Why is Travel Insurance Important: An Overview
Traveling to experience the joys of the world is almost on everyone's list. Be it as a retirement plan or after a year of saving till the last day of your college. The thrill that you witness onboarding a new journey is boundless. Now, if you are planning a trip for leisure or maybe a business trip abroad, imagine it goes terribly wrong. For instance, your passport gets stolen, or your luggage gets lost or even last-minute flight cancellations can be a fly in the ointment.
This will lead to a whole lot of damage emotionally as well as financially. So what is the rescue here? Well, this is where travel insurance plays a very crucial role. You can easily save yourself from such stumbling blocks on the way to a pleasant trip by availing such insurance. Many insurance policies are now adaptive to different needs be it students or retired citizens. Also, with the Covid-19 pandemic coming into the picture, many travel insurance policies have evolved to provide you with medical and sickness cover as well. Now you can enjoy what fits your perfect traveling distance without worrying about any such damage. Let us understand how.
What is Travel Insurance?
As the pandemic has almost reached an end, the world finally is all set to welcome travelers from across the globe. Well, now you can finally pick up your bags, set your visa and luggage in order, and head onto a memorable journey. But to ensure that you have a smooth journey without incurring an unnecessary cost for damages that may occur, you must avail yourself of an insurance cover.
Travel insurance in generic terms is a typical insurance plan that provides protection against damages as well as covers the cost of unforeseen events on your travel. It covers a range of unanticipated scenarios including medical emergencies or loss of passport, etc. You can apply for insurance on both your domestic and international travels and start the premium with as low as Rs 50 per day.
What are Various Types of Travel Insurance Plans?
Availability of a trip insurance plan depends on many factors like where you are traveling to, if you are a college student or a retired resident or if you like to opt for solo trips or family trips. While considering all these factors are important, you must also be careful about the coverage and the cost of such insurance plans. Broadly classified, travel insurance can be of the following types:
- Single-trip Travel Insurance Plan: If you are not an avid traveler, but would like to insure your domestic or international travel for a one-time trip, this is the right fit for you. You can avail of this insurance for both you and your family members.
- Multi-trip Travel Insurance Plan: This is an annual insurance plan to secure domestic and international trips for you and your family members. This saves you time and the incontinence of availing of travel insurance each time you plan a trip. If you are someone who travels very often or attends business trips around the year, you can choose to avail this insurance plan on your next trip.
- Education-based Travel Insurance Plans: Today many travel plans have become adaptive to the requirements of travelers. To those who are planning or are already studying abroad, you can select such travel insurance. This shall help you financially to a great extent for your to and fro travels to India. It can also be used by students who require to go abroad on excursions frequently.
- Customized Travel Insurance Plans: You can choose a tailor-made policy for your travel to inculcate all the features that you may require as per your traveling needs. This can range from different ages to insurance coverage types. You can also choose to add premium insurance plans to your travel depending on your budget which shall add to your advantage.
Why is Travel Insurance Important?
Travel insurance helps you to deal with many difficult circumstances while you are traveling and provides you with the following benefits:
Medical Cover
Travel insurance helps you to deal with the cost of your medical bills in case any injury or mishap occurs while you are traveling. Most of the policies help you with the financial implications that may come along if you fall sick on your journey. In case you meet with an accident or a fatal death, then in such cases usually the medical cost gets reimbursed to your nominee.
Many travel insurance also provides for a compassionate visit for your family members by providing a two-way ticket and other necessary expenses for them to visit you in case of a medical emergency on your trip.
Journey Cover
Most travel insurance plans cover the cost of lost time in case of flight cancellations or a lost passport in a foreign land. Sometimes it may so happen that you shall not be able to go through your planned journey and this may otherwise cost you hotel cancellations, flight tickets, or any other amenity that you may avail yourself. Trip insurance helps to cover the cost of all such unused expenses.
You can also avail legal assistance through your travel insurance in case of theft or any distress caused by a hijack. Such policies can also be extended at your convenience. Most insurance plans provide you with the option of an automatic renewal plan to avoid the hassle in case of a last-minute extended trip.
Baggage Cover
If you are an ardent traveler, it is very likely that you have faced the disappointment of delayed or lost luggage and felt helpless. Well, travel insurance can save you from that trouble the next time. You can avail yourself of a plan for you and your family members for a piece of delayed luggage and help cover the cost of necessary items.
A baggage cover in your travel insurance makes sure that you are well reimbursed in case your luggage gets lost or damaged while traveling. This situation can be extremely tricky, specifically if you were carrying irreplaceable items. Therefore travel insurance assists you with the maximum help possible in such a case.
How to Select the Best Travel Insurance Plan?
Selecting a perfect insurance travel plan is crucial to inculcate all your travel needs. Following are some of the points that you must consider before signing up for an insurance cover online:
- Identify the frequency of your travel. If you need to travel throughout the year alone or with your family members, make sure you choose travel insurance that can be used as a multi-trip cover to avoid the unnecessary cost of buying insurance policies each time you travel.
- Coverage of travel insurance is the utmost important factor when you choose your trip insurance. Make sure your insurance fulfills your requirements as well as has liberal policies in terms of perks like medical and sickness coverage, journey and baggage coverage, education-related benefits, etc.
- You can also choose travel insurance based on the frequency of your travel, the destination you are traveling to as well as the length of your travel. There are different policies available for both domestic and international trips, therefore make sure that you carefully and extensively go through the terms and conditions of your insurance to avoid any last-minute confusion.
Travel insurance is a must-have, specifically for frequent travelers. Today many factors play a crucial role in financial independence such as any form of investment opportunity. While travel insurance is one way to avoid unnecessary hindrances to achieving your financial objectives. It helps you to avoid incurring unwanted expenses and therefore it becomes vital for you to understand your travel needs. You must look at the factors such as claim limit and add-on benefits on selecting an insurance plan. Also, you must compare the many travel insurance policies that are available online today to avail the best out of the lot.
If I cancel my foreign trip due to a medical emergency, will my travel insurance cover its cost?
If your travel insurance has the benefit of medical coverage, you can easily get reimbursed for the cost of such a trip on grounds of a medical emergency. However, you must check the related policy on the claim limit of such losses.
Do I need travel insurance for a domestic trip?
It is not mandatory for you to have travel insurance. However, to cover the cost of a medical injury or lost baggage on your domestic travel, you can choose to avail of travel insurance.
Are pre-existing diseases covered in travel insurance medical coverage?
Generally, pre-existing diseases are not covered under the medical and sickness coverage provided by travel insurance. However, in some cases, you may avail of such a benefit while traveling abroad depending on your respective travel insurance plan.