Too excited about your next trip, eh?
Heaven forbid, but what if your travel plans go astray because of some mishap or exigency?
That’s when the savior comes to your rescue- TRAVEL INSURANCE!
Here are the things you need to know about ‘travel insurance’ to globe-trot without any worries.
1. WHAT IS TRAVEL INSURANCE?
Travel insurance is the insurance that covers loss or theft of luggage, medical expenses, trip cancellation, or any other loss incurred while travelling, either within your national boundaries or abroad. It should be arranged at the time of the trip so that it covers exactly the duration of the trip. A ‘multi-trip’ travel insurance policy covers multiple trips within a limited period of time.
2. WHEN TO BUY IT?
You are ready to buy a travel insurance policy once you’ve paid for your trip. Not everything needs to be paid for the trip, but at least some money needs to be put before you buy the policy. After the payment, the policy needs to be bought within 10-30 days of the payment for the trip. Hence, an insurance policy needs to be already in hand before you set out for your trip and face any exigency in the future.
3. WHO ALL DOES YOUR POLICY COVER?
You must be wondering if this policy benefits only you or if it applies to your family members as well?
Your insurance policy can cover your wife/husband, parents, children, girlfriend, boyfriend and anybody you want to add to your policy. Generally, insurance policies let you add upto 10 members, which may differ depending upon the provider. The age of the traveler needs to be quoted to include them in the policy coverage.
Hence, in case your mischievous kid gets a fractured arm or your mother falls sick in the trip, your insurance policy will definitely help.
4. WHAT TYPE OF POLICY TO BE CHOSEN?
Next comes the question of the type of policy that you should choose. It depends upon the type of trip you undertake or your individual circumstances which should determine your policy.
- Package Plans– These plans are the most popular ones and cover cancellations, interruption, hurricanes, medical emergencies, evacuation, lost, stolen, and delayed baggage, and other emergencies. These are suitable for general family trips, cruises or if the traveler is apprehensive of money loss at the trip.
- Travel medical– The plans provide coverage against medical emergencies, accidents or repatriation. These are suitable for students studying abroad, business trips or vacations abroad.
- Medical Evacuation or Medevac– It provides coverage for travelling expenses to the nearest medical center if the medical facilities are not available locally. These are ideal for travelers going to remote locations or a foreign country.
- Travel accident– This plan focuses on accidental death and dismemberment and provides international accident protection and term benefits for frequent travelers.
- Annual– Annual plans cover your expenses for an entire year’s trips. Frequent business travelers, students and those who travel multiple times in a year, enjoy this policy.
- Specialty Plans– These plans provide coverage of things which are special and unique, like antiques, precious jewelry, coins, artwork etc. It relieves you from the stress of losing your most prized possessions.
5. COMMON EXCLUSIONS
Even though your insurance policy has a widespread coverage, there are a few exclusions from the policies.
- Diseases caused by consumption of alcohol or drugs is not covered under the policy.
- Th policy is not bound to cover any pre-existing medical condition of the traveler.
- In case of National emergencies like war or terrorist attack, policies seize to work except for a few plans.
- Elective surgeries or treatments are not to be included in the policy.
6. FREE LOOK PERIOD
Just like any other insurance policy, the travel insurance also provide to its customers the free look provision where the traveler can review the policy and cancel it if he/she wishes to and apply for the refund of the cost. The free look period varies from 10-14 days depending upon the provider, while some policies do not provide the free look facility at all.
Travel insurance is as important in a trip as your flight tickets and luggage. Sort out your travel insurance before you set out on your next trip.
AND HAVE AN INSURED & SECURED JOURNEY!
A third year student of Economics from Miranda House, University of Delhi, Anima wants to have a taste of everything in life. With her interests ranging from the love for singing to the passion for sports like basketball and volleyball, she wants to test her abilities in the maximum spheres of life.