For some travellers, going on a trip is just packing their bags and heading out, while for many others, travelling requires a lot of careful planning, deliberation, and thought. Whether it is meticulously planning and scheduling every activity on an itinerary or spending hours carefully choosing a hotel and flight tickets, there is something refreshing about the time spent on carefully planning one’s trip.
However whomever you ask, there is one thing that no one wants to experience when travelling, and these are called risks. These risks range from medical to psychological, direct and even indirect, and in certain circumstances, they can lead to financial loss and a negative travel experience. While it is impossible to predict and counter each of these risks separately, travellers can opt for tools such as travel insurance to avoid having to face their financial impact.
This article will explore the basics and help you understand what is travel insurance and what does travel insurance coverage entails. Keep reading to find out.
What is travel insurance?
A travel insurance policy is typically a contract between an insurance provider and a policyholder, guaranteeing the policyholder financial assistance and protection when faced with covered risks. This protection is offered in the form of compensation or reimbursement for expenses borne by the insured due to these covered risks mentioned in the policy document. In addition to this, travellers can also benefit from quality healthcare services and protection when faced with extraneous circumstances such as theft or hijacking.
What Are the Main Types of Coverage in Travel Insurance?
There are several types of coverages one can expect as a part of travel insurance, which are medical, travel-related, and other or miscellaneous. Here is the breakdown of some of the key travel insurance coverages:
- Medical
- Medical emergency
- Emergency out-patient treatment
- Ambulance services
- Medical evacuation
- Personal accident
- Covid-19 coverage
- Hospital daily cash
- Travel related
- Emergency trip extension
- Missed connection
- Trip delay
- Trip cancellation
- Miscellaneous
- Lost checked-in baggage
- Personal liability
- Hijack protection
- Repatriation of mortal remains
- Loss of passport
Each of these coverages allows travellers to claim settlement for expenses borne due to them, thus protecting the traveller from its financial impact. Travel insurance thus acts as a safety net and a fallback option enabling the traveller to travel worry-free.
Why Is It Important to Understand Travel Insurance Coverage?
Travellers need to understand travel insurance coverage and the requirements to claim such coverage to avoid any last-minute surprises and hassle when trying to claim settlement for a loss.
For example, adventure sports are not covered by insurers unless they are taken as an add-on. Now imagine a scenario where the traveller is injured while participating in such an activity. They have insurance and decide to claim settlement for the treatment, but then they realise that adventure sports are not covered by their insurer, thus leaving them to fend for themselves.
In contrast to this, if the traveller had read their policy and understood what is not covered, they could potentially avail of this coverage as an add-on, not take part in the activity, or be more careful. This is why travellers need to consider these risks and plan accordingly.
Who Needs Comprehensive Travel Insurance Coverage?
Any traveller planning a trip outside India should consider opting for comprehensive travel insurance coverage. Not only are the policies affordable and accessible, enabling travellers to purchase the policy from anywhere at any time, but there is no value for life, and it is better to secure your trip and not need it than to face the impact of these risks without insurance.
This is why, regardless of your age, fitness, and health, it is imperative to secure your trip so that you can travel worry-free with peace of mind.
Where Can You Find Detailed Information About Travel Insurance Coverage?
The policy document is the best place to find detailed information about the scope and extent of coverage, special conditions, inclusions and exclusions, and numerous other aspects of travel insurance. For example, if your policy is for $50,000, what is the breakdown, and how much can you claim settlement for based on your trip? By checking out the policy document, travellers can easily plan their trips and face any trouble head-on without worry.
Conclusion
Travel insurance is a necessary investment for travellers, enabling them to travel with confidence and peace of mind so that they can enjoy their time abroad with their friends and loved ones. However, do remember to opt for a reliable travel insurance policy from a leading insurer like Niva Bupa and check the coverage to avoid any last-minute surprises.