22 MARCH 2024    •   TIPS 

Top 5 Travel Insurance Myths Debunked: A Must Read Guide

Planning a trip sometime soon? If the pandemic of 2020 has taught us anything, it is that purchasing travel insurance is a must. Don’t fall victim to common travel insurance myths that may leave you unprotected and vulnerable in case of emergencies. In this comprehensive guide, we debunk five travel insurance myths and shed light on the importance of investing in proper travel insurance, as well as travel insurance benefits.


Myth #1: Travel insurance is not necessary

There is a common misconception among travelers that travel insurance is an unnecessary expense, especially if they consider themselves healthy and cautious. Others believe they should only be purchased for international trips and not domestic or short trips. However, this common myth can leave you vulnerable to unexpected events that can disrupt your trip and drain your finances. Here are some scenarios that travel insurance plans typically cover:

1. Accidents and emergencies

Even the healthiest and most cautious travelers are not immune to accidents or medical emergencies. And if you participate in adventure sports or high risk activities like bungee jumping, you’re at greater risk of having an unexpected incident happen. Travel insurance provides coverage for medical costs, ensuring that you receive the necessary treatment without incurring exorbitant costs. From a sudden illness to an unforeseen accident, having a travel insurance plan protects you from unexpected medical expenses that could potentially cripple your finances.

2. Trip cancellation and flight delays

Life is unpredictable, and unforeseen circumstances can force you to cancel or cut short your trip. Whether it’s due to a personal emergency, unanticipated events like a natural disaster, or even a global pandemic, travel insurance can provide coverage for expenses due to trip cancellation and flight delays. This coverage reimburses you for non-refundable expenses, such as flights, accommodations, and prepaid activities, allowing you to recoup some or all of your financial losses.

3. Lost baggage

While flight delays are an unfortunate reality of travel, lost baggage is an even bigger inconvenience no one wants to deal with. With travel insurance, you can receive compensation not just for a flight delay, but also lost luggage, ensuring that you’re not left stranded or without essential belongings during your trip. This can help cover additional expenses, such as meals and toiletries, while you wait for your delayed baggage or alternative transportation.

4. Assistance services

One of the often overlooked benefits of travel insurance is the access to assistance services. In case of an emergency, such as a medical evacuation or repatriation, travel insurance provides 24/7 emergency assistance to help coordinate and cover the costs of these services. This can be particularly valuable when traveling to remote or unfamiliar destinations where access to quality medical care may be limited.

Myth #2: Your regular health insurance covers you when traveling abroad

Many people assume that their regular health insurance will provide adequate coverage when they are traveling abroad. However, this is a common misconception that can leave travelers unprotected in crucial situations. Here’s why:

1. Limited international coverage

Most regular health insurance plans have limited coverage when it comes to international travel. They may not offer emergency medical coverage outside your home country, or have restrictions on the types of treatments and services covered. This means that if you experience a medical emergency while traveling, you may be left with significant out-of- pocket expenses. In case of a serious illness or injury abroad, you may require medical evacuation to get to a facility that can provide the necessary care. Regular health insurance plans generally do not cover the cost of medical evacuation, which can be astronomical. Comprehensive travel insurance covers this, ensuring you can be transported to the nearest appropriate medical facility or even repatriated back home if needed.

2. Existing medical conditions

Regular health insurance plans may exclude coverage for pre-existing conditions when traveling abroad. This means that if you have a pre-existing condition and experience complications while on your trip, your regular health insurance may not cover the related medical costs. Travel insurance however, can provide coverage for pre-existing conditions, offering you the necessary protection needed during your travels. Travel insurance not only provides medical coverage but also offers additional benefits such as coverage for lost baggage, travel delays, and emergency assistance services. These benefits can save you from unexpectedly high expenses and provide support when facing unforeseen challenges during your trip.

Myth #3: All travel insurance policies are the same

It is a common misconception that all travel insurance policies are the same, leading people to believe that selecting any policy will provide adequate coverage. Believing this can leave travelers with unexpected gaps in coverage and inadequate protection. Like any insurance policy or insurance plan, there are varying levels of coverage. Different policies may have varying coverage limits, exclusions, and deductibles.

