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Insurance Article

Travel Insurance - Cost or Investment?

May 02 2018
Travel Insurance - Cost or Investment

A travel insurance policy covers medical expenses, cancellations, theft and other liabilities.

There are two types of Indian travellers, one who are aware of the benefits of availing a travel insurance and consider the same as a smart investment. The other group believes no medical ailment or financial calamity can befall them while traveling. They view travel insurance as an unnecessary cost.

Determining whether travel insurance will be a cost or investment for you, is dependent on the amount of risk – cancellations, delays, interruptions or medical emergencies, you are prone to while travelling! Here are 7 reasons why travel insurance has proven to be a prudent investment.

Account for Trip Delay or Cancellations

Whenever, you pre-book any activity – air travel, hotel stay or cruise ride; you will be liable to financial risks arising out of postponement or cancellation of your travel plans. If the aggregate amount is more than what you are willing to part with, then availing a travel insurance is an effective option.

Risk Cover for Big-Ticket Trips

Luxurious trips with a complex itinerary such as a world trip or a European gateway involves higher potential risk as compared to a weekend gateway. A travel insurance covers unforeseen risks like the travel service provider going bankrupt.

Comprehensive Coverage for Health Problems

A health insurance cover generally ceases when you step out of your country but with a travel insurance cover, you can avail cashless hospitalization anywhere while traveling. This insurance plan also covers pre-existing diseases.

Emergency Assistance

Disaster can strike anytime. Travel insurance is the best mode to defend yourself against any impending natural calamity. This insurance tool also covers you against acts of terror, strikes, etc. The insurance provider assists by arranging alternative transport modes and also refunds non-refundable payments.

Baggage Safety

Do you often travel with expensive durable goods like a laptop, mobile phone, or camera? Travel insurance covers your gear against theft and other losses. The insurers also offer coverage against jewellery, passport and other important documents.

Liability Coverage

Travel insurance covers any third party liability arising out of damages caused to property or an individual due to accidents. This tool also provides cover against any personal accidents caused while traveling.

Mandatory in Certain Countries

Schengen Countries have mandated travel insurance for foreign visitors. However, this regulation has proved to be beneficial for travellers as availing healthcare services overseas is expensive. For example, travel insurance is not mandatory in USA. The country has the best healthcare facilities, which are also the most expensive. An injury here can heavily disrupt the traveller’s finances; therefore, it is highly recommended to travel to United States with a travel insurance policy that covers medical expenses.

So, the next time you plan an international trip, don’t forget to factor in the cost of travel insurance too.

Related Article:

Financial Considerations To Make Before Your International Travel
Countries Where Travel Insurance is Mandatory

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