When to get Travel Insurance- Benefits and Types

Types of travel insurance

There are different types of travel insurance available in the market. These policies vary depending upon the requirements of the people. So, you can buy the one that fits you the best.

• Family Travel Insurance

No one likes to have problems while traveling during vacations. But what if your flight tickets get canceled, or you lose your luggage? One can't certainly avoid such glitches, but at least be prepared for them. 

A family travel insurance takes care of such problems so that you can have your well-deserved vacation. The coverage amount given under the scheme is equally divided among all the family members.

• Multi-trip Travel Insurance

If you're someone who goes on a lot of trips in a year, then annual multi-trip travel insurance is the ideal solution for you. 

Whether traveling for a business trip or a vacation, multi-trip insurance covers an unlimited number of trips in that year. Moreover, it saves you from the hassle of taking an insurance policy every time you travel.

• Single Trip Travel Insurance

For people who aren't frequent travelers, a single trip travel insurance proves to be quite helpful when traveling overseas.This policy covers a single overseas trip and lasts until you return home from your trip. Insurances under this policy come with a limit as to how many days you can count as a single trip.

• Senior Citizen Travel Insurance

Senior citizens are often more susceptible to sudden unpredicted medical problems and other unforeseen circumstances while traveling. Hence, it's a must for them to take proper precautions before going on any trip. 

Here, a senior citizen travel insurance plan plays an essential role in protecting from dangers and threats, which can arise during a trip. 

• Domestic Travel Insurance

While planning a domestic trip, you need to be just as careful. After all, it's a unique experience that you get to be a part of without stepping into intimidatingly unfamiliar territory. 

But the thing is that unforeseen circumstances can arise anywhere, so it's better to be prepared beforehand. As a smart traveler, buying domestic travel insurance can be a great way to play safely while traveling

• Group Travel Insurance

A group travel insurance is ideal for people who prefer to travel with friends and colleagues. It basically protects a large group of people who aren't connected as a family but are traveling together to the same destination at the same time. 

It covers emergency medical problems, cancellation of the trip, a hijack disaster, etc. 

• Corporate Travel Insurance

Nobody wants their corporate trip to be full of worries? Isn't it? Corporate travel insurance gives you assurance and safety while you're on a business trip. This insurance covers Repatriation and Funeral services, dental or medical expenses, etc. 

In fact, Corporate tour insurance gives you additional protection and lets you enjoy your trip without any worries. 

• Student Travel Insurance

Students who are currently studying abroad can take up student travel insurance to get the benefit of medical or nonmedical insurance coverage while they are staying in a foreign country. 

This insurance features a unique auto-renewal and extension policy. In fact, students will not just get the benefit of paying medical bills but will get proper assistance and coverage for other various expenses like baggage loss, family visits, etc. 

• International Travel Insurance

Don't you wanna plan an easy-going International trip with peace of mind? International travel insurance provides you with a range of covers like emergency health care, hospitalization, etc, so that you can enjoy a hassle-free international trip. 

Apart from that, you can protect important documents, passports, and luggage that you're carrying along with you while traveling overseas. 

How to Choose a travel insurance policy

Travel insurance policies are vital for securing your travel plans from any future damages. However, with the abundance of such insurance policies, it can get quite confusing as to which one is the right policy. To aid you in this cumbersome task, here's our insight and tips on how to choose and what to look for in a travel insurance policy:

• Nature of your travel insurance

Your travel insurance should be in sync with your travel plans. The insurance policies vary depending on the needs of the buyers. Hence, you should be aware of your requirements before picking one. If you plan to go on just one trip, opt for single-trip insurance. However, if you are a frequent traveler, opting for annual insurance is a better option as it can single-handedly cover up all your trips. Students, on the other hand, can go with student travel insurance for better benefits. 

• Coverage offered by the policy

Before diving in and buying a travel insurance policy, it's crucial to comprehend the nature of coverage provided. You can choose from primary or secondary insurance. The primary insurance offers you on-the-spot coverage whenever an emergency arises. Under the secondary policy, you need to pay for the losses on your own during an emergency and can claim reimbursement later from the insurer. 

• Destination Coverage

This might sound trivial, but checking whether your selected policy covers the destination you wish to travel to is a must. Different policies have different terms and conditions, and some provide global coverage while others restrict themselves to specific geographical locations. Also, make sure to read the clauses carefully to know more about the details, premiums, and sub-limits. Comparing different policies for the equivalent features is also helpful.  

• The type of Policy

Buying a separate policy for each member of the family can be quite expensive and cumbersome. The cheaper alternative is going with an insurance policy for couples/family. Choosing a policy which will offer coverage for all the members of your family including the children should be the goal.

