The excitement before going on a trip is ineffable. You make innumerable plans, prepare your itinerary and look forward to exploring new places. You make sure to book your travel tickets and stay in advance, especially when it comes to overseas travel, to avoid any last-minute hassles.
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Despite all the planning and taking care of every minute detail, you may come across unfavorable situations that may cancel or curtail your trip.
Suppose you have an international trip planned and just a day before the trip starts, you meet with an accident. With all the bookings done, you will have no choice but to cancel your travel and stay. In most circumstances, the airline and the hotel may not return your money back as your bookings may be non-refundable.
This may lead you to incur major financial losses. Now imagine that you are abroad on a vacation. But two-three days into the trip, you get the news that one of your close family relatives is terminally ill or your house has been robbed in your absence. In such situations, you will be forced to cut short your trip and get back home early. Again, you will end up losing quite a lot of money.
As humans, you cannot delay or avoid the occurrence of such unforeseen incidents. All that you can do is buy travel insurance online that covers you against any financial losses arising out of such instances. Travel insurance ensures that a traveller gets financial aid from his/ her insurance provider in case an unforeseen event leads to monetary losses. Also known as trip insurance, it provides coverage against emergency medical expenses, accidental death, baggage loss, trip cancellation and trip interruption amongst others.
Trip cancellation and trip interruption are travel insurance policy coverage that reimburses prepaid, non-refundable travel expenses in case your trip gets cancelled or curtailed due to unforeseen incidents. Trip cancellation covers any financial losses that you incur in case your trip gets cancelled due to an unavoidable situation. For instance, you lose your job a couple of days ahead of your overseas trip and are unable to go ahead with it. This cover is applicable only if the trip is cancelled before the trip commences.
Similarly, trip interruption covers you against any loss of finances in case your trip gets interrupted by an unforeseen emergency and you are required to immediately return home in India. For instance, one of your family members pass away during your trip and you are unable to continue with your trip. This cover is applicable if an ongoing trip is interrupted or curtailed.
Trip cancellation and trip interruption do not provide coverage for all unforeseen incidents. Instead, it reimburses your travel expenses only if the trip has been cancelled or interrupted due to a covered incident. For instance, trip cancellation due to a medical emergency is covered but due to rejection of visa is mostly not covered.
Most travel insurance companies offer trip cancellation and interruption cover as part of their international travel insurance policies. All you have to do is buy travel insurance online at least a day before the start of your trip. You must buy travel insurance online after comparing various plans by different insurers. However, you can also get trip cancellation and interruption insurance under select credit cards.
Different bank credit cards can also help in providing trip cancellation and interruption insurance coverage. A lot of credit cards come with an in-built travel insurance policy that provides coverage against trip cancellation or trip interruption. All you need to do to avail trip insurance benefits is to have such a credit card and pay for your travel bookings with it. Be it hotel stay or airline tickets, the payment should have been done with the credit card that offers trip insurance benefits.
In case you have made payments for your travel bookings through a debit card or another credit card then the credit card with trip insurance benefits will not cover you against trip cancellation and interruption. This means you will not receive a refund against your paid airline or hotel bookings and will end up suffering monetary losses.
You may come across several credit cards that offer trip insurance benefits. You may find it confusing to decide which credit card to apply for in order to get the best trip insurance benefits. While choosing a credit card to cover your trip cancellation and interruption expenses, you must consider the following factors:
Take a look at some of the best credit cards in India that offer trip cancellation and interruption cover:
The HDFC Bank Regalia Credit Card is a rewards point credit card offered by HDFC Bank. It provides comprehensive insurance protection against emergency overseas hospitalization up to Rs 15 lakh and accidental air death cover for up to Rs 1 crore.
The Standard Chartered Priority Visa Infinite Credit Card is a complimentary rewards point credit card offered by Standard Chartered Bank to priority banking customers. It comes with medical insurance of USD 25,000 and overseas air accident cover worth Rs 1.2 crore. It also provides coverage against baggage delay, loss of personal documents and baggage, flight delay and flight hijacking.
The YES First Preferred Credit Card is an exclusive privilege rewards point credit card offered by YES Bank. It provides overseas medical insurance worth Rs 25 lakh and accidental death cover of Rs 1 crore. It also offers concierge services for travel and hotel referral and reservation.
The Standard Chartered Emirates World Credit Card is a miles-based credit card by Standard Chartered Bank. It comes with trip interruption cover of USD 1000, overseas air accident coverage worth Rs 1 crore and flight delay cover of USD 300. It also provides coverage for baggage loss, baggage delay, loss of personal documents, personal liability and flight hijacking.
Summing It Up
Unforeseen emergencies occur at any time and spoil all your plans. It is better to stay prepared for any adverse situation beforehand to avoid incurring any major financial losses. Hence, you must buy travel insurance online or apply for credit cards that can come with trip interruption and trip cancellation cover. Make sure to pay for your travel bookings through your credit cards to be eligible for in-built trip insurance benefits.