All About Travel Insurance
The Covid-19 pandemic has shown that even perfectly-planned itineraries can sometimes go awry. Caution is of paramount importance and all safety measures need to be in place at all times. This is not restricted to just vaccinations, masks and sanitizers, but travel insurance is a priority too.
While planning a trip, many people realize that a travel insurance policy is a mandatory requirement when you apply for a visa to certain countries. However, many of them buy travel insurance just to comply, without going into details of the policy that they are buying and what exactly it would cover. There are a number of factors that distinguish one policy from another.
Moreover, travel insurance should be on your checklist while planning a trip irrespective of whether or not it’s mandated. To get the most out of your policy, it is imperative to understand what is covered and what is not. So here is a roundup of everything you need to know about travel insurance.
What Is Covered By Travel Insurance?
A travel insurance policy covers various kinds of financial losses that one might encounter during their travel. The policy term is usually the entire duration of the trip. While this protection is quite useful while traveling abroad, one can also get travel insurance to cover their trips within the country. Depending on the policy that you purchase, you could get coverage for emergency medical expenses while traveling, trip cancellation and delay, loss of baggage, delay of checked-in baggage, loss of passport, accidental death or disability, and so on.
Since the cost of travel insurance is only a fraction of the cost of the entire trip, it makes sense to opt for it to secure one’s travels. By making this small investment, you ensure that you do not suffer a big loss should you have to cancel the trip, cut it short, or even face health emergencies during the trip. For instance, you can get a starting plan for as low as INR 50 per day for a 15-day trip to the UK.
Moreover, in these uncertain times, your travel insurance also comes with global coverage against Covid-19 virus. If you are infected by the Covid-19 virus while traveling, your medical expenses would be taken care of by your insurer. Trip cancellation or delay due to Covid-19 is also covered by travel insurance policies.
Types Of Travel Insurance Plans
Not all travel insurance policies are similar. Primarily there are variations depending on whether you are traveling domestically or abroad, whether it is for a single trip or multiple trips, and whether you are traveling alone or in a group. Here are the main types of travel insurance plans:
International And Domestic Travel Insurance Plans
While the former covers trips taken abroad, the latter covers trips taken within the country. Even in the case of international travel insurance, plans are often divided into countries that they cover. Therefore, there are plans that cover specific countries or regions; meanwhile, others cover all countries barring a few. Finally, there are some plans that cover travel to any county without any exception.
Single-Trip and Multi-Trip Travel Insurance Plans
As the name suggests, a single-trip travel insurance plan covers one specific trip for a specified number of days mentioned clearly in the policy. This starts from the date of departure till the date of return. On the other hand, a multi-trip travel insurance plan covers multiple trips taken within a period of one year from the date of commencement of the policy. This is a handy option for those who travel frequently. Not only is it convenient, but also cost-effective, to go for a multi-trip insurance policy if you travel multiple times a year.
Individual and Group Travel Insurance Plans
An individual travel insurance plan is for those who are either traveling alone or with their families. While the name says individual, it covers the policyholder and his/her family members who are accompanying him/her on the trip as long as their names are clearly mentioned while purchasing the policy.
On the other hand, a group travel insurance policy is for companies whose employees are traveling for business. Often, tour operators also buy a group travel insurance plan to cover separate individuals who may be traveling together as part of a package tour. This kind of insurance is often included in the package tour.
Student Travel Insurance Plans
The Covid-19 pandemic saw millions of students suffer because of the restrictions that were imposed. This was especially true for students who study abroad. A student travel insurance plan comes in handy in such a situation as it not only covers medical expenses that can eat up your limited expenses while you study abroad but also reimburses paid semester fees if the policyholder’s education is interrupted for genuine reasons. Moreover, these plans also cover the cost of canceled trips.
