Travel insurance is a type of insurance that covers the myriad risks you may encounter while traveling. Travel insurance cannot eliminate travel concerns, but it gives you the flexibility to respond to unexpected events and cover the discomfort and financial loss that can result from these concerns.
When should I buy travel insurance?
In general, our trips serve our purpose, and unexpected confusion can lead to both financial loss and inconvenience. Travel insurance is a great way to deal with this turmoil. There are some other specific benefits that make travel insurance attractive to travelers. Some of these are:
- Medical support: The last thing you want during your vacation is emergency medical care. However, it is not uncommon to find yourself rushing to the hospital’s emergency room (ER) during a vacation due to a stomach infection or a broken limb. Medical emergencies can have a huge impact on your finances, especially abroad. Your regular health insurance plan may not cover many of the medical costs incurred while traveling. Proper travel insurance, on the other hand, can protect you from such costs and give you access to proper medical care abroad without worrying about the costs.
- Flight Cancellation: No one likes to change their travel plans, especially if the criminal cancels the flight. If you don’t want to get stuck at the airport because your flight has been canceled, you’re worried about taking another flight at the last minute, which can be quite expensive. A proper travel insurance plan can blow the wind under your wings, giving you agility and peace of mind.
- Emergency evacuation: The COVID-19 pandemic clearly emphasizes that even the best plans are at best sparse. There are always elements of uncertainty due to geopolitical insecurity, natural disasters, or health emergencies. A good travel insurance plan will cover the costs associated with evacuation in the event of such an emergency.
- Additional benefits: There are additional benefits that can occur with a proper travel insurance plan. These include lost and / or delays in baggage, lost passports, travel cancellations, personal injury and disability compensation.
How to choose the right travel insurance plan?
As with any product, you have a choice when it comes to travel insurance. However, you need to focus on buying the “right” travel insurance plan. You also need to be aware of the different types of travel insurance policies available and carefully consider factors such as coverage, riders, and exclusions offered to make the right decision.
There are two main types of travel insurance.
- Insurance policy for each trip: If your trip is a one-time trip, you can choose to purchase one-time travel insurance. However, if you travel frequently, we recommend that you purchase multiple travel insurance policies. Some policies last for a year and can cover multiple trips to a particular destination. These are cost effective and can reduce the hassle of frequent purchases. Generally, these covers are sold for individuals or you can buy covers for your family. Some travel insurance companies also offer insurance specifically designed for students traveling abroad for higher education and the elderly who are on vacation or spending time with their families abroad.
- Group travel insurance: Group travel insurance is a way to provide travel insurance to a group of people who are not family members. Usually offered to groups of 7 or more travelers on the same trip. The benefits offered by group travel insurance are similar to those offered by single travel insurance, but they are more cost effective.
What should I consider before buying travel insurance?
While the above types of travel insurance policies are essentially standard, each insurer has additional nuances that need attention. There are a few things to consider before buying travel insurance.
- coverage: Check what the policy covers and what it does not. Don’t assume that your travel insurance will cover all the losses you incur on your trip. Coverage for the most common situations such as COVID19, medical emergencies, lost baggage / documents, etc. should be considered.
- rider: Most insurance policies do not cover expensive items such as jewelry or electronics or adventure sports. If your vacation plan includes such things, make sure they are included and purchase the add-on cover.
- Billing process: The moment of truth of an insurance policy is the billing process. Be sure to choose a reputable provider that offers seamless and efficient billing resolution. Today, many providers also offer cashless travel insurance payments. Read about the insurance company’s experience on social media or check out the recommendations on various insurance aggregator sites.
- Declare an existing medical condition. If you have an existing medical condition, you must declare it when you purchase your insurance policy. Otherwise, the policy may be invalid.
Conclusion
There were times when travel insurance wasn’t completely on the list of things to do before traveling. Today it is mandatory for some countries as part of their visa requirements. Also, there are usually large offers from travel agencies and travel websites. There is no excuse that this is not an important action on your travel checklist. Ideally, as with any insurance policy, you don’t have to exercise it. But if things go wrong, you know you are covered. Travel insurance is no longer just “good to have”, but “must have” for all travelers. Enjoy your trip and celebrate your life.
