When planning a trip, it’s important to consider all the possible risks and dangers that could occur. Travel insurance can help protect you from some of the most common risks, including medical emergencies, lost or stolen baggage, and cancelled or delayed flights.
If you live in Hong Kong, there are a few reasons why buying travel insurance is especially important. Here are the top 10 reasons to buy travel insurance in Hong Kong:
1. Medical care in Hong Kong is expensive
If you need medical treatment while travelling, you could end up paying a fortune if you don’t have travel insurance. Travel insurance usually includes medical evacuation and coverage for medical expenses, which can add up quickly whether you are travelling locally or in a foreign country.
2. Things can always go wrong
Hong Kong is considered one of the safest places in the world to travel, but that doesn’t mean that things can’t go wrong. Travel insurance can help protect you from loss or damage to your belongings, and from costly trip cancellations or delays.
And did you know that missed connections are more common than you think? While this is true, if you choose the right travel insurance by taking advantage of MoneySmart to make your comparisons, you won’t have to worry about such challenges of travelling.
3. The weather can be unpredictable
Hong Kong is located in a tropical region, which means the weather can be unpredictable. A sudden downpour or typhoon could ruin your vacation plans and cost you a lot of money. Travel insurance can help reimburse you for cancelled flights, hotels, and other expenses.
4. You could lose your passport or travel documents
It’s not uncommon for passports and other important travel documents to be lost or stolen while travelling. Travel insurance can help you replace your passport and other essential documents if they are lost or stolen. That way, you can rest and enjoy your itinerary with the assurance that you’re covered if something goes wrong.
5. You may need emergency medical treatment
If you get sick while travelling, the cost of medical treatment can be astronomical without travel insurance. Such an insurance package can help cover the cost of medical care, as well as transportation home if you need to be evacuated.
What’s more, with novice diseases like Covid-19, no one really knows what the future may present. For this reason, it’s crucial to ensure that you have a cover should the worst happen as you’re travelling.
6. Travel insurance is cost-effective
Most people have the notion that travel insurance is overly expensive and thus not worth investing in. The reality, however, is that travel insurance is, in most cases, not expensive and it can be worth the investment if something goes wrong on your trip.
Where you could have spent an amount in the excess of thousands of dollars to handle a travel plan gone wrong, you can reduce that to hundreds of dollars and use the change to make your next trip all the more enjoyable.
7. Travel plans do change
Hong Kong is a city that is always on the move. With new attractions and events popping up all the time, it’s not unusual for people to change their travel plans last minute. Travel insurance can help reimburse you for unused hotel rooms, flights, and other expenses if your plans change.
8. Terrorism can be a threat to your expedition
Take a scenario where you take years to plan a vacation trip to a destination that you have always desired, then weeks before your trip, a terrorist attack in the area happens. Airports in the destination become inaccessible to the outside world and your government issues a warning against all travel to the area. Would you cancel your trip and lose all the money that you have invested in it thus far?
Or would you be covered if such an event happened and you had travel insurance? The answer is clear.
9. Your travel company could file bankruptcy
It’s not unheard of for travel companies to go bankrupt, leaving customers stranded after their trips have been cancelled. In such cases, you stand to lose your money if you have not invested in a travel insurance policy. Such a package can help reimburse you for cancelled trips and help you find a new travel company to work with.
10. Mechanical disruptions happen
No one knows if and when they will have a disruption when travelling. You could have booked a train in a foreign land to access one or two attractions that you can’t leave without seeing. By bad luck, however, the train breaks down the same day you take it, and you would have to find an alternative.
This is where travel insurance would come in handy – not only do they offer reimbursement for missed connections, they might also cover the cost of another form of transportation that will get you to your destination.
To wrap up
There are many reasons to buy travel insurance, and the ones listed above are just a few of them. Travel insurance can help you protect your investment in your trip and provide peace of mind while you’re away. So before you go, be sure to invest in a travel insurance policy that fits your needs.
