Augustine once quoted “The world is a book, and those who do not travel read only a page.” So true, travel is one of life's biggest pleasure. But to assure a joyful and worry-free trip, it is very important to get a travel insurance coverage before you set off on your journey. A travel insurance cannot replace the emotional turmoil caused by an unsuccessful trip but it surely compensates the loss, at least in the monetary terms.
A decade ago, people in India were largely unaware of the immense benefits, an overseas travel insurance has to offer. But with the increasing number of overseas travelers, it has finally started gaining a momentum.
Travel insurance can be of two types, single trip plan and multiple trip plan. If you are going on a one time trip, then single trip plan is the thing for you. However, if you happen to be a frequent traveler, getting a travel insurance as many times will not only stand as costlier but also more hectical. Multiple trip plan caters to the needs of such travelers. It is applicable to 'n' number of trips per year. So, if you visit abroad 4 times a year, a multiple trip plan will get you a coverage on all the 4 trips under one policy.
Travel insurance is the only form of insurance that provides a multitude of diverse covers under a single plan. An ideal travel insurance covers the following:
- Medical Expenses - Needless to say, health care costs are much higher in countries like US. While abroad, illness, injuries and accidents can turn out to be a costly affair. Having a travel health insurance
- Accidental Death/Disability/Dismemberment - No one knows the ways of nature. In spite of all the care, accidents happen and no one knows why. The grim fact is, we can't stop them from happening. What we can do is try to mitigate the after effects, at least in financial terms and that is exactly what a death/dismemberment cover does.
- Delay/Interruption/Cancellation of Trip - You are all packed up and ready to set off and at the last moment you come to know that your flight is delayed by 6 hrs. Uh-oh! If you had been covered by a travel insurance, the insurer would have reimbursed expenses you incur on meals and accommodation in that 6 hrs slot. Consider an alternative scenario, your flight is not delayed but canceled altogether. In that case, if you are covered by a travel insurance, the insurer will reimburse any prepaid expenses that you have incurred on your trip such as airline tickets and other booking amounts.
- Loss/Theft of Belongings - The majority of travelers say that losing their documents, baggage and belongings is the number one concern whilst abroad. It is as hard to trust someone as not to trust when you are in an unknown territory. Considering this, it seems only wise to prepare beforehand for such unforeseen events by buying a travel insurance.
- Travel Assistance Services - At times, its the petty things that end up bothering you the most. Travel concierge services come handy making the trip hassle free, by assisting the traveler with restaurant reservations, hotel reservations, sight seeing arrangements, event ticketing, and so forth.
- Overseas Funeral Expenses - In the unfortunate case of demise of someone during the trip, taking back his/her body to the native place/homeland can be quite a burden. A travel insurance offers repatriation of remain cover which financially assists the friends and family of the deceased bringing back his/her body home.
- Personal liability - Americans are considered to be very finicky about their lawns. Imagine a scenario, you lose the control of your car and end up running over his much caressed lawns. Only god knows, for how much you'll be sued? A personal liability cover makes sure that you get a financial cushion in case you accidentally injure the third party or damage the property.
- Acts of terrorism - In today's era of globalization, it has become imperative for professionals and entrepreneurs to be a global traveler. At times, a person may even need to go to places that are vulnerable to terrorism. Getting a terrorism cover under a travel plan while going to such places frees you of anxiety.
It is as crucial to know the exclusions of the travel policy as its inclusions. The common exclusions in a travel plan are as follows:
We hope, we have finally convinced you of the immense benefits a travel insurance has to offer. We would like to conclude by putting that it pays to buy a travel insurance from online portals after making a thorough comparison between quotes from a number of insurers. An online travel insurance saves you money, time and effort.
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