Since the last decade, there has been noticed significant increase in air travel across the globe. One important aspect that every traveller needs to be aware about is ‘Travel Insurance’. It helps cover wide range of unwanted scenarios and uncertainties that you might be faced with during travel or at the foreign country. Without proper insurance coverage, such issues might drain your financial resources and leave you helpless. Most countries do require travellers to carry along a valid insurance policy when applying for a tourist or any other visa. Hence, you need to select the best travel insurance that covers majority of the travel-related risks.
Meaning of this type of insurance
Travel insurance according to the industry experts is considered to be an insurance that helps provide coverage to different types of risks that might arise while travelling. It does help cover flight cancellations, lost luggage, medical expenses, including other losses that you might incur while travelling.
This type of insurance is generally taken from the time you start your journey until you reach back your home. Ensure taking comprehensive coverage to enjoy visiting foreign countries. This way, all your emergency financial woes arising from medical or non-medical reasons during the travel will be taken care of by your insurance provider.
What are the risks generally covered by travel insurance plans?
It includes the following:
- Insured’s death
- Personal accident cover
- Sickness and accident medical expense reimbursement
- Permanent total disability
- Emergency evacuation
- Dental treatment relief
- Baggage delay
- Repatriation of remains
- Passport loss
- Checked baggage loss
- Flight delay
- Trip curtailment
- Home burglary
- Missed departure / missed connection
- Trip cancellation
- Bounced airline / hotel booking
Individual policies might cover other type of risks based on traveller requirements. Amounts covered for such risks will depend on plan and policy type chosen. This insurance might also provide coverage for additional risks, but will require payment of additional premium amount. A few risks might be specific to the place where you might plan to travel or be traveller specific.
Travel Insurance types
- You can avail single trip insurance policy designed exclusively for a single journey.
- However, travellers who are required to travel abroad frequently should opt for multi-trip policy.
- There are a few policies that might last for the whole year while providing coverage for multiple trips to specific destination. Frequent travellers and businessmen will find choosing such policies to be a cost-effective option, especially to a specific destination.
- Also are available student policies that are designed exclusively for students travelling abroad to avail higher studies. Premium charged for such policies are quite affordable. Maximum trip length will be around 30, 45 or 60 days.
- Group travel plans are other options available for those travelling in a group. The policy will cover 7+ travellers. Such policies come with affordable premiums and provide benefits quite similar to single trip insurance plan. Group policies are dependent on traveller age, thus making it quite affordable per traveller.
When will you not require buying this type of insurance?
Travel insurance is not mandatory for every trip made. In several cases, it will be only a sheer wastage of precious money. There are two major factors to be taken into consideration when buying this insurance plan.
- Medical concerns: It will be mandatory if you suffer from pre-existing diseases and require travelling abroad. Your regular insurance might not provide coverage for accidents or medical issues taking place in foreign countries.
- Financial risk: Interrupted trip, cancelled trip, medical emergency, delayed trip or lost bags, etc. will mean losing precious money. But with the right insurance plan selected, you can minimize or do away with such financial woes.
Three times when travel insurance may not be required
- Affordable domestic trips: Some round flight trips might come with an attractive discount and you may perhaps plan to stay with extended family members or friends. This means, your travel risks are minimized to a great extent. Travel insurance can be a smart choice if your non-refundable and pre-paid expenses are found to be in excess of what you risk to lose.
- Last minute domestic trips: It could be you are planning to visit a friend for a couple of weeks and get a last minute, super saver fare. Then, you don’t risk much money here. Last minute trip will not require travel insurance. As there is not any expensive non-refundable trip or pre-paid expenses, there is no concern with interruption or trip cancellation coverage.
- You may afford to lose pre-paid trip expenses: If so, then skip taking such insurance plan. If your risk is limited to just a small amount, then such risks will not require insurance.
You can discuss with the experienced agents at Care Insurance to know your available options.