5 pros and 5 cons of travel insurance are named

Travel insurance is a valuable tool for travelers, offering essential protection and peace of mind in a variety of situations. Whether you're planning a relaxing vacation or a business trip, unexpected events such as trip cancellation, medical emergencies, or lost luggage can disrupt your plans and result in significant expenses.

By understanding the five pros and cons of travel insurance, you can make an informed decision about whether to buy a policy for your next trip, Rolling Out writes.

Benefits of travel insurance

1. Trip cancellation insurance: One of the significant benefits of travel insurance is trip cancellation coverage. If you need to cancel your trip due to a covered reason, such as illness, injury, or natural disaster, travel insurance can reimburse you for the prepaid costs of your trip that are not refundable.
2. Emergency medical assistance: Travel insurance provides coverage for emergency medical expenses. This coverage can include hospital stays, doctor's visits, prescription medications, and emergency medical evacuation, ensuring that you get the care you need without financial burden.
3. Lost or delayed baggage insurance: Another benefit of travel insurance is the coverage for lost, stolen or delayed baggage. If your luggage is lost, stolen, or delayed for a long period of time, travel insurance can reimburse you for the cost of replacing basic items such as clothing and toiletries.
4. Travel delay coverage: Travel insurance can also provide travel delay coverage. If your trip is delayed due to a covered reason such as flight cancellation or bad weather conditions, travel insurance can reimburse you for additional expenses such as accommodation, meals, and transportation.
5. 24/7 assistance services. Most travel insurance policies include 24/7 assistance services to help you during your trip. These services can include medical assistance, travel assistance, and concierge services that provide you with support and guidance when you need it most.

Cons of travel insurance

1. Cost: One of the main disadvantages of travel insurance is the cost. Travel insurance can be expensive, especially for full coverage.
2. Coverage limitations. Travel insurance may have coverage limitations, such as pre-existing medical conditions, extreme sports, or high-risk activities. It's important to read the policy carefully to understand what it does and does not cover.
3. Exclusions: Travel insurance may exclude coverage for certain events, such as terrorist attacks, pandemics, or natural disasters. It is important to read the policy exclusions to understand what is not covered and to assess your risks accordingly.
4. Claims process. The travel insurance claim process can be complicated and time-consuming. You may need to provide documents, such as medical records or receipts, to support your claim, which can be difficult when traveling.
5. Cancellation restrictions. Travel insurance may have restrictions on trip cancellation coverage, such as requiring you to cancel a certain number of days before your trip or requiring you to cancel for a specific reason.

Earlier, TravelWise named 5 facts that will dispel popular myths about travel insurance.