For example, while some policies offer coverage for adventure sports and pre-existing conditions, others may exclude them or have additional requirements. If you plan to participate in adventurous sports or have pre-existing health conditions, it is crucial to choose a policy that explicitly includes coverage for these situations. Other factors to consider are:

Trip duration and destinations

The duration of your trip and the countries you plan to visit can also impact which travel insurance policy is the best fit. Some policies may have restrictions on trip length or exclude coverage for certain destinations. Make sure to choose a policy that aligns with the duration and locations of your trip to ensure you have adequate coverage throughout your journey.

Additional benefits and add-ons

Travel insurance policies may come with additional benefits and add-ons, such as coverage for rental car accidents, identity theft protection, or concierge services. These extras can vary among policies, and selecting a policy that offers the specific benefits you desire can enhance your travel experience and provide extra peace of mind.

Myth #4: Travel insurance is too expensive

Another common misconception surrounding travel insurance is that it is excessively costly. This myth often deters travelers from acquiring the necessary coverage, leaving them vulnerable to significant financial burdens in case of emergencies. While it is true that travel insurance comes at a price, it is crucial to consider the potential expenses it can save you in the long run. Without travel insurance, you may be left with hefty medical bills, cancellation fees, or lost belongings without any recourse.

Travel insurance acts as a financial safety net, protecting you from these unexpected costs. Here are some questions to keep in mind when choosing the best fit for your travel needs:

What are my coverage options?

Travel insurance policies offer various coverage options to suit different budgets and requirements. Basic plans provide essential coverage for medical emergencies and trip cancellations, while more comprehensive plans offer additional benefits such as lost luggage, travel delays, and emergency travel assistance services. By carefully selecting a travel insurance plan that aligns with your requirements, you can find a balance between cost and coverage.

Where am I going, and for how long?

The cost of travel insurance is influenced by the duration of your trip and the destinations you plan to visit. Longer trips may have higher premiums, and certain destinations with higher healthcare costs or increased risk factors may impact the pricing of the policy

What suits my budget?

Much like the travel industry, travel insurance is a competitive market. There are numerous providers offering a range of plans at different price points. Take the time to compare quotes and policies from different insurers to ensure you are getting the best value for your money. Consider factors such as coverage limits, deductibles, and customer reviews to make an informed decision.

Are group or annual plans cheaper?

If you are a frequent traveler or traveling with a group, there may be opportunities to access group or annual travel insurance plans which can offer cost savings compared to purchasing individual policies per trip. These plans often provide coverage for multiple trips within a specific time frame, making them a cost-effective option for regular travelers.

Myth #5: Travel insurance only covers trip cancellations

Another prevalent myth about travel insurance is that it solely provides coverage for trip cancellations. While trip cancellation coverage is an essential component of travel insurance, it is not the only benefit that travel insurance offers. As outlined above, there are several important benefits that travel insurance covers, from flight delays and lost belongings, right up to medical expenses and emergency evacuation. Many travel insurance policies also  offer access to travel assistance services, which can be extremely valuable in unfamiliar territory. These services often include 24/7 emergency hotline assistance, trip planning assistance, legal assistance, and concierge services to provide guidance, support, and coordination during your travels.

Tips for Choosing the Right Travel Insurance Policy

Now that it’s clear that travel insurance offers a wide range of coverage options and helps mitigate the risks and uncertainties associated with travel, what’s next? How do you go about choosing the right travel insurance today, and which insurance provider should you go with? Here are some considerations to keep in mind when choosing the right travel insurance policy:

1. Assess your coverage needs

Start by assessing your coverage needs based on the type of trip, destination, duration, and activities you plan to undertake. Consider factors such as medical conditions, trip cancellation or interruptions, baggage coverage, and any additional benefits or add-ons you may require.

