You should have complete information about the travel insurance policy so that you can make the most it. A travel insurance policy covers various kinds of travel-related risks during your trip. It can be purchased to cover the domestic trip as well as an international trip. As a travel insurance buyer, you should be aware of the various kinds of features offered by different travel insurance companies. You should buy the right travel insurance policy after comparing the products and features. Go for the one that fulfils your insurance needs and expectations.
What is a Travel Insurance Policy?
Travelling is a great experience. When you travel, you get exposed to new cultures, customs and traditions. You get to experience the beauty of nature and different climatic conditions. In spite of the best efforts and planning, you cannot neutralize certain risks that are beyond your control. The risks which are not in your control will be covered by the travel insurance company by paying a small premium. If there is a loss, the travel insurance company will provide insurance coverage as per the opted sum assured.
In simple terms, a travel insurance policy covers various kinds of risk factors. The risk factors vary from one insurance policy to another policy. You can customize the policy as per your requirements.
Types of Travel Insurance Plans
Travel insurance policies are designed by insurance companies to fulfil the specific travel needs of the insured. You can buy a domestic travel insurance policy or an international travel insurance policy as per the nature of the trip.
Here are the different types of travel insurance plans offered by the insurance providers:
- Domestic Travel Insurance Policy- lf you are travelling within the country, you can buy a domestic travel insurance policy. Even though you have a health insurance policy, domestic travel insurance policy will cover medical emergency along with other travel-related risks.
- International Travel Insurance Policy- When you book a holiday or business trip to a foreign country, there can be various kinds of contingencies. You should assess the relevant risk factors and buy the most appropriate travel insurance plan to cover your needs.
- Student Travel Insurance Policy- If you are travelling to another country for higher studies or diploma course, you should buy a student travel insurance policy. It will ensure your financial safety.
- Group Travel Insurance Policy- A group travel insurance plan covers various risk factors and provides insurance coverage to a group of people travelling to the same location at the same time.
- Family Travel Insurance Policy- All the family members can be covered in a single insurance policy. The family travel insurance policy can be customized as per your needs.
- Single-trip Travel Insurance Policy- If you are undertaking a single trip in a span of 365 days, you can buy a single-trip insurance policy. The validity of the policy will expire as soon as you complete the trip.
- Multi-trip Travel Insurance Policy- A multi-trip travel insurance policy will provide insurance coverage for multiple trips. If you are a frequent traveller, you should opt for multi-trip travel insurance policy.
- Senior Citizen Travel Insurance Policy- The senior citizen travel insurance policy is designed specifically to fulfil the travel needs of senior citizens. Senior citizens who are in the age group of 61 to 70 years can buy a travel insurance policy which covers hospitalization as well.
- Corporate Travel Insurance Policy- The corporate travel insurance policy covers business executives for their corporate trips. The policy covers domestic as well as international trips.
Why Should you Buy a Travel Insurance Plan?
A large number of people travel from one place to another place within the country as well as foreign countries. Various kinds of risks involved in each kind of trip can be covered by buying a travel insurance policy.
Whether you are travelling to pursue higher education or on a pleasure/business trip, you should cover the following risk factors:
- Health Emergencies- Health emergencies are unavoidable. The medical emergency can be easily covered by the travel insurance policy.
- Mandatory- It is mandatory to buy a travel insurance policy to obtain a visa for countries like the US. You should be covered by a travel insurance policy to visit some countries. It makes travel insurance a must-have.
- Dental Emergencies- Most travel insurance companies provide coverage for dental emergencies. The purpose of the dental treatment must to relieving the pain and suffering post the injury.
- Flight Cancellation- If the flight is cancelled by the airlines, you would have to make alternative arrangements. The expenses incurred in booking an alternate flight or accommodation will be borne by the travel insurance company.
- Personal Liability- The damage caused to the third-party due to your negligence will be compensated with the help of the travel insurance plan.
- Legal Assistance- As per the terms and conditions of the insurance policy, the travel insurance company will offer legal assistance in case you are involved in a legal trouble.
- Loss of Baggage-The loss or misplacement of baggage will be covered by the travel insurance provider. If you opt for the loss of personal belongings, you will get compensation from the insurance company for in case there is a loss of covered items.
- Loss of Travel Documents- Unless you lose travel documents due to confiscation by police or customs officials, you will get compensation for arranging a duplicate copy of travel documents.
- Emergency Cash Allowance–If you lose money or credit card due to robbery, the travel insurance company will provide emergency cash allowance as per the applicable terms and conditions.
Over to You
A travel insurance policy will save you from travel-related financial crunch. Hence, you should buy the right kind of policy to cover your domestic or international trip.