Travelling to new places is an exciting experience that lets you experience new cultures, explore sights and indulge in adventure activities. Sometimes, even the most well-planned trips can take an unexpected turn due to unforeseen incidents like medical emergencies, lost baggage, flight cancellations, etc. However, you don’t have to worry about these incidents disrupting your travel plans, if you have travel insurance to safeguard you. It acts as a safety net, ensuring that you’re not left stranded financially or logistically when things go wrong during your journey.
You must know that not all policies are created equal. Before you purchase a plan, it’s essential to review key factors to ensure you’re adequately covered.
Importance of buying travel insurance
Travel insurance is more than just a formality—it's a smart way to safeguard your trip from unexpected setbacks. Here are the key reasons why buying it is important:
Safeguards against unexpected medical expenses
In some foreign countries, medical expenses can be high and if you suffer any accidental injuries or fall ill, the cost of treatment can be heavy on your pocket. However, if you have international travel insurance, it covers hospitalisation and emergency evacuation.
Covers trip interruptions or cancellations
Reimburses non-refundable expenses like airfare (especially if booked under a non-refundable fare), hotel reservation charges, transportation booking costs, etc., if your trip is disrupted due to illness, bad weather, airline strikes or family emergencies.
Protects your baggage and personal items
If your luggage is lost during transit, stolen at any point in your journey or delayed after checking in, travel insurance provides financial compensation to help you manage the inconvenience. This coverage allows you to claim reimbursement after buying essential items such as clothes or toiletries while you wait for your luggage to be returned or replaced.
Provides travel document protection
If your essential travel documents get stolen or lost due to baggage theft during your journey, the policy covers the costs of replacing vital papers like passports, visas, etc. This helps you continue your trip, avoiding delays caused by missing documentation.
Helps with rental vehicle issues
If the rental vehicle you use gets damaged due to an accident, your travel insurance can help cover the repair costs or any compensation demanded by the rental agency. The policy also supports additional travel expenses for arranging alternate transportation.
Offers liability protection
When you are touring a foreign land, if you accidentally cause injury to any person or damage their property, the policy will help cover third-party compensation claims and any legal expenses that may arise from police or court proceedings.
Assists you 24/7 during emergencies
The policy provides round-the-clock support during medical emergencies and other unforeseen events that may disrupt your trip. This includes 24/7 phone assistance and a cashless treatment facility, ensuring you get timely help without upfront payments.
Provides peace of mind
From unexpected medical bills to third-party compensations, travel insurance acts as a financial safety net to prevent out-of-pocket expenses. The policy ensures that you’re not left bearing the entire financial burden, allowing you to travel with greater peace of mind and confidence.
Checklist for buying a travel insurance policy
Buying a travel insurance policy that does not serve your purpose can burn a hole in your pocket or worse, leave you stranded during an emergency.
The following checklist will guide you in selecting an apt insurance plan for your trip:
Getting the basics right: Policy fundamentals
Country-specific
Look for international travel insurance that will protect you financially in your host country. You do not want to buy a policy that covers European hospitals while a major part of your trip involves staying in New Zealand. The social, political and geographical history of your destination also plays a vital role in the quality of your travel. If need be, opt for protection against civil unrest, riots, earthquakes, and terrorism.
Note: If you are traveling to any Schengen country, consult your insurer and get insurance that meets specific requirements.
Cancellation at short notice
Your travel insurance plan might be cancelled or you might cut short your trip due to other pressing matters. Besides favourable terms of cancellation and refund in the travel insurance policy, check for clauses offering reimbursement of premium too.
Annual or single-trip travel insurance
If you are a frequent traveller, investing in an annual travel insurance plan instead of several single-trip plans is more economical and hassle-free.
Family Coverage
If your family plans to travel with you, opt for a family travel insurance plan.
The must-haves: Policy inclusions
Health first
Accidental injuries and severe illness can lead to medical emergencies. An ideal travel plan should cover the cost of hospitalisation, offer daily allowance during hospitalisation and provide compensation for temporary or permanent disablement.
