Travel insurance helps cover unexpected problems you might face while travelling, such as getting sick, missing a flight or losing your bags. However, what many people overlook is that this safety net only works if your policy is active. Letting your travel insurance expire, even by a single day, can leave you completely unprotected at the worst possible time.
In this article, we will delve into the importance of renewing travel insurance on time and how to do it.
What is travel insurance renewal?
Travel insurance renewal means extending your existing policy before it ends. This helps maintain continuous coverage, especially if you are still travelling or planning another trip soon. Some insurers offer automatic renewal, while others require you to renew it manually before the expiry date.
Key reasons to renew travel insurance on time
Here are a few reasons why you should renew your travel insurance on time:
- You stay protected without gaps in your insurance, especially if your trip gets extended.
- Travel insurance covers emergency medical care abroad. If your policy ends, even a small health issue could lead to a large bill.
- Delays, cancellations or baggage issues can happen at any time. Without valid insurance, you won’t be able to claim compensation.
- Renewing on time means one less thing to worry about. You can focus on your journey instead of policy expiry dates.
- Renewing on time is often simpler than starting a new policy, which may require fresh paperwork or health checks.
Consequences of not renewing travel insurance plans on time
If your policy runs out before you renew it, you risk losing key protections when you need them most. These are some of the consequences you may face:
- Any incident that happens while your policy has expired, whether a medical emergency or lost baggage, won’t be covered, and you will have to bear the full cost yourself.
- If you try to make a claim after the policy has lapsed, it will be rejected, even if the issue started just after expiry.
- Renewing late or buying a fresh policy later might come with higher premiums or reduced coverage options, especially if your health or travel plans have changed.
- Without active insurance, you won’t have access to emergency assistance services, which can make it difficult to find trusted hospitals, translators or help with stolen documents in a foreign country.
- In some countries, proof of valid travel insurance is required to enter or stay. If your policy expires, it might lead to visa or immigration issues during long stays or stopovers.
When should you renew travel insurance?
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 to renew your travel insurance policy?
You can renew your travel insurance online within a few minutes. Just key in your passport details and your policy number and make the payment. You will get a digital copy of the policy immediately after purchase. You can choose to print it for convenience. The insurance provider, too, sends you a printed copy of the policy within a week.
Conclusion
Renewing your travel insurance on time is just as important as buying it in the first place. It ensures you stay protected from unexpected costs, disruptions and emergencies while travelling. Just keep in mind that if you are using a single-trip travel insurance plan, extensions are limited, and you will often need a fresh policy for any additional travel beyond the original trip.
FAQs
1. Can I renew travel insurance after expiry?
Usually not. Some insurers may offer a short grace period, but in most cases, you will need to buy a new policy once it expires.
2. Is renewal possible if I am still travelling?
Yes, but only if you renew before the policy expires. Some insurers also offer extensions if your trip is delayed.
3. Do I need to renew if I have an annual plan?
Yes, even annual plans need to be renewed once the coverage period ends.
4. Will my premium increase on renewal?
It depends on your travel history, age, destination and any policy changes.
5. Can I switch insurance providers during renewal?
Yes, you can choose a different insurer if the new policy better fits your needs.
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.