Buying a travel insurance plan will cover you from unforseen events
Most of the European countries require Schengen travel insurance before they grant you a Schengen visa. Even if you are traveling to a country where buying travel insurance is not mandatory, you should always have travel insurance to cover you from the losses of unforeseen events like loss of baggage, medical emergencies, loss of passport, personal accident, etc. The average cost of a travel insurance plan depends on the sum insured and travel days opted. The respective product brochure can be referred for the premiums.