Whether travelling for both business and pleasure travel insurance policies have become a must- have nowadays. Travel insurance covers you against unforeseen incidents that might mar your trip. With a good travel insurance policy, you can let go of potential worries such as medical expenses, loss of baggage or passport, and flight delays.
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Like all other insurance policies, even travel insurance comes with its own exclusions, and it is very important for you to know what all circumstances and incidents are not covered by your policy.
These exclusions are:
1. Preexisting Health Conditions -
Generally, preexisting health conditions are not covered by the insurer. Thus, you might not be paid for any medical expenses incurred in treating a health condition you already had. It is always better to inform the insurer about your existing illnesses as the insurance company runs a thorough background check before releasing the sum assured.
2. Accidents Due to Hazardous Sports - There are very few travel insurance companies that cover risk associated with adventure sports, such as, bungee jumping, deep-sea diving, parasailing, etc. So, be prepared to pay for the medical expenses from your own pocket in case of accidents occurring because of any such sports activity.
3. Visiting Dangerous Spots - Insurance companies do not offer cover for any accident or even death at dangerous spots. The list of dangerous spots is updated periodically and includes places that are in politically, communally, religiously dangerous situations, or where there is epidemic or war.
4. Situation of Self Harm- You will not be eligible for insurance if the any medical emergency is caused due to an attempt to commit suicide or if you meet an accident when driving under the influence of alcohol.
5. Act of God - Travel insurance does not cover you against injuries or losses caused due to natural calamities, such as, tsunami, earthquake or hurricane, irrespective of the region.
As a matter of fact, we often tend to purchase a travel insurance policy at the last minute and that too the cheapest one available since we neglect the fact that mishaps can take place anytime. We are not bothered with the fine-print and realize later when our claims get rejected. It is therefore better to take out some time and read through the inclusions and exclusions mentioned in the policy.
(Source: This article has been adapted from the article "Have you checked travel insurance exclusions before booking" that appeared in moneycontrol.com.)