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 theft, 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.”
What is the importance of having a travel insurance?
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.
Benefits of travel insurance
The benefits of having travel insurance go far beyond medical coverage. Here are some key advantages:
- Medical emergency assistance, including hospitalisation, treatment and even evacuation.
- Trip Cancellation or Interruption: Reimbursement for non-refundable expenses if your trip is cancelled or cut short.
- Baggage loss or delay compensation.
- Flight delay coverage that helps you manage unforeseen scheduling changes.
- Emergency assistance services are available 24/7 in multiple languages
What does a 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.
Types of travel insurance
There are several types of travel insurance plans tailored to your travel style and frequency:
- Single trip travel insurance: Ideal for a one-time vacation or business trip. It provides coverage for the duration of a single journey.
- Multi-trip travel insurance: Best suited for frequent flyers, offering protection for multiple trips within a year.
- Senior citizen travel insurance: Tailored for older travellers with pre-existing medical conditions.
- Family travel insurance: A cost-effective way to insure the entire family under one plan.
Steps to choose the right 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 of your insurance claim beforehand
- Carefully examine the list of exclusions for the plan you choose.
Conclusion
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 in useful in case you lose original policy documents. Whether you're going on a one-time international vacation or a business trip,single trip travel insurance gives you focused, cost-effective protection. Invest in the best travel insurance tailored to your journey and experience the world with confidence.
FAQs
1. Is travel insurance mandatory?
While not always mandatory, many countries require proof of insurance for visa applications.
2. What is the difference between single trip and annual multi-trip insurance?
Single trip travel insurance is one of the best travel insurance options, for one journey, while multi-trip insurance is valid for several trips within a year.
3. Does travel insurance cover COVID-19?
Most policies offer COVID-19 coverage, including medical treatment and trip cancellations, but confirm with your insurer.
4. Can I buy travel insurance after booking my flight?
Yes, but it's best to purchase it as soon as you book to avail of cancellation benefits.
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.