Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident/en-route accidents and other possible losses incurred during your travel. Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a “multi-trip” policy can cover an unlimited number of trips within a set time frame. Travel insurance provides monetary cover for any bodily harm or monetary loss you may suffer during your travels. It provides you with a cover and compensates you based on the degree of loss or injury suffered. It is important to have travel insurance to have an assurance that you have financial security in case of an unforeseen circumstance and can claim for compensation which your carrier or insurance provider is legally bound to provide you.