Whenever you think about travelling, one of the stand-out benefits is that it broadens your horizon by giving you a real-life education. This apart from the fact that you create some wonderful memories that will last you a lifetime.

But, for all the perks of getting out and about, there is a cost involved – a steep one at that too! As of 2016, the travel and tourism industry had a global economic contribution of more than USD7.6 trillion. A major contributor for these figures is rising travel costs.

In fact, travellers from America now spend at least USD6,080 for an average international trip. But, even the most carefully laid-out travel plan can go awry for one reason or another. With the cost of travelling increasing year on year, any interruptions or cancellations in your travel plans will end up costing you dearly.

While you can’t control external factors that hamper your travel plans, you can certainly make efforts to avoid losing money. In such a situation, protecting yourself against financial loss is the way to go and travel insurance coverage is just what you need.

If you’re still not convinced, here are 8 of the best reasons why you should get travel insurance, whether you’re heading out for business or pleasure.

1. Trip Cancellations

There can be many reasons or possibilities as to why you need to cancel your trip. Whether you need to cope with bereavement, your leave request was turned down at the last minute, or you’re just too sick to travel, trip cancellations can cost a lot of money.

But, with a travel insurance cover, you’ll be able to recover what you’ve spent—hotel reservations and inter-city transfers for instance—if the reason for cancellation is covered.

2. Trip Interruptions

No matter what details you’ve focused on and how carefully you’ve planned each step to ensure a seamless travel experience, you just won’t see an interruption coming. From cancelled flights to overbooked hotels, there are plenty of ways how your trip can get interrupted.

Travel insurance cover can help you get over such situations by compensating you with new flight tickets and alternative accommodation. This cover is doubly useful if you’ve paid your airfare with your frequent flyer miles as there’s every chance that you’ll lose the miles.

3. Missed Connections

The lure of an exotic destination across the seven seas can be very alluring. But, connecting flights or other transportation can play spoilsport if the flight is delayed or even cancelled. With a travel insurance, you’ll be on your way to your destination through alternative transport without having to shell out extra.

4. Medical Emergencies

There’s no saying when you’ll fall sick while on a trip. From the new cuisine on offer to different climate conditions, there are plenty of reasons why you can fall sick. You may even have a dental emergency or a pre-existing medical condition may flare up at the wrong time.

Travel insurance covers you against all these uncertainties. From hospitalisation and medicines to emergency evacuation, your medical costs will be covered with the right insurance plan. Should the unthinkable happen when you’re overseas, the cost of repatriation will also be covered.

5. Trip Inconveniences

Most people are on a tight schedule when it comes to travelling. With most things planned every step of the way, any sort of inconvenience that results in a delay can be annoying and expensive to reschedule. Whether you’ve lost your personal belongings or even your passport, travel insurance cover will expedite the entire replacement process so you’re back on your way.

6. Travel Assistance

When you’re visiting a new place, any kind of assistance—event invites, day-to-day itinerary, reservations, or even cab bookings—can be extremely helpful. Most travel insurance policies today include concierge or travel assistance services to help you along at every step.   

7. Extreme Weather Conditions

No place is free from the risk of natural calamities. From floods and hurricanes to earthquakes and volcanic eruptions, any natural calamity can wreak havoc on your travel destination. With travel insurance, the cost of evacuation and arranging an alternate holiday destination will be covered.

8. Acts of Terrorism

Another issue plaguing a number of popular travel destinations worldwide is extremism or terrorism. Such events happen when you least expect it and can hamper your travel plans. A comprehensive travel insurance policy will cover trip cancellations costs and help you with alternatives if you wish to continue with your travel plans.

Truth is that a large section of people is still travelling without insurance. In the UK alone, 24% of travellers that headed abroad were uninsured. By continuing to head out without financial protection, you are only leaving yourself open to a wide range of risks.

These risks, however, can be mitigated by spending a fraction of your travel budget on a good insurance policy. Comparison websites are a great place to start if you need travel insurance coverage. You can choose from plenty of options from different insurers and choose one that suits your budget and travel needs.