of us may be more familiar with the travel insurance costs when you buy a return air ticket from a particular low cost carrier airline, with it being about RM18 to RM34, depending on whether your flight is domestic or regional. It seems reasonable enough, but if you're a frequent traveller, the cost will add up quite a bit! Especially since you can actually find cheaper travel insurances that will cater to your travel itinerary a lot better.
You can get travel insurance for as low as RM11 for domestic travel to RM25 worldwide. The more days you plan to travel, the higher the cost will be but if you're travelling once a year this can be worth it. If you plan to travel frequently, especially worldwide, the costs range between RM255 to RM638, depending on the kind of coverage you want as well as the insurance company you've chosen. If you think that sounds expensive, consider the fact that if you opt for travel insurance via an airline for RM34, the cost can come up to RM456 a year. So for frequent travellers, it's best to opt for an annual plan rather than constantly choosing the airline insurance. In the end, the cost of your travel insurance depends on how much research you're willing to make to find the best price and coverage for you.
Should you still buy it?
So the likeliness of something going wrong during your travel can seem pretty small, especially if you fully trust your choice of airlines, hotels, locations and more. But there are a lot of things in life where the possibilities of things going wrong is still possible, so rather than live in regret, it's better to be prepared for that too. If cost is a problem, do some shopping to find which coverage works for you with a cost that is both reasonable and most importantly, affordable.
While incidences such as theft, loss of items or even accidents are few and far between, you'll definitely be glad you took on travel insurance once you discover your bag was left in another country.
This was brought you by MICHELLE BROHIER from RinggitPlus.com. RinggitPlus compares credit cards, personal loans and home loans to help Malaysians get more for their money.
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