If the past few years have taught us anything, it’s that even best vacation plan You can walk sideways. Lost baggage, sudden illness, unexpected weather, missed connections and freak accidents (the kind you encounter) no way Thinking it will happen to you) can derail your trip and rack up dollar signs faster than you can say “should”, “could”, “would”.
The global luxury travel market is expected to be approximately US$1.48 trillion in 2024 and is expected to reach approximately US$2.36 trillion by 2030. With tours, cruises, safari and similar trips often implementing non-refundable policies, and many hotels and flights doing the same, travel insurance is now one of the fastest growing segments of the travel industry. Americans spent more than $4.8 billion on travel insurance last year, a sharp increase driven by rising travel costs, according to the American Travel Insurance Association.
“My clients spend tens of thousands of dollars on vacations,” says Ciao Bambino, senior travel consultant Natalie Platy. “It’s a huge financial investment, why not protect it?”
She sat down with Ciao Bambino to discuss how she learned firsthand its importance.
Travel insurance Q&A with Natalie Pratti
Hello Bambino: Can you tell us about a time when you were glad you had travel insurance? Or would you like to have it some time?
Natalie Platy: I want to talk about the latter. I always buy travel insurance with 100% success… except for one time when I was busy and forgot. We were on a bike trip ChamonixFrance, I fell and broke my leg. I was rushed to a hospital in the Alps and had to undergo surgery. I was in the hospital for four or five days and then couldn’t go home for three weeks. Travel insurance will cover medical expenses, transportation costs and possibly accommodation costs. Fortunately, medical care in Europe is not as expensive as in the United States, but I still paid thousands of dollars out of pocket.
CB: Is this an active holiday? Are you an experienced cyclist?
NP: I’m not an experienced cyclist but this was an active holiday. In this case, though, we weren’t on a trail, and it wasn’t dangerous. It’s really random. I was leisurely riding down the street and hit a little barrier in the road and fell the right way, or the wrong way, I guess I should say. It was a freak accident that could happen to anyone.
CB: What was that moment like when you realized you had no insurance?
NP:. I knew something was wrong as soon as I fell. Lying on the ground, my first thought was: I don’t have insurance!
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CB: Your story is a cautionary tale.. Are you using it to try to convince customers to buy it?
I don’t try to convince clients; Ultimately, the decision is theirs. But I definitely advocate for it and really wish I had it. I would say less than 50% of customers will make a purchase, which I think is a mistake.
CB: Why do you think they opted out?
NP: I guess it’s like all insurance: there’s a sense that you’ll never need it and that it’s an extra cost. This can also be a big problem if your vacation is expensive or if you’re traveling to a remote location.
CB: You make a good point about the cost of vacation. Luxury vacations planned by Ciao Bambino often cost tens of thousands of dollars or more. It seems that purchasing travel insurance is a wise move.
NP: Absolutely! Travel insurance covers more than just medical emergencies, transportation and evacuation if needed, But it can also cover additional costs, such as missed or canceled flights, extra accommodations and travel interruptions due to medical emergencies. I mean, I’ve had insurance for 20 years, and one time I didn’t have insurance, but I needed it. Therefore, travel insurance not only gives you peace of mind but also provides protection for a significant financial investment. Everyone should have it.
Planning a trip abroad this year? Ask Ciao Bambino Consultant About protecting your trip and yourself.
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Editor’s note: This article was accurate at the time of publication. We recommend checking independently for the latest information and updates. Ciao Bambino assumes no responsibility for any errors or omissions in the information provided, or for any actions taken as a result of the information provided.