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Insurance Article

Why You Should Renew Travel Insurance in Time

January 15 2015
Why you should renew travel insurance in time

Why You Should Renew Travel Insurance in Time

It is established that insurance companies provide much-needed support while you are travelling. However, they remain helpless in case your policy was not renewed in time. Unfortunately, renewing one’s travel insurance policy is not like drafting a sick leave application after having taken the leave. It is imperative to renew your travel insurance policy before travelling, since it protects you from the potential hassles you may face in your journey. The following points highlight the importance of renewing travel insurance on time:

Whom is It for?

Travel insurance is ideal for anyone who wishes to safeguard their trip. Whether you are a businessman, a student, a senior citizen or perhaps a tourist, whatever your purpose of journey abroad, a travel insurance plan shields you from financial risks and can be availed by one and all.

Why is it Important?

Before addressing 'why' let's imagine a few scenarios. What if:

  • You incur huge losses for missing a business meeting due to flight delay?
  • You require financial support and medical help during your study term in a foreign college?
  • You lose your passport, miss your connecting flight, and you’re left stranded in an unfamiliar environment?
  • You need to be hospitalized in your post-retirement sojourn abroad?

Daunting, isn't it? And, that is precisely why it makes sense to invest in a plan that lends a comforting factor and acts as a monetary safeguard against unforeseen situations; it also offers peace of mind to your concerned family members back home.

The mandate given by foreign universities make it compulsory for students to have a comprehensive insurance plan.

Things to Remember: The purpose of your insurance renewal will depend on your destination, the type of trip and also your fellow passengers. For example, your travel insurance cover will vary if you are travelling with children, senior citizens or going alone for a meeting.

Travel plans offer protection and cover in case of:

  • Loss of baggage and/or passport
  • Medical expenses due to sickness and/or accident
  • Cashless hospitalisation
  • Personal liability
  • Other trip-related perils
  • Specific emergency-like scenarios affecting the well-being of students (death of sponsor, study discontinuation, etc.)

What are the Packages?

Generally classified as Single Round-trip or Multi-trip or Senior Citizen Package or Student Medical, travel insurance policies cover monetary liabilities in case of medical and non-medical circumstances.

Tip for frequent fliers: Renewing your travel policy gives you the chance to alter your policy. Having travelled once with a particular cover, you may have a fair idea about its relevance. You can either choose to widen the cover or concise it. However, it is to be kept in mind that the travel insurance requirements of a senior citizen flying once a year will vary drastically from a frequent traveler.

When Should I Renew My Policy?

Insurance policies should be renewed well in advance. Your initial coverage depends on the policy availed earlier. For example, you may have availed an insurance policy for a period of 25 days during which you had travelled. International coverage can be availed for 180 days at one go, and can also be extended further for 180 days. Students who have opted for travel plans enjoy the feature of auto renewals and can stay covered for their entire study term without renewal worries.

How Can I Renew My Policy?

You can renew your travel insurance policy online within a few minutes. Just key in your passport details, your policy number and make the payment. You will receive a soft copy of the policy instantly. You can choose to print it for convenience. The insurance provider, too, sends you a printed copy of the policy within a week.

They say there is a silver lining in every cloud. Fortunately you get to create your own by renewing your travel insurance policy on time, and making the most of an unfortunate situation. Pack your bags and travel without worries, after all, isn’t that the point of travelling?

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