A majority of people like to travel. When not travelling, some travel enthusiasts are planning their trips. Travel gives you a much-needed break from your daily routine. The monotony of your everyday life can push you towards boredom.
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As a result, you need to refresh your mind. Some people travel to refresh their mind.
While traveling provides a much-needed break from the daily routine, it also brings travel expenses along. Since travelling costs money, when you spend your hard-earned money on it, you want to get the best experience. To ensure that you get the best travel experience, you must opt for travel insurance and avail insurance coverage.
When you travel, travel insurance provides a safety net to your finances. In case of any unfortunate incident on the trip, insurance comes to the rescue to cover those unforeseen expenses as per the applicable terms and conditions.
It is better to be safe than sorry when you are travelling. When you travel, you get exposed to various travel-related risks. Under various circumstances, insurance provides you with financial security. The cost of the trip can rise by about 4%-8% depending on the opted coverage, but it brings with it peace of mind.
As compared to long trips, short trips are inexpensive. Having said that, you must opt for travel insurance regardless of the duration of your trip. When trips cost a hefty amount, some people are reluctant to pay a nominal insurance premium for financial protection during their trip. They think - Why should I pay for insurance premium? What if I don’t need to avail insurance coverage? Then the paid insurance premium will be a sheer wastage. Insurance experts advise opting for travel insurance coverage to secure your trip against unavoidable expenses that can burn a hole in your pocket.
Some credit cards offer basic travel insurance benefit. They offer coverage for the unpredictable situations a cardholder may find themselves in. As compared to comprehensive travel insurance policies, these plans have imitations. Typically, travel insurance offered by credit card covers trip cancellations, loss or theft of luggage, accidental death as per the applicable terms and conditions.
Let’s take a look at coverage offered by travel insurance offered by credit cards.
Mostly, every credit card company provides trip cancellation coverage for natural disasters, terrorist threat, bad weather, etc.
They may even cover the non-refundable costs one may have incurred before delays or premature end to the trip.
The exact coverage offered by each credit card company will differ. That’s why it is good to know the offered coverage and terms and beforehand
Usually, credit card insurance covers the incurred expenses in case of loss or theft of luggage. Some even cover costs incurred due to the delay of checked-in luggage. In addition to that, loss of personal belongings is covered up to a specific limit.
Generally, credit card travel insurance coverage offers a pre-decided sum assured that the cardholder will get in case of accidental death or dismemberment of a body part.
Note- Death under certain circumstances is not covered such as heart attack or due to an existing medical condition.
The credit card company will cover the incurred expenses due to medical treatment and medical emergencies during a trip. The thing to keep in mind is, injuries caused due to activities like horse-riding, bungee jumping, skydiving, etc. are not covered under the insurance.
So, these were some of the basic travel insurance benefits offered by credit card travel insurance. You must understand that this type of travel insurance cannot be altered and tailored to meet your needs. Credit Card travel insurance usually provides domestic travel insurance coverage as well as international travel insurance coverage
Listed below are some credit cards that offer the best travel insurance in India
It offers air accident insurance coverage up to Rs. 1 crore and emergency hospitalization coverage overseas of up to Rs. 15 lakhs.
It offers coverage for personal air accident death up to Rs.10 lakhs. In addition to that, loss of travel documents (passport, tickets, etc.) are covered up to USD 500, plane hijack coverage up to USD 3000 and missed connecting flights coverage of USD 300 is offered.
It offers air accident coverage of up to Rs. 2.5 crore. In the case of loss of documents or delay in luggage check-in, it offers coverage of up to USD 300 each.
Over to you
While the offered insurance coverage is pre-specified, the coverage may vary one credit card company to the other. Make sure you read the details of offered insurance coverage by the credit card company beforehand. What you need to understand is that it is not comprehensive travel insurance and it will have its limitations. However, it is always good to have that extra level of security for yourself.
One of the best travel tips we can give you is- cover your trip with insurance. In fact, almost every travel guide advises travelers to opt for a good travel insurance plan. It helps to avoid the unnecessarily exorbitant expenses they may incur during your trip.