Questions that Justify Buying Travel Insurance Right Away!
- DetailsWritten by PolicyBazaar -
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Updated date : 18 December 2019
The two most important decisions to consider while booking a trip is how are you going to get there and where are you going to stay. In the bustle of your preparation, travel insurance would be the last thing that comes to your mind. If you don’t consider it, believe us, it’s serious business!
In many cases, getting your upcoming trip insured with travel insurance is an ideal decision to cover your not-to-be-refunded travel expenses. In this regard, below are some questions to make acquainted with the term and to justify why you should buy travel insurance policy before embarking on the journey. Here we go:
Q1. When should I Buy Travel Insurance?
When you never consider buying travel insurance, it’s is an essential aspect to ponder in case of an expensive trip, especially if you are travelling abroad. The last thing that you wish to witness is thousands of dollars in non-refundable purchases fade away due to an unforeseen event while travelling.
Q2. But is Travel Insurance a Legal Requirement in India?
No, you’re not legally required to have travel insurance. However, your tour organiser may advise you to own one before travelling to certain countries like the USA where there is no public health service.
While travelling you will wish to secure the trip and the members who are travelling along with. It’s better your loved ones are financially covered on holiday. Accidents can happen anywhere but the issue is dealing with them in an unknown country can be difficult. And there is no point of taking the risks when medical expenses are sky-high in foreign countries.
Q3. Do I Need Travel Insurance for Europe?
As the majority of European countries come under the umbrella of Schengen regulations. This includes 26 countries, which demands you to own travel insurance. Without this won’t be able to obtain a Schengen Visa. With a Schengen travel policy, you can cover these 26 European countries without worrying about the eventuality and expenses arising out of it. While UK citizens are covered medically by the European Health Insurance Card (EHIC), they are still advised to own travel insurance. Then why no you?
Q4. What Types of Travel Insurance are Available?
Depending on your travel requirements, you can avail a variety of travel insurance. However, to ensure adequate coverage you should consider certain factors:
- The type of your trip e.g. business trip or leisure trip
- Your destination for travelling
- How long will you be there?
- Your age
- Your medical condition
- Is there any activity you’re up for?
- How often do you travel in a year?
- Is anybody else will accompany you etc?
Whatever the reason for travelling, it is possible to find the right type of cover. You can choose from the below options:
- Domestic travel insurance
- International travel insurance
- Business travel insurance
- Single trip
- Annual trip policy
- Travel insurance for a couple
- Family travel insurance
- Group travel insurance
- Senior citizen travel insurance
- Travel insurance that covers super senior citizens
The pregnant women or people with a pre-existing illness should check before if their condition is covered. You may need to pay an extra premium to cover such a condition.
Q5. Does Travel Insurance Protect my Pricey Possessions?
Loss of baggage, theft or important documents can be covered with the right travel insurance. Even if you travel within the country, the best domestic travel insurance plans ensure financial safety for non-medical emergencies. For instance, your checked-in baggage can go astray while de-boarding. The case of baggage loss is very common with airlines. There may be important or precious items inside our bag, some of them can’t be replaced, in such a case, you can cover the loss with a travel insurance policy.
Similarly, you can’t afford to lose important documents like passport or visa. With travel insurance, you can be compensated for the expenses incurred in availing the new passport. And what about those unannounced flight delays and cancellations. The loss due to a flight cancellation can be huge, where the insurance provider mitigates it up to a certain level.
Q6. What Else Does Travel Insurance Cover?
Apart from the medical expenses, your travel insurance policy also covers:
- Flight delay or cancellation
- Cancellation of the pre-booked trip due to a family emergency
- Missed flight
- Repatriation of mortal remains
- Emergency evacuation
- Loss of important documents
- Loss of baggage
- 24/7 assistance international assistance
So, travel insurance comes with a bundle of benefits, both medical and non-medical. The burden of those expenses will entirely be on you without travel insurance. This may affect your travel budget adversely.
Things to Consider
No doubt travel insurance assures financial security and peace of mind while you explore an unseen destination. However, you need to be careful about certain things at the time of zeroing down on a plan.
Consider the Sum Insured
Sum insured is the coverage amount you are entitled to receive in case of an unforeseen event. As sum insured may differ from insurer to insurer, you have to be careful before settling for one. Make sure the coverage amount satisfies your insurance needs. There is no point paying the premium for insufficient coverage.
A policy may appear appealing but you shouldn’t ignore the terms and conditions. Every insurer comes with their own terms applicable to the policy. By ignoring, you may welcome a huge threat and consequence at the time of claim.
Exclusions of Your Policy
Coverage features give an edge to a travel insurance plan. Definitely, you will opt for a plan that best suits your trip. However, here’s the catch!
Travel insurance may come with sum limit or some permanent exclusions, any claim for which will not be covered. Moreover, to cover certain losses you may have to provide a certificate from the airlines as well, like in case of baggage loss. While some others may insist on original invoice for the purchases, you made. Apart from exclusions, it is also essential to check the deductibles in travel insurance.
What’re the Types Available
By now you already know that plenty of insurers offer travel insurance in India. Each comes with different features and coverage. It is totally your call whom you want to settle with. However, your decision should be based on a proper analysis of the needs of the trip and the members you are travelling with.
Entry Age Limit
This is important to check if you are travelling with the family or an elderly person. If you want to cover your parents, check out the entry age. Travel insurers usually restrict giving insurance to elderly persons considering the risk factor. However, there is a special insurance policy to cover the needs of senior citizen travellers. Usually, you can add them up to 60 under a normal policy. Above it, senior citizen travel insurance can be the best option.
Claim Settlement Process
This becomes possibly the most important factor while selecting a travel insurance plan. Having knowledge about the insurance provider’s claim settlement process helps you restore an idea about the compensation or assistance in the hour of need. Understand the process of claim thoroughly. Always go for a plan that promises easy claim settlement. You can look for IRDA’s record on claim settlement ratio of a particular insurance company to remain at a safer side.
Global Tie-Up's with Claim Assistance Centres
Insurance service providers offering overseas travel insurance have tie-ups with international agencies to provide quick assistance globally. The more the linkage, higher are your chances of finding a centre and being advised in a hassle-free way. Make sure you go for the insurer with extensive network list globally.
When is the Right Time to Buy Travel Insurance
You can buy travel insurance even a day before flying out of India. But remember that, for certain countries like the USA or UK owning travel insurance is compulsory at the time of applying for your visa. So, it is recommended to buy travel insurance prior to 60 or 70 days from the exact travel date.
Over to You!
Believe us, there are many who often undervalue the importance of buying travel insurance. So, you’re not alone. People don’t want to spare money or consider it unnecessary purchase, as they believe nothing can go wrong. But what if it doesn’t go well with you?
It’s never too late. If you are planning an international or even a domestic trip, you should consider travel insurance. Medical emergencies, thefts, accidents and legal threats on foreign & domestic trips are enough to wreck your personal finances and this much reason is enough to cover your trip.
However, picking the right policy can be daunting owing to the dizzying variety of choices available in the market. This anyway requires a lot of research and some additional comparison of plans. Let’s consider travel insurance and enjoy an exotic holiday without worrying about the adversity.
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