Travel Insurance Plan for your Next Foreign Trip – To Buy or not to Buy?

Aug 27 2019 01:41 PM
Travel Insurance Plan for your Next Foreign Trip – To Buy or not to Buy?

You’ve packed your bags, booked the tickets and you can smell the fresh air by the beach already but wait- what about that time you got a food infection, or you get twisted ankle running because you were in a rush to catch the plane?

It was never serious albeit but it only takes a moment for a disastrous accident to befall you in an alien city. Help will not be that easy to find when it does, especially if you are travelling overseas to a foreign country without overseas travel insurance plans. Thus, more and more people are banking on Travel Insurance that will have their back if and when the need arises.

Insurance plans can be both Basic Trip Cancellation Protection and a complete comprehensive Travel Insurance. So, you get to enjoy the perks of last-minute cancellation with a full refund or complete coverage of your hospital bills in case of any medical emergency.

Everyone thinks they’ll never need it. And that is the most common mistake we all commit. However, this is not the wisest decision we make. Amidst all the fun and frolic, any mishap might cost us prompt medical treatment and hence, cost us a huge lot of money and even life. In most Western Countries, the medical costs are sky high and even consultation can cost us a fortune. So, one should stay prepared by having an International Travel Insurance plan that helps protect against various unforeseen eventualities.

Let’s discuss some of the key reasons to opt for an Insurance Cover:

Medical Expenses in case of- Accidents, Sudden alleviation of Chronic Diseases, Health Risks such as Food Poisoning, MI, Heat Stroke, Flu. It helps one stay financially protected in cases of accidental death, injury or disablement.

Trip Cancellation, curtailment, interruption.

Various Personal Liabilities

Delayed/cancelled fights/delayed baggage.

Rental car damage, hotel cancellation and/or upgradation etc.

Emergency Evacuations/Airlifts in cases of Medical emergencies/Natural Disasters like Tsunami or Hurricane afflicted regions or areas of political unrest.

Loss of luggage/passport/personal documents, fire/burglary in the days of stay.

Some insurance providers even offer bail bonds in case of arrests abroad.

Adventure Sports Accidents – Skiing/paragliding/ Bungee jumping. With more and more youngsters opting for such trips, this has become a new reason to stay insured.

Cruise Ships – The number of natural disasters is on the rise. And medical emergencies onboard ships aren’t uncommon, especially for senior citizens.

Senior Citizens are offered Mediclaim coverage against personal accident, medical expenses, repatriation, pre-existing illnesses et al.

All this is overseen by various travel insurance plans available in the market today. So much so that many Credit cards and/or Travel sites are providing built-in insurance as a part of their service to augment customer satisfaction.

A major part of potential pre-decided monetary losses is covered by the respective insurance providers. The travel insurance plan takes care of it all for you and you get to enjoy various insurance benefits for a nominal insurance premium.

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Factors that decide your Insurance plan:

Travel Destination –

Countries with expensive medical services and frequent natural calamities will cost a higher premium. Example – US, Canada, Japan.

Coverage –

Special add-ons such as cover for adventure sports, home insurance or separate insurance for important documents and expensive items will increase the cost.

Type of Plan –

Single trip/multi trip/student trip/senior trip plan.

Sum Insured –

The cost of the policy is directly proportional to the amount assured.

Duration of Travel –

Premiums increase according to how long you plan to stay in the country in question.

Age, Health, Pre-existing Conditions –

Travel insurance providers tailor-made plans according to these parameters as many pre-existing conditions are not covered by most providers.

When you don’t require Travel Insurance?

There are reasons to forego going that extra mile to insure you for an expensive package that you never need nor claim.

Convenience-

Many people make the mistake of making an impulse purchase thinking of it as a cancellation policy. They use it for hotel cancellation which is a waste of money as that option is provided by the booking services themselves.Flights –

You will always get a seat in the next flight in case of a cancellation or delay. Thus paying extra for your own seat makes no sense unless it is a business trip and you ought to reach in time.

It’s NOT a Panacea –

You will always end up paying for pre-existing conditions, mental health afflictions, dental emergencies, going into labour while vacationing as these and many more shall remain to be covered.

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Wrapping it up!

One needs to do the necessary research before purchasing any plan and the precise comparison is a must. The top insurance providers in India include TATA AIG, Bajaj Allianz, Religare, HDFC Ergo, Apollo Munich etc. The fine print is important to be reviewed before making a hasty decision as knowing the terms of conditions of how and when to claim is ever important if you want to enjoy the benefits of these plans that you purchased with your hard-earned money.

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