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Commonly Asked Questions on Travel Insurance Part I

​​Nowadays it has become very important to avail travel insurance if you plan to travel domestically as well as internationally. While travelling,it is easy to get overwhelmed with the things that need to be taken care of. In order to ensure that there are no unpleasant surprises pertaining to a travel insurance claim, let’s discuss a few commonly asked questions and their answers.

​1. What is Travel Insurance? Do you really need one?

Like any other insurance cover, travel insurance safeguards you against a host of perils and untoward incidents that may occur when you are travelling. Having travel insurance is essential because it secures you on multiple levels from various risks and dangers that will hurt you financially in a big way. Travel Insurance offers coverage against a host of accidents and vagaries. Although it varies with insurance companies, here are some of the important ones: -
  • Trip Cancellation: If your trip gets cancelled due to various reasons such as airline issues, medical emergency or a natural disaster, you would be entitled to get a refund on your ticket charges. 
  • Baggage Loss: If you lose your baggage at the airport, you will receive reimbursement in varying degree depending on the coverage and the nature of your travel insurance policy. The policy covers baggage delay beyond a certain period of time too.The details pertaining to this can be understood by going through the policy wording. 
  • Medical Expenses:This is arguably one of the most important reasons why international travel insurance is an absolute necessity. When you are abroad, the cost of medical treatments and allied expenses is pretty high. If you happen to face a medical emergency say in a country like the US, it will burn a huge hole in your pocket. ​
​​2. Is Travel Insurance Mandatory?​

Unlike Vehicle Insurance, Travel Insurance is largely non-mandatory. There are a few exceptions such as Schengen countries, where it is mandatory. Without an overseas travel insurance in place, you won’t be able to obtain a visa for Schengen.
 
It makes sense to reiterate that, although optional, it is highly recommended to purchase a travel plan to insulate oneself from the financial implications of an untoward incident when away from home.

3. How much does Travel Insurance Cost?

The cost of a travel plan is the premium you pay towards it. It depends on numerous factors such as:
  • Health and Age of the Insured
  • Travel Destination
  • Sum Insured
  • Trip Duration
  • Type of Travel Plan
  • Optional Add-Covers
These factors decide the travel policy cost accordingly.

4. What to look for while buying Travel Insurance?

Before buying a travel cover, ensure that it covers all your requirements. It is helpful to go through the list of inclusions as well as exclusions prudently in this regard. This will help you understand the travel insurance coverage thoroughly and add necessary add-on covers as required. For instance, if your plan does not cover adventure sports and if bungee jumping is on top of your to-do list, it is a good idea to avail add-on coverage for the same.
 
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