Travel Insurance & Its Significance

What is Travel Insurance?

Travel Insurance is an insurance type, under which costs and losses related to traveling are covered. Of significant support to those traveling domestically or abroad, travel insurance provides cover for medical expenses, loss of passport, loss or delay of check-in baggage, personal accident cover, and a lot more. Note that the cover of the losses depends on the travel insurance policy one has chosen. 

The Need for Travel Insurance?

When planning a trip, we always emphasize the good part of the upcoming journey such as places to visit, food items to eat, buying souvenirs, and others. We don’t even think of anything going wrong with us during our much-awaited travel. However, travel doesn’t come across as smooth for many. 

Travel insurance should be given consideration by anyone going outside India for a trip if they want to prevent themselves a significant loss. Below mentioned are a few reasons that make travel insurance a must for overseas travelers: 

• Having travel insurance by your side, in a different country will provide you safety from unexpected medical expenses in case of a medical emergency. Your travel insurance would provide for your medical expenses, thereby protecting you from encountering massive financial issues. 
   
• Be it travel-related or any other medical emergency, you will always have the back of your travel insurance team and won’t feel helpless in the other country.
   
• If your travel insurance covers ‘Personal Liability’, you will be saved from third-party damage (if you get involved).
   
• There are many countries that have made travel insurance mandatory to apply for a visa. If your destination country is one among them, it would be better to opt travel insurance and save yourself some regret. 
   
• Having a travel insurance will also help you avail dental treatment during your international trip without having to break your bank. 
   
• Your travel insurance will be of huge help in case you get robbed of your money and other essential belongings during your stay abroad. 

Common Coverage Available Under Travel Insurance

Medical expenses, emergency medical evacuation, repatriation of mortal remains, daily hospital cash, accidental death & disability, loss of check-in baggage, delay in check-in baggage arrival, missed connection flight, trip cancellation or curtailment, loss of passport, personal liability, emergency cash advance, hijack distress allowance, baggage loss, compassionate visit, bail bond, sponsor protection, and study interruption, are a few common elements covered under travel insurance. 

Note that the optional covers may include high-risk/adventure sports activities, pre-existing illnesses/conditions, travel to war-prone destinations, enhanced accidental death and dismemberment, third-party supplier insolvency.

Things to Keep In Mind Before Choosing Travel Insurance?

• Having insurance cover according to the destination chosen. In countries with a higher cost of living, it would be important for you to opt for a travel insurance plan with a massive cover so that you don’t lose your savings by the end of the trip.
   
• Considering the age factor is of massive importance during a foreign trip. So, if you are traveling with an elderly, make sure your travel insurance covers their medical issues apart from unexpected risks. Don’t forget to check hospitalisation limits and treatment cost limits on the cover. 
   
• Duration of a trip is yet another significant element based on which the premium amount for travel insurance is determined. Longer the trip, higher will be the premium. Make sure you choose a plan that charges less for the total trip duration.
   
• If planning a trip with a senior citizen or an individual who already has a medical complication they are getting treatment for, make sure you disclose the same to the insurance company beforehand. 
   
• The purpose of visit should be clear for you as well as your insurance company so that the right cover is provided after calculating the risk associated with the visit. All in all, your travel insurance should cover every risk possible according to your purpose of visit.
   
• Since some of the insurance companies reimburse expenses, it is advisable to keep all the receipts of extra expenses incurred due to any inconvenience caused safe with you. So, make sure you keep all the hospital and medicine bills safe with you for further use. 

Also Read

Travel Insurance: Coverage for the Unexpected

Travel Insurance in India-All You Need to Know About It

Conclusion 

Travel insurance comes across as a boon when an emergency strikes. Since you cannot predict what will happen in your much-desired trip abroad, it is advised to prepare yourself to handle every situation without feeling burdened by your financial situation. 

Go for travel insurance to secure yourself even when you are in a country other than India. It will be the best helping hand for you in that unexpected emergency situation and save you from feeling helpless.