If you are the one who thinks your travel company covers insolvency, you’re not alone. Most travellers expect their insurers to cover airfares, tour booking and accommodation fares if a travel agent busts. But unfortunately, most standard travel insurance policies in India, including HDFC ERGO Travel Insurance, don’t provide assistance for insolvency, a collapse of airline, hotels, tour operators, cruise operators etc. However, some state tourism boards in abroad, encourage the customers to purchase a travel insurance plan with insolvency coverage against the travel agent. But the fact is that only a handful of insurers exist that cover bankruptcy of a travel provider like tour operator or airline.
Having Travel Insurance with Insolvency Cover is good Having a travel policy with insolvency coverage saves you from being financially affected in the event of financial default of the service provider. Your travel expense will be compensated in case you’ve re-arrange your trip due to the bust of the service provider, hotels, resort operators, trip operator, car hire companies etc. Travel agent’s cancellation fees incurred will also be reimbursed due to any of these financial failures. Ways to Protect Yourself Travel via Agent: If you are among does who believes in ‘help yourself’ and arrange for all travel related things by own for your next trip, then you’ll be at risk when it comes to financial protection. Instead, we suggest you to go through a travel agent. This way, if the airline collapses, you might be able to get the reimbursed amount or in some cases, they may help you get home safely. Use Your Credit Card Always: It is always advisable to use credit cards over debit cards while buying travel arrangements. Using your credit card is a good way to ensure protection while making any purchase. In case of an unexpected situation, the credit card company might be able to recover your money. Read the Policy Document: It is mandatory to read the policy documents thoroughly. Whenever you get stuck in some points, do give a call to the insurer and clear your doubts before buying it online. Compare to Get Best Deal: Before buying, you can compare travel insurance policies that provide protection against insolvency online. There are N numbers of comparison tool available online, which help you get the best plan and secure your trip. Shop around to get your exact insurer. You may read : The Problems of Travelling to a Foreign Country and its Solutions It is sad that there are no such insurers, who cover insolvency of a travel agent. Their discontinuation of membership of Travel Compensation Fund (TCF) could be a reason. This association provides financial assistance to the traveller who bears a loss when a travel agent collapses. But there are few countries in abroad which continue the trend of providing travel insurance with insolvency. For instance, the Singapore Tourism Board encourages its outbound customers to have travel insurance with insolvency coverage. However, the insolvency coverage may vary policy to policy depending on the terms and conditions posed by the insurer.
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Adventure, excitement, unwinding are some of the words recounted with travelling and not an accident, medical emergency or illness. A sudden expense can burn a big hole in your pocket while you are travelling abroad. They not only surprise you by their sudden appearance but also in most of the abroad countries, the medical care is higher than what you left in your hand. You can ensure your peace of mind in these situations by paying a small amount annually. Yes, we are talking about overseas travel insurance plans.
A travel plan has many benefits. It provides cashless hospitalisation and, if needed, covers the emigration cost. Moreover, it provides financial assistance in the event of any mishaps such as accident, medical emergencies, loss of checked-in baggage, important documents or passport, trip cancellation/interruption and personal liabilities. It is your saviour by providing legal support in a financial emergency. If you convince with the point, then your next step is to look for a good overseas insurance plan, which covers all your expectations. End numbers of travel insurance plans are available online to make you puzzle. Don’t be mystified, just visit the website, compare the travel plans and select the best one for you. Some of the most beneficial and hence popular international travel covers are offered by the following companies:
You may like to read : Travel Insurance Coverage Tips by Policybazaar Overseas Travel Insurance: Few Facts
Thus, it is wise not to treat them as ‘another paper work’ or buy whatever the agent tries to convince you. It is most important to understand your need so that you can decide the best travel plan which can bear the all sudden expenses that may leave you stumbled. In today's’ busy life we often ignore our inner-self. Who doesn’t like to take a break from Excel files, emails, con calls, computers, commute etc. and fasten the seat belt, pack the luggage and off for a trip. Travelling always helps discover the inner peace, caters memories, experiences and adventures at its best.
Nevertheless, with all the fun and excitement of exploring a new place, your physical wellness is something you can’t ignore at any point. Because it may tear down all the excitement once you get sick during a trip and leaves you slump financially. However, of all the possibilities, a mishap may occur leading to the worst experience like- an accident or falling sick due to climate condition, flight cancellation or you lose your luggage. So a smart traveler is who always carry and keep handy an insurance plan which provides Medical Travel Insurance to face all these odd situations. To make your trip hassle-free and ensure your safe return it is mandatory to have a travel insurance plan, which covers medical expenses during a trip. Insuring you with a travel insurance plan is the best way to remain assured that hefty emergency bills due to an unforeseen incident don’t ruin it. Just for a deep dive! Medical Cover:
Travelers are prone to illness in a new place due to change of climate, water etc. People often thing that they can’t fall prey to a mishap but in reality, the law of averages paints a different picture. Falling sick or sudden changes in the trip, flight delay, loss of baggage could be some of the hiccups in a traveler's tale. So it is always advisable to have a travel insurance plan, which may not help you avoid the misfortunes but it consolidates the loss in the form of a monetary compensation. However, we can’t deny the fact that the insurance sector is not free from stiff competition, like other majority sectors in India. All the insurance companies offer their services at a competitive price, creating a dilemma among the buyers. Hereby, it is very necessary to compare each plan top the others and select the best one for you which fulfill your travel requirements. |
AuthorInsurance and financial manager. Archives
May 2018
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