Starting and Growing Your Own Business in Nigeria– My story.

Speaker: Tara Fela-Durotoye
Date: Thursday, July 29
Time:
4:00pm

REGISTER TO ATTEND

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The Value of Travel Insurance

First of all, travel insurance is like a parachute, you never know when you’re going to need it but if you don’t have it when you need it, it is already too late. So how does it work? When you buy travel insurance, you pay a licensed insurance company a small amount of money called a premium. They take your small amount of money, invest it, and hold on to it just in case you get into an emergency. If you face an emergency, the insurance company pays for emergency expenses so that you don’t have to worry about them.

But is it worth it? Let’s see.

Travel insurance would be worth it if a small premium can pay for a very expensive emergency.

So how expensive are emergencies? 

Let’s take Lola for example. Lola has saved millions of Naira to travel to her favorite island country. She’s booked a flight that’s not refundable, she’s secured a gorgeous resort overlooking the blue ocean, and she’s packed everything she needs for her trip in her suitcase. Lola plans to have the time of her life on this island but she’s not prepared for the things that may go wrong.

But what really could go wrong?

What if Lola gets to the airport and realizes that her flight has been delayed or cancelled? In 2019, 21% of flights were either cancelled or delayed worldwide and travelers had What if Lola gets the flu or food poisoning or something worse while she’s traveling and has to visit the hospital? In some countries, you’ll need to pay at least $500 just to visit the emergency room.

What if Lola falls so sick? She has to be evacuated by air ambulance for emergency treatment.

Did you know that the average cost of a medical evacuation is $25,000 USD? Lola could get into an accident or she may have to pay for civil liabilities.

If Lola has travel insurance, she wouldn’t have to pay the cost of a delayed or cancelled flight, lost or damaged suitcases, emergency medical treatment, evacuation or other emergencies that may come up during the course of her trip.

Travel insurance also comes in handy in the case of an unfortunate circumstance when one has to repatriate one’s immediate family member that accompanied the Insured on the trip.

Now we know that emergencies are expensive BUT how affordable are travel insurance premiums?

  • Well, if you’re going to Europe (Schengen countries), you could get insurance for as low as N3,116.48.
  • If you’re going Worldwide (excluding the USA, Australia, Japan and Canada), you could get insurance for as low as N3,200.
  • If you’re going Worldwide (including the USA, Australia, Japan and Canada), you could get insurance for as low as N5,000.

And that’s for everyone. You could get travel insurance as an individual, a family, as a student, or even for pilgrimage. Emergencies don’t care if you’re traveling alone, in a group, for business, for leisure or to visit family. You never know what could happen on your trip, but you shouldn’t have to pay for the uncertainty.

But how do you know if the insurance company will pay you? As long as the emergency is out of your control, the insurance company will pay for your emergency expenses, and if you are on the AXA cover, you also get to enjoy these additional benefits:

  • Members of a group travelling to same destination for the same period enjoy up to 25% discount on the cost of the travel insurance depending on the number.
  • Children of less than 18years of age enjoy up to 30% discount on the cost of insurance.
  • Most travel plans will not cover you if you fall ill with an infectious disease (Covid 19 or any other pandemic) during the trip but the AXA Mansard plan will protect you.

So tell me! Do you buy travel insurance on your trips? If you don’t, why not?

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