Why is Travel Insurance a necessity?
Travelling itself carries a lot of risks, especially during the current pandemic times. There is the risk of missing a flight due to various reasons, any accidents or damages that could occur to you or your personal belongings while in transit etc.
There is always some unprecedented risk that could be lurking which cannot be taken into account or be prevented beforehand. This is where travel insurance comes into the picture. By purchasing adequate insurance coverage beforehand, you can protect yourself in case any such predicaments occur and alleviate the burden of having to pay in time, money and effort.
If you are abroad and you require immediate medical assistance due to any injuries, without insurance you would have to pay close to $200,000 or more in hospital bills, depending on the country you’re in and the proximity to the nearest hospital. During the pandemic, the public suffered immensely in regard to ticket cancellation as the world shut down and many lost millions as they were not eligible for a refund. With adequate travel coverage, even if you need to cancel your trip, you do not have to fear as your insurance will reimburse you for the unused hotel cost and travel tickets.
These kinds of scenarios, however unlikely, are still probable and spending in regard to insurance coverage should be encouraged so that you will not be subjected to bigger expenditures later.
CoverCompared is looking to eliminate this fear among our users by aiming to offer affordable travel insurance policies on our platform that can be purchased simply in exchange for your cryptocurrencies. You no longer need to search far and wide for insurance coverage that does not require you to break the bank as we at CoverCompared will be providing the perfect solution.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.