Travel insurance is the last thing that we consider when planning a holiday trip. Most of us think it as an extra expense that does not offer anything in return. If you are on the same side then you are certainly on the wrong side.
What is Travel Insurance? It is a specially designed insurance policy suitable for traveller roaming inside the country or on a foreign land. This offers protection in case of any medical emergency along with many other critical conditions like loss of baggage, cancelation of flight and any accident that requires medical assistance. Why Do You Need Travel Insurance? We have a misconception that, foreign trips only to be insured with travel insurance policy. The truth is both domestic and foreign travel trips should be insured properly as misfortune can strike us anytime. Mishap does not come with a prior notice. Apart from medical cover, such insurances offer bunch of physical and financial help to save you from grave danger. Benefits of Having Travel Insurance Just like health insurance or car insurance, primary goal is to safeguard you and your family from unexpected events during a trip. Its job is to reimburse the insured person the cost of unpredicted troubles incurred during the travel. These policies typically cover cancellation fee and lost deposit, medical expense, alternative transport expense, loss or delay of luggage, accidental death or permanent disability, personal liability and other additional expenses. Always read the policy documents before finalizing the travel insurance to understand terms and conditions applicable for successful reimbursement. How to Choose the Right Travel Insurance? There is a list of things that should be kept in mind before buying the travel insurance. Here are some of them to ease your task of choosing the right travel insurance. • Check out if the policy is offering any accidental coverage in case of mishaps resulting from any adventurous activity like hiking, paragliding, skydiving and others. • If you have any pre-existing disease then discuss the matter with the travel insurance company and confirm what coverage you are liable for such medical conditions. • Never buy a travel insurance that will fall short to cover your expenses. If you are travelling with expensive and costly equipment, then be ready to pay little extra for your gadgets. • Buy a policy that covers tenure of your trip completely. Never go for cheap travel insurance that does not cover your whole trip and falls short by 1-2 days. • During the trip, always keep a tight watch on your belongings. Travel insurance can offer only financial reimbursement for your lost belongings but can’t save you from the harassment and inconvenience that you have to face. • Check the exact amount you need to pay for the policy. Ask the insurer about any hidden cost and charge. Choose a plan that fits your budget and your requirement. Conclusion: While planning a trip, we try to save money to make it possible under a budget. It may increase your budget slightly but it comes much cheaper when you compare the price with the benefits coming with travel insurance policy. To save the fun, always opt for a travel insurance. Must Read : 10 Topmost Travel Destinations to Visit in Winters in India
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AuthorInsurance and financial manager. Archives
May 2018
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