We all know how important it is to have life insurance. What about travel insurance?
Some might ask: “Is it still important to have travel insurance if I already own life insurance?”
It is because it provides travel protection that may not be covered by your standard life insurance.
There are many factors to consider when choosing the right type of insurance policy. It doesn’t matter if you are traveling for business or pleasure, it is important to budget for travel insurance. If something happens while you’re traveling, this is crucial.
1. Wide economic moat
An economic moat refers to a sustainable competitive advantage a company has that allows them to outperform their competitors in the long-term. An economic moat should not only be strong during times of crisis, but it should also be resilient. The best companies today have strong and long-lasting economic moats.
Facebook’s economic moat, as an example, is its network effects – everyone is on Facebook.com and Instagram so you can share your thoughts and photos there. When Facebook has 2.5 billion users, it’s very difficult for a new social media network to attract users. Even Google tried.
A high switching cost is another economic barrier that makes it difficult for customers to switch to a competitor’s product. Adobe is an excellent example of this. Photoshop has been the industry standard in image editing software since its 1990 release. It’s difficult for creative professionals to switch to another software when Photoshop is used within their company.
Moats can also include intangible assets such as intellectual property, brands and patents, licenses, economies of scale, cost advantages, and other benefits. An economic moat is a protection or growth strategy that ensures that customers are satisfied with the company’s products and services. This allows them to make long-term profits and maintain market share.
The most common question people have about travel insurance is the cost. It really does depend on many factors, including your destination, coverage area, and the number of days.
Be aware that less expensive travel insurance policies doesn’t necessarily mean less protection. There are many ways to lower the cost of travel insurance without sacrificing coverage. It all boils down to what want.
Comparing packages is a great way of getting a broad overview of all the available travel insurance plans and their prices. Comparing packages will help you compare prices and determine which provider you prefer.
Only take what you really need
You can ensure that you don’t spend more than you have to by choosing the right type of travel insurance for your holiday or trip. These are just a few examples:
- You may not need baggage coverage if your only luggage is a carry-on that you will use during the flight.
- Analyze your trip and determine your coverage requirements before you purchase travel insurance.
- You don’t need to pay more for coverage you don’t need. On the other hand, you should not underestimate the coverage reallyneed. You don’t want to be away from your home without enough coverage.
Seek out travel coverage with your credit card
Contact your credit card provider before you begin shopping for travel insurance. Most credit cards offer some form of travel coverage. Although your credit card benefits and other benefits might not be sufficient to cover your entire trip, they may offset the cost of travel insurance. You may not need as much travel insurance if you have sufficient coverage.
Many travel credit card provide some coverage but you will need to make air ticket purchases with the card before it can be used. Always read all fine print. The Citi PremierMiles MasterCard provides travel insurance up to RM300,000. While the CIMB Platinum provides coverage up to RM1,000,000.
Contact a travel agent
Sometimes, a little human touch can be all we need. It can be confusing to read through all the fine print. We need someone to explain everything to us. To find the best coverage, you can enlist the assistance of a travel agent. Be aware that additional fees may apply.
Sign up for the newsletter of your insurance company
Signing up for the newsletter of an insurer can help you save money on travel insurance. Many insurers offer discounts and coupons to subscribers to their newsletters. These monetary bonuses are not the only benefits you get. You will also be able to access travel insurance tips. You will have a better chance of finding a deal if you are more informed about the insurance that you are purchasing.