Note: Prior to deciding the extent of coverage, remember to enquire about the general cost of treatment in the host country. You would not want to be stuck with a plan that is inadequate when you are hospitalised abroad.
Emergency evacuation
Check whether the cost of transporting you to the nearest hospital or back to India is covered under the policy. If children accompany you on the trip, look out for a clause that can cover the cost of their travel back to India during emergencies.
Errant flight plans
Dependency on airlines for connecting flights makes you vulnerable to delays and even financial losses. Shortlist travel plans that offer compensation for trip interruptions due to errant flight schedules.
Personal effects
Opt for international travel insurance policies that compensate you for stolen or lost baggage, personal effects or travel documents including your passport.
Personal liability
Check if your plan provides a sum for bailing you out of distress situations in case you become liable to a third-party injury or damage to their property on foreign soil.
Additional tips for buying a travel insurance plan
Buying a travel insurance plan requires more than just ticking a box — it involves thoughtful evaluation to ensure it truly meets your needs. Here are some additional tips to help you make an informed and effective choice.
Excess coverage
Ask yourself if you really need insurance against the risks covered. Getting covered for pre-existing diseases, when you have none will only add to the premium amount.
Risks not covered
Accidents due to extreme sports might not be covered. If your itinerary has such activities, speak to your insurance company for a tailor-made plan.
Stopovers
Do you plan to stop on the way to your destination or on the way back home? Check with your embassy if you require travel insurance and an airport transit visa for staying at such places.
Phone assistance
Look for plans that provide round-the-clock dedicated helpline numbers that make reaching out to your insurance representative easy in times of need.
Account for your age and health
If you're a senior traveller or have pre-existing medical conditions, opt for a policy tailored to your health profile.
Choose a trusted insurer
Buy travel insurance from an insurer known for transparent policies, strong claim settlement ratios and reliable customer support.
Check policyholder feedbacks
Checking verified reviews online from other travellers can provide insights regarding the reliability and service quality of different insurance companies.
Customise with relevant add-ons
You can extend the coverage of your basic travel insurance policy by adding riders that align with your travel plans — such as gadget protection, rental vehicle cover or event-specific cancellation benefits.
Seek clarity on coverage
Contact the insurance company’s customer service to clarify any confusing terms or coverages before making a purchase.
Why should you buy travel insurance online?
Buying travel insurance online has many perks compared to the traditional offline method. It empowers you to make informed decisions from the comfort of your home. Online travel insurance purchase is advantageous for the following reasons:
Easy comparison and customisation
On insurance aggregator platforms, you can instantly compare different plans from various insurers, adjust coverage and select add-ons tailored to your needs, without any sales pressure.
Convenience of purchase
You can obtain international travel insurance from the comfort of your home, with insurance websites offering 24/7 access to quotes, policy changes and digital documents.
Transparency and clarity
Online platforms often provide clear details regarding the inclusions, exclusions and premiums of the policy. This helps you avoid surprises later.
Cost savings
Buying travel insurance online can be more affordable since no agents or middlemen are involved and this allows you to find the best deal without paying commissions. Most websites also offer instant discounts on premiums.
Quick customer support
Reputable insurance companies offer 24/7 responsive customer support through multiple channels like live chat on the website, email, phone calls, etc.
Conclusion
Travel insurance isn’t just an optional add-on—it’s a crucial safety net covering health emergencies, travel mishaps and trip/flight cancellations. So, before your next trip, choose a plan that fits your destination, duration and personal needs to ensure a smooth journey. Investing in a good international travel insurance plan gives you peace of mind in a foreign land and lets you focus on enjoying your trip without any worries.
FAQs
1. Is travel insurance a mandatory requirement to visit foreign countries?
Travel insurance is not mandatory in all countries. However, several nations require travellers to have valid travel insurance policies as part of their visa or entry requirements.
2. What is the validity of international travel insurance?
Not all countries mandate the requirement for travel insurance. Single-trip plans cover one journey (typically 3–6 months), while multi-trip plans offer coverage for multiple trips within a year.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.