When it is summer time, most of us pack our bags to an exotic destination within the country or abroad. While booking your tickets by air, train or a bus, you may have noticed an option for travel insurance. Some of us might have opted to insure the travel and some may not have selected it considering it silly. With the rising incidents of accidents, should you buy a travel insurance and is it worth getting one?
What is a travel insurance?
Travel insurance is a general insurance which covers the losses in a travel such as accidents, unexpected medical expenses, theft of baggage, cancellation of flights etc. You do not have to buy a travel insurance every time you travel, but rather you can opt for annual plans which will cover many trips.
There are plenty of travel insurances available and it is important to buy the right one to make your trip memorable. Here we have listed out 5 important things that you must know about travel insurance.
For overseas travel, a travel insurance provides loads of benefits and it is must to have one for entering certain countries. The benefits include flights delay, cancellation of tickets, medical emergencies and baggage loss etc. For domestic travel, the insurance can be purchased while booking the ticket itself. The expenses on the travel insurance is significantly lower when compared to overall travel costs.
2. Pre-existing disease coverage
Most of the insurance companies exclude coverage of treatment for pre-existing diseases. However, there are some who covers such diseases too in case of life-threatening medical conditions. It is important to check the medical condition of your family members and make the careful declaration to the insurer for avoiding any hassle while making a claim.
Pregnancy is considered pre-existing medical condition. Hence the expenses related to pregnancy in a foreign country will not be covered under a travel insurance policy.
3. Luggage Protection
An exciting trip could turn upside down when you happen to lose your baggage in a foreign country. Keeping this in mind, there are insurances to give protection to your luggage. However, one must be informed about the terms and conditions that come along with the insurance.
In most cases, only the checked-in luggage is covered, and the cabin baggage is not covered under insurance. You can make a claim when you lose it on your travel to a foreign country not while travelling back. Some insurers ask you to furnish bills for the items that you carried in your bag and few do not have such conditions and offer you complete coverage.
4. Adventurous sports
The risks which might occur by taking part in an adventurous sport in a foreign country has to be dealt on your own. Insurance companies exclude hospitalisation charges or accidents cover that might happen from such adventurous activities. If you specially go on extreme adventure sports, there are special plans available to get adequate coverage.
5. Premiums and plans
The premium on the travel insurance depends on the length of your trip. Longer stay in a foreign country usually attract higher premiums. Moreover, older people may have to pay higher premium as travel insurance increases with increase in age, as it is considered a risk profile.
There several travel plans catering to your needs and requirements. International travel plan, student travel plan, family travel plan, corporate travel plan and senior citizen travel plan are some insurance policies that one must be well informed.
Using an online platform, you can quickly compare and analyse each travel insurance plan and choose the one that is right for you.