• Medical Coverage

Understanding the entire depth of medical coverage offered by your insurance policy is of vital importance. It's important to disclose any pre-existing medical condition and/or addiction that you or your family member might be suffering from and verify whether your insurance policy covers those issues or not. Usually, the dividend for such cases might be higher, but regardless, disclosing these vital points is important while buying an insurance policy. 

• Luggage Coverage

Another frustrating setback to your joyous trip can be losing your luggage. The last thing you should do is neglect luggage coverage just because you think you're responsible enough to take care of your luggage. Mishaps happen and thousands of travelers encounter this rather frustrating problem. Therefore, it's important to choose a policy that covers lost baggage. Further, you might want to look for the clauses specifying whether the coverage is only for a total loss of luggage or others such as hand luggage are covered separately too.  

• Cancellation coverage

Having to cut your trip short or even worse, canceling the whole trip abruptly due to any medical or legal emergency, can be one of the most heartbreaking events; both due to all the missed fun and the money lost in case of a pre-planned trip. Fortunately, an ideal travel insurance plan can be your companion in such situations and reimburse you not only for the losses but also for the return tickets. Therefore, depending on your overall trip expenses, you can pick a policy that provides acceptable cancellation coverage. 

• Look out for the Exclusions

Exclusions are just as important as the inclusions. Once you're done thoroughly examining 'what's covered', jump onto what's not covered. Usually what the travel insurances do not entertain/cover are the claims arising due to pre-existing medical conditions, intentional exposure to risks, suicide attempts, any sort of addiction, mental disorders, etc. So, it's crucial to carefully examine the specific clauses and wordings of the policy before giving it a nod. 

Travel Insurance Benefits

They say prevention is better than cure and this holds true for every aspect of life be it your health, or your traveling plans. Travel insurance is one such prevention that unfortunately is often undermined by people. Traveling to a whole new destination isn't always all rainbows and sunshine and is very much susceptible to any type of mishap. Those kinds of troubles are when travel insurance serves as a life savior. There are numerous incidences where travel insurances can prove to be of immense importance, some of them are: 

• Covers up losses during travel:

Imagine being so excited to be traveling to a new destination and then you realize you've lost your belongings! What a dreadful thought, right? However, Travel insurances usually provide coverage for losses such as baggage, wallet, or passport. They compensate you for any additional expense that these losses can incur on you.  

• It compensates for medical emergencies:

One of the biggest advantages that travel insurances provide is the reimbursement of your medical bills! Accidents, Medical conditions, or even dental treatments can be covered by a travel insurance policy. The insurance companies compensate you with the amount specified in the policies. These insurance companies also allow you to get cashless treatment in several hospitals across the globe and ensure you don't face any problems. 

• Compensates for any disruptions to the trip itinerary:

Nothing in life comes with certainty and neither do your trips. Any unforeseen situation or event such as some medical issue, cancellation by the airline or hotel seller, bad weather, or the travel company going into a financial crisis can lead to a conference in your perfectly planned trip. This is where a travel insurance policy can come in handy. They not only help compensate against losses that may ensue before your trip begins, but also provide cover against trip curtailment issues. However, the compensation is subject to variation with the product. 

• Compensation against personal liability:

This aspect of travel insurance provides cover against any damage that the insured person causes to a third party during a travel journey. This means, that any compensation that the insured person owes to the third party facing damage, will be covered by the travel insurance policy. Be it property damage or damage to a person, third-party liability covers them both. However, these coverages can vary from product to product.

When should you purchase travel insurance? 

You might be wondering what's the right time to buy travel insurance. Well, it's better to get one as soon as possible, but one can buy up until the day before they leave for their journey.

To make you understand better, let's assume that your airline company becomes insolvent between the time you booked your flight tickets and the day of your departure. In such a case, you can still get a suitable insurance plan before you leave. However, if that company is under bankruptcy protection, you do not get any coverage. So, you have to choose your plan accordingly. Also, keep your trip duration and requirements in mind before getting insurance.

You can find many travel insurance schemes that compensate for pre-existing medical problems. However, this works as long as you get insurance within the first few weeks of your initial travel payment. It's a significant factor that one must remember before getting any insurance.

Conclusion.

There is always a threat of unforeseen danger no matter where you are. All we can do to stay safe is be prepared for the worst. And that's what travel insurance does when you face problems while traveling. Now, you know what's travel insurance, why you need one, and its benefits. So, you can always choose one policy from the types of travel insurance offered while planning your next trip.