The importance of Travel Insurance

It's really a mystery how MH 370 could just vanish off the radar just like that. Perhaps the transponders failed. Perhaps someone unauthorised meddled with the transponders. Well, who knows.  While the case of the missing Malaysian  Airlines Boeing 777 still remains a mystery, families are grieving and the tension between loved ones and officials are growing.  My sympathies go to those who grieve. 

After the MH 370 incident, I realised the importance of checking the policies of insurance, and not just having an insurance itself. In the event of a terrorist attack, not every insurance company will provide such coverage. Whether it was a terrorist attack , whether it was foul play, we dont know. But there was a definite breach in security at the airport when 2 men used stolen passports to board the flight. That's why insurance is so important. We don't know who is travelling with us!

 As for me, I've bought AIG's travel guard insurance which covers me for a year and across all 3 zones. This means that wherever I go, except some countries like Iraq, I will be covered. 

I once used to think that insurance was just another unnecessary cost, but now, I realised its significance. Once, while I was overseas, my iPhone along with some valuables went missing. After making a police report and submitting it to AIG, I managed to claim back 70% of the cost of the phone. Luckily, I backed up some of my data using iCloud (thank you, iCloud!) so not all was lost :)

Now back to AIG. Depending on the duration, the number of people, the zones covered and how premium your plan is, the cost ranges from $26 to $600. For me, I paid about $420 for my 1-year zone 3 plan. If you are keen to find out about their policies you can read their on-line brochure. Click on this pdf file. 

Well, that's all for now. In the meantime, stay safe!