Travel insurance helps cover the myriad of risks you may encounter on your travels. While a travel insurance policy cannot take away your travel miseries, it can ensure that you are armed with the flexibility to react to unexpected events and cover the inconvenience and monetary loss these tragedies may cause.
When should you buy travel insurance?
Generally, our journeys serve a purpose, and an unexpected disruption can lead to loss of money and inconvenience. Travel insurance is a great solution to deal with these hassles.
Several specific benefits make travel insurance a mandatory requirement for travelers. Some of the benefits include:
Medical Assistance: A medical emergency is the last thing you want while on vacation. However, it is not uncommon to be rushed to the hospital emergency room (ER) while on vacation because of a stomach infection or a broken bone.
Our normal health insurance plan may only cover a few medical expenses incurred while traveling. Whereas the right travel insurance policy will protect you from such expenses and ensure you have access to the right medical care in a foreign country without worrying about the costs.
Flight Cancellation: No one likes to upend their travel plans, especially if the offender is a flight cancellation. You want to avoid getting stuck at the airport because of a canceled flight and worry about arranging another flight at the last minute, which can be very expensive. The right travel insurance plan will put the wind under your wings and give you agility and peace of mind.
Emergency Evacuation: The Covid-19 pandemic has underscored that even the best plans fall tenuous. There is always an element of uncertainty from geopolitical unrest, natural disasters, or health emergencies. A good travel insurance plan can cover expenses related to evacuation in case of such emergencies.
Additional Benefits: Additional benefits include loss and delay of baggage, trip interruption, loss of passport, and disability cover.
How to select the right travel insurance plan?
As with any other product, you have an excellent choice when it comes to travel insurance. However, you should focus on buying the ‘right’ travel insurance plan. Also, to make the right decision, you need to understand the different types of travel insurance policies and pay due attention to factors like coverage, riders, exclusions, etc.
There are two major types of travel insurance policies.
Trip-Wise Insurance Policy: If your trip is a one-time trip, you can purchase single-trip travel insurance. If you are a frequent traveler, opt for a multi-trip travel insurance policy. Some policies last an entire year and cover multiple trips to various destinations for trip durations of less than 30 or 45 days, depending on what you opt for. These are cost-effective and reduce the hassle of frequent purchases. Generally, these plans are for individuals and have the option to add a dependent family. In addition, many travel insurance companies offer policies specifically for students traveling abroad for higher studies, senior citizens traveling abroad, or enjoying staying with family.
Group Travel Insurance Policy: Group travel insurance provides travel insurance coverage to a set of people who may or may not be family. It is usually issued to a group of 5 or more passengers on the same trip. Although the benefits of a group travel insurance policy are comparable to those of a single trip policy, it is more cost-effective.
What to consider before buying travel insurance?
Coverage: Check what the policy covers and does not cover. Do not presume that the travel insurance policy will cover every loss you incur on your travels. You should consider coverage for common situations like covid19, medical emergencies, and loss of luggage/documents.
Riders: Most insurance policies do not cover expensive items such as jewelry, electronics, or adventure sports. If your vacation plans include such things, inquire about including them and purchase add-on coverage.
Claims Process: The claims process is the moment of truth for any insurance policy. Choose a reputable provider that offers hassle-free and efficient claim settlement. Many providers today also offer cashless travel claim solutions. Read insurer experiences on social media or check insurance aggregator sites for their recommendations.
Pre-existing medical conditions: If you have any pre-existing medical conditions, consider a plan that offers coverage for an acute onset of pre-existing conditions. You do not need to declare pre-existing conditions while purchasing the policy.
Bottom line!
There was a time when travel insurance was not high on the list of things to do before traveling. Today, it has become mandatory for many countries as part of their visa requirements. It is usually offered primarily through travel agents or travel websites. There is simply no excuse for why this should not be a top activity on your travel checklist. Like any other insurance policy, it is ideal if the need to utilize it never arises. But if things go wrong, you will know you are covered. Travel insurance is no longer just a ‘nice to have – it is a ‘must’ for every traveler.
