We all love to travel, it is about exploring new places and creating lovely memories. But, what happens if things do not go as planned? It is necessary to realise that accidents can happen anytime and it always helps to be covered by a good travel insurance policy. Still many travellers dismiss the thought of buying travel insurance citing it as an unnecessary expense. It not only covers you against unforeseen events but also offers peace of mind to make your travel experience pleasant.
What Is Travel Insurance?
Travel Insurance is a good way to save unwanted expenditures in case of health emergencies and to secure yourself against thefts, flight delays, trip interruptions etc. The Insurance Regulatory and Development Authority of India (IRDAI) defines travel insurance as “Travel Insurance protects you and/or family against travel related accidents, unexpected medical expenditure during travel, losses such as baggage loss, loss of passport etc. and interruption or delays in flights or delayed arrival of baggage etc.”
Why Is Travel Insurance Important?
Whether you travel abroad for business or leisure, unfortunate events such as baggage loss, passport loss, medical emergency, or accident can affect your itinerary causing financial distress and unnecessary expenditures. International travel insurance protects you from such perils by ensuring that you are not left stranded in any emergency.
What Does Travel Insurance Offer?
Travel Insurance protects you against all perils on a foreign land and offer several benefits including:
- Coverage against loss of luggage
- Political risk and catastrophe evacuation
- Trip cancellation and interruption reimbursement
- Safeguards your family in case of an unfortunate event
- Provides access to high-quality medical care whenever needed
How to Choose Travel Insurance
When buying travel insurance you must consider three foremost factors, which include the destination country, your travelling needs, and the list of exclusions. Besides, other factors like insurer’s credibility, claim settlement ratio, sum insured, stay duration, affordability, purpose of visit and network hospitals are equally important. Also, make sure to read the policy documents carefully before buying the policy.
Things to Look Out for
- Make sure the country or areas you are visiting are covered under your policy
- Ask the company representative about all the reimbursement details
- Reveal any pre-existing medical conditions early on to avoid conflicts during claim settlement
- Understand the procedure and limits to your insurance claim beforehand
- Carefully examine the list of exclusions for the plan you choose
In case you meet with an accident or seek medical attention, immediately inform your insurer to avoid conflict later on. Make sure you keep a digital copy of the policy documents as it comes useful in case you lose original policy documents. With the right travel insurance, you are all set for a pleasant trip.
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