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Insurance Article

5 International Travel Insurance Myths: Filtering Facts From Fiction

August 19 2016

Debunking misleading travel insurance myths

Did you know that 2% of the total mishandled baggage by airlines in the USA is never found? International travel insurance can help you get financial cover against such losses when you are in unfamiliar territory. While the above statement is a proven fact yet as with every other financial vertical, the insurance sector is also marred by its own share of myths and misinformation that can severely hamper your decision making ability and might even leave you unprotected during your travels, due to the lack of travel insurance.

These common myths related to travel insurance lead people to believe that it is unnecessary and expensive, while downplaying on the features offered as well as the life-saving cushion that travel insurance provides. Here we take the stick of truth and debunk these myths to help you understand the significance of buying a travel insurance plan.

Myth #1 'I don't need it because I am not going to lose anything abroad'

As per the data published by Foreign Office in the year 2014, over 10,000 UK passports were reported lost or stolen overseas. Cases like this give rise to crimes of identity theft and even terrorism. What’s worse, anyone could become victim to such crimes.

No matter how careful you are, it is wrong to assume that nothing could ever go wrong. At times, it’s not our carelessness but some other unforeseen circumstances that lead us to trouble. A comprehensive travel insurance plan can provide emergency cash allowance in times of passport or baggage theft or loss and make your trip hassle-free.

Myth #2 'I have medical insurance, I don't need travel insurance'

It is often believed that multiple insurances are redundant. But that's not the case. If you are someone who already has a health insurance, that's excellent! However, this insurance might not necessarily cover your illness expenses abroad.

A travel insurance plan compensates your hospitalisation and treatment charges and relieves your stress. You can also avail worldwide cashless hospitalisation with some insurance providers. You can benefit from high quality medical treatment and return home only once you’ve completely recovered.

Myth #3 'I won't be reimbursed unless something major happens'

Not true! Travel insurance is not meant only for extreme conditions mentioned above. Sometimes you might end up getting stuck in a minor yet financially stressful situation. A travel insurance plan covers your expenses for sticky situations like flight cancellations due to poor weather conditions or additional hotel charges due to early exit.

Even on a short, non-adventurous business trip, travel insurance cushions small uncertainties that may disrupt your plans. Whether or not you are a frequent traveller, a travel insurance policy makes your travel experience more pleasurable.

Myth #4 “Pre-existing medical conditions and travel insurance do not mix”

Depending upon factors like your age or travel destination, you can avail different types of travel insurance policies; various custom-made travel policies cater to different requirements of travellers. With a wide range of options being available, it becomes easier to choose. Until a few years ago, due to a lack of competition, travellers were stuck with only a handful of insurance providers. However, nowadays, with a major upsurge in the insurance market, you can easily avail customized travel insurance online that not only suits all your needs but is easy on the wallet as well.

Myth #5 'But they don't understand my needs'

Although this concern might be partly true, as many insurance providers do not cover pre-existing medical conditions in travel insurance, however, not all is lost. If you do a bit more research before purchasing an international travel insurance, you’d find that there are a few insurance companies that do offer pre-existing medical condition, albeit with a few caveats.

  • There shouldn’t be any new diagnosis or treatment/medication for the existing condition.
  • The condition of the pre-existing illness should be stable and not deteriorating.
  • Test results for the pre-existing condition should not be awaited
  • There should be no change in the frequency of medication or treatment for the pre-existing illness.

Lastly, an emergency can occur anytime whether you are on a short trip or a world tour. In the year 2011, a news portal claimed that there is one emergency medical evacuation per 4000 trips carried out internationally. As unlikely as it may sound, anyone could end up being in this position. With these travel insurance myths busted, avail ICICI Lombard travel insurance policy before you leave for your next foreign trip for a hassle-free travel experience.

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