6 Reasons to Buy Travel Insurance Before an Expensive Trip

After almost two years of no activity, many people have been saving up to take bigger and lavish trips. While you plan your dreamy trip, take a look at why it becomes all the more important to buy travel insurance for your expensive trip.

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* Price shown is for a 15 day trip to UK with a 1 lakh dollar coverage for an adult of age 25 years

Why Should You Buy Travel Insurance?

Let’s be honest - we don’t really buy any insurance unless we have to, right?

Well, no matter how many people nod yes while reading this, it won’t make it right. In reality, your travel insurance is the only sure-shot way of making sure nothing gets out of hand.

Especially when you’re going on an expensive trip where a lot of money has been spent on flight tickets, hotel bookings, tour operators and other important things, a travel insurance policy becomes even more useful.

As we already know, trip insurance helps you retain your precious funds (as well as peace of mind) during an emergency. This can be due to a medical emergency, accident, losing your passport or because you had a change in plans because of something unavoidable.

Why is Travel Insurance a Must for Expensive Trips?

Like any other insurance, travel insurance is a contract that ensures you will be protected under certain difficulties. These circumstances are pre-decided and you can buy or customise your plan for the desired coverage.

However, unless mandated, most people either skip this entirely or opt for the cheapest plan available. We can only hope that these reasons will help you change your mind:

Overall Coverage

An expensive trip means a lot of prepaid expenses, which makes it a huge risk in case the trip is cancelled. With travel insurance, you will be covered for a number of reasons, including trip cancellation under a covered reason.

Just don't forget to thoroughly check the policy's trip cancellation and trip interruption benefits and the amount that will be reimbursed. Other than these, you will also be offered benefits like travel assistance, a 24X7 emergency helpline and a lot more.

Better Medical Coverage

An expensive trip is usually costly because of the place you’re travelling to. This means the cost of living is pretty high there and a standard travel medical insurance plan simply won’t cut it.

Another possibility is that you're travelling to a very off-beat or exotic place. While you're bound to enjoy this exclusivity, it can be equally dangerous.

Especially during a medical emergency, you can be forced to shell out a lot of money simply for transportation or medical evacuation. Evacuation crews don't come cheap. If you're planning to go to exotic far-off locales, don't get dingy with the medical coverage.

Ensure that you opt for a plan with a high sum insured that offers the highest coverage for medical expenses, including evacuation. To get a better idea, read up on the closest health facilities to the area you are travelling to and buy a travel health insurance plan with adequate coverage.

Fulfils Mandatory Requirements

This may not be much of a reason but a compulsion, but it is among the top reasons why most people buy travel insurance! It is simply because they have to. Many countries in the world have made it mandatory for tourists to have a trip insurance policy with the appropriate coverage.

While many countries allow you to buy insurance upon arriving at their port of entry, there are some countries that simply won’t process your visa without fulfilling this condition. However, we still believe this shouldn’t be your only reason to buy insurance!

Offers Coverage for Prepaid Expenses

Prepaid expenses such as the cost of hotel booking, flight tickets, theme-park tickets, planned excursions with the tour company etc. make a huge chunk of the overall cost of your trip.

Bounced hotel bookings or abrupt cancellation of flights or tour companies can ruin your plans. In many cases, these may be reimbursed up to a certain value. However, your insurance plan will cover these losses given that you have purchased a policy which includes this benefit.

Make sure to compare a lot of plans and buy the one that offers compensation for these prepaid travel expenses.

Ensures Higher Baggage Benefits

Assuming that expensive trips equal expensive outings, you're likely to dress for the occasion. This entails packing a lot of expensive things too, which calls for additional precaution.

Make sure to buy a trip insurance plan with appropriate luggage coverage, so that in case it is lost or damaged, you will be offered fair reimbursement. If you're carrying expensive gadgets or ornaments, don't forget to check plans that offer optionals to cover the loss or theft of these items.

Customisable with Extra Benefits

You can easily customise your plan according to your needs. This can be done through optional covers that are available at an additional premium. This will ensure greater coverage, such as adventure sports cover, home burglary insurance and many more.

Many travel insurance companies in India offer competitive plans along with a dedicated customer helpline. You can easily reach out to them for assistance and queries. In fact, premium or high coverage plans also offer many perks such as concierge benefits, assistance to senior travellers and a lot more.

Over to You,

We understand everyone has budget constraints, but if you can spend thousands and lakhs on a trip then you can surely spend 2-4% of that sum on your trip's safety net. With so much uncertainty still around us, you are more likely to thank yourself for this minor expense.

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