Travel Insurance
Travel Insurance is an insurance policy which covers all risks Whether you travel alone, with family or business associates, It’s important to protect yourself financially while you travel if you would certainly want your trip within India or abroad or to be as per your plan. Travelling is an amazing fun & experience so everybody loves to travel. It is one of the best ways to cope up with stress & depression.
This may put you completely out of control and keep your mind peace.
Despite all that careful planning, there may be unforeseen events beyond your control while spending quality time with friends & family on a vacation where you live many key moments and collect unforgettable memories forever. It’s highly recommended to buy travel insurance plan to take care of risks or losses that might occur during the trip whether you're planning to enjoy vacation either with family or close friends, or to travel for a business trip, or studying abroad.
Travel Insurance is meant to protect you & your loved ones and covers you from unforeseen circumstances like medical and financial emergencies during your trip abroad, even if you are not with them. Travel Insurance help to restore your peace and be in control of the situation. While you are globetrotting, Travel Insurance provides comprehensive cover for you and your family. But what if a personal accident, theft, or something else should strike despite taking all the proper security precautions? This is where travel insurance comes into play. Few things you need to keep in mind while buying a travel plan mentioned below:
- No Extra Cost for Pre-Existing Diseases
- Covers Flight Delay and Cancellations
- Personal Accident and Liability Covered
- Quick Claim Reimbursement with Cashless Options
- Covers for Passport and Baggage lLoss
But what is travel insurance, anyway?
There are several different types of traveling insurance, not to mention different insurance companies and policy options. It can be pretty overwhelming.
In this guide, you can go through all the different types of travel insurance and when you might need them, so that you can choose the right ones for you.
Why Do You Need Travel Insurance?
You just never know when something will happen, and how dramatic cost you when it occurrences. This is why I will advise that you need travel insurance while domestic and abroad.
Different Types of Traveling Insurance
Not all types of travel insurance are created equal, cost-effective, or even necessary.
Trip Cancellation Insurance
Trip Cancellation Insurance is designed to refund you all or part of your normally non-refundable travel costs in case of a personal or family medical emergency. It’s usually offered to you right when you book your flight, and is not always available after the ticket is purchased.
There are always lots of stipulations and conditions around the coverage, but it might be worth it if it’s an expensive trip with long-haul flights.
Baggage Loss/Theft Insurance
Baggage Loss/Theft Insurance covers all or some of the value of your travel belongings if they are lost, stolen, or damaged. Read the fine print before you buy this kind of insurance! The requirements to make a claim, valuation formula, and even acceptable circumstances for making a claim vary greatly. All in all, this type of insurance tends to be more hassle than it’s worth unless you’re traveling with expensive stuff (which may not even be covered).
Expat Insurance
Full-time and long-term travelers may not qualify for regular travel insurance after they’ve been traveling for long enough. For example, for Canadians to qualify for travel insurance, they must have valid provincial coverage as a base. But if you are out of the country for too long, you lose that provincial coverage, and thus can’t get travel insurance any more.
In this case, we look to Expat Insurance, also called International Health/Medical Insurance or Worldwide Travel Insurance. It offers comprehensive medical insurance internationally, and is tailor-made for expats and long-term/full-time travelers. For more details about expat insurance, check out my detailed guide.
Emergency Medical Travel Insurance
Emergency Medical Travel Insurance covers or reimburses you for unexpected medical expenses while you travel. It’s also the most commonly purchased and probably the most practical type of travel Insurance on the market.
In the case of accidents, some policies cover sports like scuba diving and skydiving while others don’t. What you were doing when you were injured, and where, are often important things to medical travel insurance companies.
If you are visiting certain locations in political turmoil or if you get hurt in a terrorist incident, you might also not be covered by some plans. It’s always important to read the fine print and make sure the things you want covered are covered.
That entire aside, this type of insurance can be worth a lot to you if you fall ill or are in an accident. Trust me; it has come in handy for me multiple times over the years.
4 Key Features of Best Travel Insurance
Purchasing an online travel policy is all about providing travelers an ideal cover against emergencies and unforeseen situations right from the comfort of home. While zeroing in on a plan, There are certain key features which one should look out for.
Medical Emergency & Hospitalization –
What if you met with an accident during your trip or a medical emergency strikes all of a sudden? It's your travel policy that bears the expenses, including hospitalization or medical treatment for bodily injuries, ambulance fee, etc.
Compensation for Flight Issues - A travel policy provides you with compensation in certain cases, including cancellation or flight delay. This usually is covered in the case of traveling abroad. You will be provided with accommodation during the waiting period.
Legal Liability & Expenses - Travel policies provide corresponding legal expenses whatsoever, in addition to coverage in term of medical and accommodation expenses and coverage for legal liabilities.
Travel & Accommodation - delay or any emergency causing trip termination is typically covered by travel plan. In the meanwhile, expenses arising out of hotel accommodation, in-between transportation, air ambulance (if required due to a medical emergency), etc. are settled and coverage under the of your travel policy.
