What is a Travel Insurance?
Travel Insurance is a dome of protection for every traveller. Designed for traveller of all sorts, it guards a traveller from harm or loss that is only unique to a traveller.
Why do you need Travel Insurance?
With globalisation becoming a reality in the world, frequent travelling, whether international or domestic, has become just another fact of life. But often, we as passengers face certain unpreventable circumstances that cost us money, time and peace of mind. Some of such uncouth scenarios are losing the passport or medical emergency or baggage loss or cancellation of trip, just to mention a few. A travel insurance will rescue you from these situations therefore minimising your losses to naught.
Most preferred choices of Travel Insurance
Trip protection
This is one of the key guarantees these policies come with inherently. In case of an abrupt flight cancellation or a delay, you are protected from shouldering the burden of meeting the charges. It also covers hotel cancellation charges apart from others.
Luggage protection
As you can understand, a travel insurance will protect all your luggage. And by ‘all’, it does mean everything, from expensive jewellery to your passport.
There are some travel insurance companies that go a little more than this. And what they provide in addition is something called ‘travel assistance’. This extended service is of utmost importance when suddenly during your stay in a foreign land, you might need cash transfer or assistance of a travel agency or even legal advice.
Medical coverage
This will help you in case of medical emergencies from minor to major cases. Hence even when you are miles away from your country, this policy will rescue you. You must remember that a medical coverage is extremely beneficial especially when the value of rupee falls.
Types of Travel Insurance suitable for different types of travellers
- Domestic travellers
- International travellers
- Individual travellers
- Corporate travellers
- Vacationers/ Family
- Students
- Senior citizens
- Single trip travellers
- Multi-trip travellers
What do you get from a Travel Insurance
There are a lot of benefits that are promised by these policies that unfortunately many people are unaware of. Although, the list of benefits may vary depending upon the plan you have signed up for, these are more or less items that most of the policies tend to cover.
- Assistance at once if you lose your passport
- Immediate assistance in case of lost or delayed checked-in luggage
- Cancellation of trip will not cost you money
- Assistance in case of curtailment of trip
- Compensation of flight delay with meal reimbursements
- Permission to travel to certain countries which made travel insurance mandatory
- Immunity from your travel insurance company going bankrupt
- Medical evacuation in case of emergency
- You are entitled to the right of repatriation of the deceased
- Relief benefit in the unfortunate event of plane hijack
- Compensation for the loss of driving license
- Cash assistance in the scenario of a financial emergency
- Daily cash assistance in case of hospitalization
- Medical treatment is covered
- Personal accident is also covered
List of items that Travel Insurance may not cover -
Yes it is true. There are certain things that are not covered by travel insurance plans. Having made this stated, it must also be mentioned, that the list of exclusions are subjected to different policies. They vary from policy to policy.
Here is a list of items that largely remains uncovered by these policies
- Delay of baggage within a span of 24 hours is not covered.
- No compensation in the event of missing flights or trains during a civil war.
- Expenses that you may incur on account of a civil war are not covered.
- Loss of keys.
How to choose your Travel Insurance Plan
Below enlisted are a few things that you must keep in mind as you opt for a travel insurance plan that is tailor-made for your needs and preferences.
Company Goodwill
This is an amalgamation of the company’s past record in terms of claim settlement percentage as well as the sort of clientele it holds. A good track record of little or no complaints is surely the best option for anyone.
Solvency Ratio
A high fiscal credibility of an insurance provider will posit it on the top rung of selection level.
Sum-insured
The sum that is insured is directly proportional to the premium. Hence make informed decisions.
Affordability
This factor solely depends on the extent to which you can go. It is better although to opt for plans with lower premium.
Age
Insurance plans for travellers differ with the age of the policy holder. As a result the premium varies too.
Coverage
This is another important facet as the add-ons that you may opt for will impact the premium you will pay.
Others
Duration, destination and purpose of travel
Be sure of the fact that you and your family do need travel insurance. The quicker you understand it the better. So do not just holiday but also insure it.