If you are a regular traveller and also occasionally go on trips with your family, you need travel insurance.

Insurers have noted that travellers, in general have three primary reasons for buying travel insurance before their trips

The first is peace of mind. This is the primary and most relevant reason why people buy travel insurance.

The second is protection. In the occurrence of an unexpected event or happening, it is important that you are covered by travel insurance. These occurrences could include accidents, sickness, criminal assaults and weather related catastrophes.

Lastly, on account of cancellation of a trip or loss of any valuable, you can rest assured that you will be compensated.

If you are willing to travel internationally or locally, then insurers have urged holiday goers to buy travel cover to protect themselves from any unforeseen damages.

Compensation and cases

Do not wait for the last moment because cheap travel insurance will only cover you for the very basic things. Travel agents have noted several reasons why cover is a must.

Cancellations - In the year 2005, the European Union passed a regulation on cancelled or delayed flights. The regulation states that if you do not fly on the flight you booked, at the time you booked it for, you can claim compensation.

However, you may claim only if there are delays that are related to bad management by the airlines. You cannot make a claim if there are extreme weather conditions, security risks and worker’s strikes.

Loss of a necessity: If you suffer from any ailment and the bag containing your medicines is lost, you can claim for compensation. You may then fulfil your emergency prescription using travel insurance.

Theft of passport and wallet: If your passport or wallet gets stolen, you can claim compensation. This will enable you to get a replacement passport and some cash to spend.

Medical evacuation: If you meet with an accident, there may or may not be competent treatment available. In this case you will need travel insurance in order to pay for medical evacuation.

Cancellation of trip: If you cancel your travel plans on account of illness, you can claim compensation.

Bankruptcy of Travel Company: If your travel company or tour operator goes bankrupt, refundable expenses will be paid back to you. In cases of non refundable expenses, you can claim compensation on your travel insurance policy.

Medical emergencies: If you happen to have a medical emergency in a foreign country you can make a compensation claim. A travel insurance policy will let you spend your own money without depending on others.

Terrorist activities: If you cancel your travel plans on account of a terror strike in the city or country you are travelling to, you can claim compensation.

A natural calamity: If you are forced to evacuate your hotel accommodation on account of a hurricane or any other natural catastrophe, a travel insurance policy will help you cover the additional expenses.

Insurers have urged all vacationers to research and shop around for the best deals.