Travel insurance is a very important part of insurance policies and provides financial coverage and other benefits on a trip if any mishaps occur, both in a domestic or an international trip. It should not be sidelined during overseas trip for business, vacation or higher studies. Medical or health policy only covers medical emergencies that may occur during a trip. But your travel insurance policy will bear all sorts of losses like misplacements or non-arrival of luggage’s, cancellation or delays of flights, looking for your stolen documents, etc. If you are still unsure about buying travel insurance, do read the few important tips below.
Types of Travel Insurance:
There are four important types of travel insurances-
- Individual, Family and Senior Citizen Travel Insurance.
- Domestic and International Travel Insurance.
- Single and Multi Trip Travel Insurance.
- Business and Student Travel Insurance.
The cost of travel insurance is based on a number of factors such as the age of the insured, the destination of travel, length of stay and pre-existing medical conditions.
Go Through Documents Carefully:
Travel insurance is a contract; hence you should always read the product statement carefully and ensure that you understand exactly what your policy covers. You should keep in mind that it is not unlimited. It may not cover you for cancellation or change of travel plans. Always keep a copy of the policy statement for your own record.
Limits and exclusions:
Travel Insurances include standard general exclusions applicable on all policies. These can include acts of civil unrest, self-inflicted injury, acts of terrorism, loss or theft of unattended baggage’s and undisclosed pre medical condition. Travel insurance policies may be cancelled if injuries occur under the influence of alcohol or drugs.
Generally travel insurance exclude dangerous or extreme activities such as snowboarding or surfing, rock climbing, kite surfing, bungee jumping and scuba diving. However you can pay an additional premium to cover such activities.
Cover for luggage and personal belongings is limited and expensive items such as cameras, laptops and/or jewellery may have a limit mentioned under the policy taken by you.
Travel Insurance covers so many benefits, that it becomes almost mandatory to have one while you travel. So you should most definitely own one if you are planning to travel.