Everything You Need to Know About Travel Insurance in 2021
Post the pandemic, travel insurance has become a must-consider point before traveling. It has now become more important to insure a trip than ever to ensure a safe, hassle-free, and a secure journey.
What is Travel Insurance?
A travel insurance is a type of insurance which covers unforeseen financial expenses incurred while travelling domestically or internationally. In general, buying travel insurance online will cover most of the costs and losses associated with traveling; for example, trip cancellations, travel delay, baggage loss, medical emergencies, etc.
What Does a Travel Insurance Cover?
There are different types of travel insurance that offer various coverages depending on the premium. In most scenarios, a travel insurance covers the following:
A trip cancellation policy reimburses a traveler for prepaid, non refundable travel expenses depending on the policie’s terms and conditions. Since flight cancellations have become petty common post the pandemic, it is extremely important to have the trip insured.
Baggage Loss Coverage:
Loss of baggage coverage protects lost, stolen, or damaged luggages during a trip (to or from the destination) depending on the terms.
Medical & Emergency Coverage:
Medical coverage can help with medical expenses like coverage for hospital charges, physician services, ambulance services, etc. depending on the type of policy opted. Some policies also provide the necessary coverage for medical evacuation to the nearest medically equipped facility.
Apart from the aforementioned medical coverages, a travel policy might also cover accidents, permanent or partial disablement, and deaths.
Types of Travel Insurance Plans
There are majorly two types of travel insurance i.e. domestic and international. Different companies have varying insurance types. For example, in case of Care Health Insurance company, the classifications are as follows:
- Family Travel Insurance
- Senior Citizen Travel Insurance – Individuals above 60 years of age
- Student Travel Insurance – Renewal age between the ages of 12 to 40 years
- Corporate and Group Travel Insurance
- Medical Travel Insurance
- Single or Multi-Trip Travel Insurance
- Flight and Baggage Insurance
Factors to Consider While Choosing a Travel Insurance
A few important factors to consider before choosing a travel insurance policy are as follows:
Coverage – Medical & Non Medical
Check what type of coverage a policy is giving. Ensure that medical coverages like emergency hospitalization, surgery, medical evacuation, accidental death, etc. are covered. Also, check whether the policy covers non medical expenses like baggage loss, flight cancelation or delay, etc.
The premium may vary depending upon the coverage types, duration of stay, etc. Check the online premium calculators of the insurance company and choose the one which gives a comprehensive coverage at a relatively lesser premium.
Review & Claim Settlement Ratio
Check the reviews of the insurance company beforehand. This can be extremely handy for availing quick assistance during emergencies. Also, check for the claim settlement ratio to have a complete peace of mind while traveling.
Always check for the exclusions in the policy. Below are some of the common exclusions:
- Claims due to consumption of drugs and liquor
- Claims due to wars or terrorism attacks
- Cosmetic treatments
- Claims due to suicide attempts, self inflicted injuries or from adventure sports
- Travel against medical advice and with pre-existing diseases
- Treatment of HIV and alternate treatments like ayurveda, etc.
This was all about the travel insurance plans, how to choose the right plan and why are they important. Get completely thorough with the insurance terms and conditions before buying the right policy. Also, it’s always better to have a comprehensive travel insurance policy while traveling to have a completely secured trip.