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All about Travel Insurance

With global travel becoming easier and airlines slashing prices, anyone who ever wanted to travel can easily do that today. However, when you travel abroad, what can give you protection against any accident or illness? Something that can help in such a situation is Travel Insurance.

What is Travel Insurance?

Travel insurance is insurance that is intended to cover medical expenses and financial (such as money invested in non-refundable pre-payments) and other losses incurred while travelling, either within one's own country, or internationally. For example, Travel Insurance covers:

  • Trip Cancellation/Interruption
  • Medical emergency
  • Events like delay or missed departure
  • Delayed arrival or Loss of baggage
  • Passport loss and legal expenses  and much more.

Who is eligible to avail this insurance?

Whether you are a first time flyer or a frequent flyer and are going on single trip or multiple, travel insurance can be taken by anyone. The type of traveller does not have any impact on anyone opting for travel insurance.

What is covered by Travel Insurance?

The most common risks that are covered by travel insurance are:

  • Medical expenses
  • Emergency evacuation/repatriation
  • Overseas funeral expenses
  • Accidental death, injury or disablement benefit
  • Cancellation
  • Curtailment
  • Delayed departure
  • Loss, theft or damage to personal possessions and money (including travel documents)
  • Delayed baggage (and emergency replacement of essential items)
  • Legal assistance
  • Personal liability and rental car damage excess
  • What is excluded in the coverage?
  • Medical expenses arising out of:
  • Pre-existing conditions except in case of life-threatening situations
  • Addiction to alcohol, drugs
  • Mental disorder, anxiety, depression
  • Venereal diseases
  • Sexually transmitted diseases, AIDS, HIV
  • Radiation, nuclear weapons induced
  • Sporting activities
  • Loss of passport in public place
  • arising out of loss of valuables, money, securities, and tickets

What is the premium for Travel Insurance?

The premium for travel insurance depends on which part of the world you are travelling to and the duration of your stay. For instance, the premium for travelling to the US and Canada is different from travelling to the rest of the world.

How do you make claims for the reimbursement of expenses covered by the insurance?

With the increasing competition between insurance companies, the procedure for making claims has become very easy. Generally, you need to call up a toll free number of the insurance service provider and register your claim. You will be advised on the documents that would be needed to be submitted to process your claim. A Third Party Administrator (TPA) would then validate your documents and will process your claim.

Tips on buying Travel Insurance

Do not buy travel insurance only till the last day of your trip. An emergency might occur at the last moment and it is better to be prepared for such eventualities.

When comparing travel insurance products, ensure that you not only compare the prices, but also the benefits, exclusions etc.

Check availability of different covers - terrorism cover, hijack distress allowance - apart from the normal coverage provided by travel insurance.

Remember, to always read the policy document carefully and get your doubts clarified.

With the boom in the travel industry and airline offering cheaper airfares, foreign and domestic travel is gaining momentum. At such a time, due to its benefits, travel insurance is also gaining popularity. More and more people are opting for travel insurance.

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