Travel insurance is an aspect that is often ignored in travel planning. However, it is essential to protect against risks and financial losses that could happen while travelling. In this blog, we will explore the types of coverage provided by travel insurance policies and why you need them.
Types of Coverage
- Medical Emergencies: It covers the cost of medical treatment in case of a medical emergency during a trip.
- Trip Cancellation/Interruption: It provides coverage for trip cancellation or interruption due to unforeseen events such as illness, death or natural calamities.
- Loss of Luggage and Personal Belongings: It covers replacing lost, stolen or damaged luggage and personal belongings.
- Flight Delay/Cancellation: It compensates for expenses incurred due to delayed or cancelled flights.
- Personal Liability: It covers legal liabilities arising from injury or damage caused to others by you during your trip.
Exclusions
- Any claim arising out of pre-existing medical conditions whether declared or undeclared is not covered under the travel insurance policy.
Types of Policy available in the market
- Single-trip Travel Plan: This plan protects against losses during travel and it is restricted to single-trip.
- Multi-trip Travel Plan: This policy is designed for frequent travellers. This policy secures multiple trips under one single insurance plan and saves time and effort to buy a policy each time.
- Family/Group Travel Plan: This policy is designed for family/group travellers.
Travel Insurance: Why You Need It
- Medical emergencies can be expensive and unpredictable, especially when travelling to a foreign country with totally different healthcare systems and costs.
- Trip cancellations or interruptions can result in significant financial losses, especially non-refundable expenses such as flight tickets and hotel bookings.
- Loss of luggage and personal belongings can be stressful and inconvenient. Travel Insurance provides peace of mind knowing that you have financial protection.
- Flight delays or cancellations can disrupt your travel plans and cause additional expenses on accommodation and transportation, which travel insurance can cover.
- Personal liability coverage can protect you from legal liabilities arising from accidental injury or damage caused to others during your trip.
Final Words:
The travel insurance plan provides financial protection against unforeseen events that can disrupt or ruin your trip. You need to carefully read and understand the fine print of travel insurance policies before selecting one.