Blizzards across the United States, unrest in Egypt, the Iceland volcano Eyjafjallajökull, and floods and earthquakes around the world disrupted a lot of vacation plans in 2010, raising awareness of travel insurance, according to a New York Times report.
Travel industry experts largely attribute the uptick in travel insurance sales to an unusually busy year for natural disasters and bad weather. Increased sales are nice for the carriers, but they came with increased claims as well.
The term travel insurance encompasses a variety of coverage, including baggage loss, travel delay, medical emergencies, even terrorism coverage. Plans can be purchased on a per-trip or multi-trip basis.
When weighing the option of buying travel insurance, the US Travel Insurance Association (USTIA) advises that travelers consider whether they can afford the financial risk of having their trip cut short or canceled due to sickness or inclement weather. Travelers should also investigate whether their health insurance will cover foreign medical expenses and emergencies.
Another factor is the safety and stability of the country you’re visiting. If your destination is a place where social strife and terrorism are a possibility, then you may want to look into getting some insurance.
Travel Insurance Center is a member of the US Travel Insurance Association (USTIA).