2. Review policy details carefully

Thoroughly read the policy details and understand the terms, conditions, exclusions, deductibles, and coverage limits. Pay attention to specific areas that may be relevant to your circumstances, such as pre-existing conditions, adventure activities, and cancellation policies.

3. Compare multiple quotes

Obtain quotes from different travel insurance providers and compare them to find the best value for your money. Consider factors such as coverage limits, deductibles, and the reputation and customer reviews of the insurance company.

4. Consider existing coverage

Review your existing insurance coverage, such as health insurance or credit card benefits, to identify any overlaps or gaps in coverage. This will help you determine if you need additional travel insurance coverage or if your existing coverage suffices.

5. Seek recommendations and advice

Ask for recommendations from family, friends, or trusted travel experts who have experience with travel insurance. They may be able to provide valuable insights and advice based on their own experiences.

6. Understand claim procedures

Familiarize yourself with the claim procedures and documentation requirements in case you need to file a claim. Knowing the process beforehand will save you time and frustration in case of an emergency.

By following these tips, you can choose the right travel insurance policy that aligns with your needs and provides you with the right coverage and peace of mind during your travels.

Comprehensive Travel Insurance with Oona

When it comes to choosing a travel insurance company, Oona stands out with its comprehensive coverage and customer-centric approach. Oona understands the importance of protecting travelers from life’s unexpected twists, and offers a range of benefits to ensure a stress-free journey. Our policies provide:

Extensive coverage options:

Our policies are designed to provide comprehensive protection for a wide range of travel risks and incidents, and cater to varying budgets.

Transparent policy details:

Oona believes in transparency and ensures that policyholders have a clear understanding of what is covered and what is not. Our policy details are meticulously laid out, with easy-to- understand explanations of coverage, exclusions, deductibles, and claim procedures. This transparency makes it easier for you to make informed decisions and avoid any surprises when filing a claim.

Dedicated customer support:

Oona prides itself on providing dedicated customer support to its customers. Our team is available round the clock to assist you with any queries, concerns, or emergencies. Whether you need assistance with finding medical facilities, filing a claim, or getting advice on travel- related matters, Oona’s customer support team is there to help, ensuring a hassle-free experience.

Convenient claims process:

Oona understands the importance of a convenient and hassle-free claims process. We have a streamlined claims process to make it as simple as possible for our clients. With clear instructions and guidance, filing a claim with Oona is a straightforward and efficient process, ensuring that you receive the financial assistance you need without unnecessary delays or Complications.

Travel Insurance Is Important for Any Traveler

Travel insurance is often misunderstood, leading to the perpetuation of common travel insurance myths that can leave travelers vulnerable and unprotected in unfamiliar surrounds. It is evident that travel insurance is an essential investment for any traveler, and we hope that by debunking these travel insurance myths, we have helped you understand the importance of proper coverage tailored to your needs. With thorough research, understanding policy details, and choosing the right travel insurance policy, you can protect yourself financially and enjoy your travels with peace of mind.

Frequently Asked Questions

What does travel insurance in the Philippines typically cover?

Travel insurance coverage can vary, but it commonly includes protection against trip cancellations or interruptions, medical emergencies, lost or delayed baggage, and travel- related accidents. It’s crucial to understand the specific inclusions and exclusions of your policy, as coverage can differ between insurance providers.

How does travel insurance handle pre-existing medical conditions?

Many travel insurance policies in the Philippines have specific terms regarding pre-existing medical conditions. It’s important to inquire about coverage for pre-existing conditions, as some policies may have limitations or exclusions. Some insurers offer coverage for pre- existing conditions if certain criteria are met, while others may require additional premium payments.

What steps should I take in case of an emergency while traveling and needing to make a claim?

In the event of an emergency, it’s crucial to contact your insurance provider as soon as possible. Most travel insurance companies have a 24/7 helpline for assistance. Be prepared to provide relevant information such as your policy number, details of the incident, and any supporting documentation. Understanding the claims process, documentation requirements, and having emergency contact information readily available can help expedite the resolution of your claim.

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