With every passing year, travellers explore newer destinations and 2014 is set to be no different. However, no form of travel is risk-free and that’s exactly what the data gathered by the USTIA (US Travel Insurance Association) reveals. 1 in 30 travelers were believed to be hospitalized while travelling abroad. 1 in 8 US adults, or 12 percent of travelers, were impacted by natural disasters, economic events (political upheavals) or personal health issues when they were traveling and considered changing their travel plans due to these factors. But, what’s surprising is that only 29 percent of the travelers impacted had purchased insurance ahead of their travel.
For years, the term “travel insurance” was unmentionable as travel agents feared losing the overall deal when they highlighted the importance of insurance for travelers. Not anymore. Travelers are increasingly aware of the role of travel insurance and the importance of buying the right kind. From trip cancellation and interruption insurance to adventure or extreme sports travel insurance, the options are many, however, you will need to compare the cost of the trip to the cost of the policy before you choose.
Travel is one of life’s greatest pleasures. You might spend a considerable amount of time planning for one – including destination, local activities and things to pack. You are likely to overlook factors that aren’t in your control, for example, weather conditions such as the onslaught of a hurricane after you have landed at your travel destination and resort cancellation policies in worst case scenarios. Risk aversion and mitigation is an important part of your travel planning and you must plan in advance so you’re unaffected during unforeseen circumstances. At best, it could save your life as well.
What’s in Store in 2014?
The travel insurance industry is expected to grow over the next few years and expand to cater to niche markets including students and business travelers. With a focus on the average travel insurance purchaser, insurance providers are beginning to consider inexpensive and creative insurance options (for a new generation of travelers). Today’s young travelers are smart consumers who rely heavily on social interaction for recommendations when it comes to the choice of a travel destination and their insurance options.
Going social has helped many travel insurance providers open the lines of communication with this “explorer”, “next-gen” traveler segment. USTIA launched a Youtube channel to educate the travellers on the importance of travel insurance.
Travel insurance policies of yesteryear with extensive coverage and costs are no longer relevant today. You’ll find insurance options with shorter terms of coverage and flexible benefits topped with cheaper costs, which makes it an attractive option to satisfy the travelers changing needs.
With healthcare and travel industries across the world undergoing reforms, an insurance provider or company stays abreast with the latest developments and they can educate individuals covered under various policies about changes that can affect their coverage.
Most travel insurance plans share similar, high-quality features including global access, richer benefits of emergency, terrorism and pre-existing conditions and unrivaled protection. As a traveler, you need to know that travel insurance doesn’t need to cost the earth. Whether you plan to head out to the sea shores or ski slopes, shop around, get insured and keep all the details close at hand.
If you want to understand the impact of Patient Protection and Affordable Care Act on visitor travel insurance click here.