Travelling has become an integral part of our lives. Whether it is for business, studies or pleasure people have become more mobile than ever before. Of course, an increase in the rate of travel and number of travellers, has also led to an increase in the occurrence of multiple travel related risks. This could range from luggage that has been misplaced by airlines, to costs incurred due to transit delays, to falling sick on foreign shores. It is important, therefore, to take measures and insulate oneself against unforeseen circumstances so the rest of the travel experience goes smoothly and without much inconvenience.
What Does Travel Insurance Cover?
Broadly speaking travel insurance covers policy holders for some common scenarios. These are:
Luggage Protection Coverage
This is one of the most common inconveniences that travellers run into. If it is a daunting prospect to lose one’s luggage while travelling to domestic destinations, imagine the inconvenience and costs incurred if the same incident occurs in a different country. This is why luggage protection coverage is crucial for all travellers.
Insurers provide travel insurance to cover incidences of loss or theft. In addition some even provide travel assistance in the form of legal advice, facilitating emergency cash transfers, or even providing legal advice.
Medical Cost Coverage
No one wants to fall sick on vacation, but the truth is travellers need to insure themselves against unanticipated medical emergencies should the need arise. What’s more, if the person travelling is a student then they certainly need to be insured against medical exigencies like trips to the emergency room, dentist and so on. Some insurers also provide coverage to protect against high cost situations, where, for instance a person might need to be medevaced from one location to another.
It might so happen that a trip needs to be cancelled at the last minute. In those circumstances the traveller is usually left to foot the bill for hotel and flight cancellation charges and so on. Trip insurance would also insulate travellers against costs incurred due to transit delays and so on.
Common Types of Travel Insurance
This type of travel insurance is meant for people within the ages of 18 to 65 who are travelling within the country. The policy will provide protection against loss of tickets, travel documents, flight delays and so on. It also covers emergency medical costs.
Corporate Travel Insurance
Corporate or business travel insurance is for those who send their employees on domestic or international business trips. It provides similar coverage as domestic and international insurance, and insures employers against those risks
For persons travelling outside the country, international travel insurance will provide coverage against baggage loss, travel delays, loss of important travel documents, cost of repatriation if necessary and much more. It also assists policy holders during extreme circumstances like hijackings and high-risk medical emergencies. These would cover basic scenarios like medical and dental costs in addition to accidental injury expenses, baggage loss expenses and a lot more.
The number of students travelling abroad has increased exponentially in recent years. Since they travel out of the country for extended periods of time, it makes them a demographic most vulnerable to various emergencies
Important Travel Insurance Features at a Glance
- Travel medical insurance covers for in/out patient hospitalization along with daily allowance.
- Personal accidents cover in case of permanent disability/death.
- Coverage for contingencies related to personal possession.
- Coverage for loss of baggage and passport.
- Coverage for expenses related to trip delays.
Important caveats to travel insurance
- Flights/trains missed due to local protests/civil war.
- Expenses incurred due to local protests/civil unrest.
- Pre-existing conditions leading to hospitalization.
- Baggage delay that is less than 24 hours.
- Damage/loss of keys
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