Trip cancellations, delays, curtailment, and other alterations have become more frequent than ever due to the COVID-19 pandemic. If you have a trip coming up, it’s highly important to be prepared and safeguard your finances with travel insurance.

Maybe this is your first time hearing about travel insurance. Or maybe you’ve just received your policy documents, trying to understand what it all means. The best way to understand what travel insurance is and its benefits are to understand the basics first. Here’s a quick breakdown of all you need to know about travel insurance in the Philippines.

What Is Travel Insurance?

Like health insurance, travel insurance is a benefit plan you purchase that protects you from travel-related financial risks or losses. From delayed suitcases to last-minute trip cancellations, your travel insurance has got you covered.

Another important perk of having travel insurance is having access to a medical emergency benefit. You’ll be able to receive medical treatment overseas. Here’s a quick list of benefits that most travel insurances offer:

Personal Possessions and Luggage Cover

This benefit helps cover for any loss, theft, or damage of your personal belongings like loss of travel documents, baggage delay, loss of cash, or damage to laptop There is a total monetary amount that you are covered for which will then be broken down to sub-sections.

The items you’ve packed will fall into this sub-section and will be the maximum amount you would be able to claim as either damaged, lost, or stolen.

Cancellation Cover

According to travel insurance provider, Squaremouth, trip cancellation coverage has always been popular. 80% to 90% of travel policies include this benefit. This coverage is very useful especially today, helping you protect your finances from pandemic-related issues.

With borders constantly opening and closing and other travel restrictions worldwide, you’ll never know when your flight could be postponed or canceled altogether. Getting your money back can be rather tricky without travel insurance.

If your trip needs to be cut short or canceled recovery of your travel expenses can be reimbursed for the following reasons a death or life-threatening sickness or injury. Or from a member of an immediate family in need of medical attention.

Personal Accident and Activity Cover

If your holiday travel plans include accident-prone activities such as sky-diving, cliff-diving, or mountain climbing this benefit is worth every penny. Make sure that your travel insurance policy covers a wide range of activities, personal accidents, and medical expenses.