In 2018, according to reports from UN World Trade Organization, the tourism industry accounted for 29% of the world’s total service exports, which is equivalent to $1.7 trillion. This figure was obtained from passenger transport and tourism receipts. Hence, travel insurance is very important while traveling.
Travel insurance policies covering Covid-19 and more
We know that countries that have Covid-19 and the ones that did not face the wrath too much, both ways there were travel restrictions imposed on foreigners traveling to and fro so that the spread can be contained as much as possible. This in turn almost paralyzed the travel and tourism industry which was gradually looking up again when the second wave threat is striking again.
It may be noted that the nations that were the worst affected are also the countries where tourists visit the most either for business or leisure. These include China, France, United States, United Kingdom, Italy, Mexico, Germany, and France.
In fact, during the first wave, United States had stopped people from entering the US from the UK, Brazil, EU, and China leading to curbing 15% of the normal travelers from entering the US.
According to US Travel Association’s letter, “Travel which supported employment for one in 10 Americans before the pandemic, has already lost more than half of the 15.8 million jobs our industry supported in 2019-more than a third of the total U.S jobs lost to his pandemic. The drop in travel-related spending is projected to cost the U.S economy $1.2 trillion by the end of the year. In short, there can be no broader economic recovery without a recovery in travel”.
Buying the best travel insurance
More and more people are flocking to the travel insurance companies, to get policies that will protect them from future Covid-19 attacks even if they have not been prey the first time. However, before you shell out your hard-earned cash for investing in the policies, go through the travel insurance reviews so that you have a better understanding of what is covered by these policies.
Alternatively, you can also buy travel insurance from the comfort of your home or office. If you want to find out more about insurance coverage for travel to the US, just type in Google, best Travel insurance for the USA or if you want to visit the countries requiring Schengen visa, best Travel insurance for Schengen visa and choose from the results you get.
Always compare travel insurance before you accept the terms and conditions governing the travel insurance policies.
Travel Insurance during COVID-19
Following the pandemic, travel insurance companies are offering a broad range of policies that assure of covering disruptions due to Covid-19 but what to look for in these policies? Find out below.
The new Covid-19 insurance policy will cover travelers right after you buy it and till the time you are returning home. During this period, if you fall ill (either due to Covid -19 or any other ailment) and the medical practitioner declares that you are unfit to travel, then the trip interruption and trip cancellations terms and conditions would come into play.
What is the cost of such travel insurance policies? A search result for insuring a $2000 weekend trip in the month of December to Costa Rica on a well-known travel portal implied approximately $69.75 that was being offered by Generali Global Assistance Standard Policy.
This policy would offer Covid-19 benefits at the destination location. It covers you, one of your family members, anyone accompanying you, or any member who falls sick due to Covid-19.
What does the insurance policy cover?
If the sickness is detected before you leave. The policy would also compensate for your expenses before traveling as prepaid costs.
You or your accompanying partner fell sick while on the trip. Hence, the travel insurance policy would reimburse you for return airfare, lodging if a medical practitioner diagnoses you with the same.
You are quarantined and have to stay back for a while. Expenses for medical-related costs, local transportation, meals, and lodging would also be covered. It goes on for up to a year even after you are back home. However, there is a condition. Hence, the policyholder must have exhausted his benefit from health insurance before the travel insurance policy kicks in.
Regardless of whether you are buying medical travel insurance or vacation insurance, it is best to get the best trip insurance that will offer adequate coverage.
It is a well-known fact that Covid-19 is deadly. Hence, unless you are covered fully, aside from feeling the wrath of the sickness, you have to bear the unexpected expenses that can make your finances go haywire. Especially if you are in a country other than your own.
You must go through the policies and read between the lines before buying. This will prevent you from being taken by surprise in case you failed to understand the terms.
More about travel insurance
Go through the FAQs of the travel insurance company’s website when you zero-in on one. The comprehensive policies will attract too much a cost.
Say, you want a travel insurance policy for two people aged 40 years for a two-week trip that costs $5000. Here, you will get several options and a variety of policies are on the offer.
These policies are including or excluding Coronavirus coverage. Hence, the premium payment ranges between $130 and $300 without any Covid-19 premium coverage.
So, buy an adequately covered travel insurance policy. It will take care of your disruptions while you travel, if they happen to occur.