A trip often makes you wonder about the various aspects of a place, be it the scenic beauty or its culture. Travelling solo or planning a trip with your family or friends generally requires a lot of planning. Hiring a travel agent, looking for accommodation, flights, clothes etc. We live in a century where even the most primary aspects of our lives are insured (assured), then how about insuring an experience?
This insurance of experience to a place is referred to as a travel or trip insurance. Multiple reasons or incidents can affect your trip in a certain manner, resulting in financial loss. A travel insurance provides you with monetary compensation and services which protects you and your family from unforeseen circumstances.
Major categories under travel insurance include:
- Trip cancellation
- Accident coverage
- Medical care
- Personal possession
- Phone assistance 24/7 worldwide
*A compensation depends on a variety of factors and the value attached to them.
In case of a trip cancellation due to unpredictable conditions (cancelling, interrupting or delaying your trip), a travel insurance compensates you for the mentioned reasons.
- In case of sickness, injury or sudden death of a travelling partner, any family member or your own.
- Jury duty
- Bankruptcy of your vendor
- Act of terrorism in your city/ destination city
- Weather conditions leading to delay or cancellation of flight
- Unexpected work commitments
In case of an injury or death during the trip, your family is entitled to compensation. It is essential if you’re travelling to a risky place or taking part in activities which puts you in jeopardy. The injury may not be covered in a standard general insurance, especially if it’s not in the domestic region.
In case of emergency medical requirement you’re covered for any care and transportation. It is crucial when travelling abroad, since general health insurance doesn’t assure any compensation. Travel insurance acts like an extension to cover any medical necessity while you’re travelling internationally.
Coverage is provided for your belongings, digital gadgets, jewellery and in some cases passport and lost money in case of theft.
In case of any emergency requirements (theft, cancellation, accidents etc.), majority of travel insurance companies provide a 24/7 caller support service. Some of the assistance provided by them include:
- Medical transportation
- Treatment at the adequate hospital
- Passport assistance or lost baggage
- Travel information
- Emergency telephone assistance
Depending on your needs and finances you can choose from a pool of travel insurances by comparing the coverages and the period. Some of common ones include:
- Travel accident insurance
- Medical Evacuation Insurance
- Travel medical Insurance
- Package travel insurance
- Annual and Speciality travel insurance
These insurances can be bought for a period of time depending on the frequency of your travels. The three possibilities are:
- Per-trip coverage if you need coverage for a single trip
- Multi-trip coverage if you’re a frequent traveler and covers multiple trips, none exceeding 30 days.
- The annual policy provides protection for the whole year.
Things to keep in mind while buying these insurances:
- Cancellation policies of the service provider
- Review existing policies and insurances
- Familiarize yourself with the terms and conditions of the insurance
As an extension to general insurance and in many cases outside them, travel insurances covers trips with any risk or compound journeys, protecting you and your family in case of unpredictable events.