When planning the perfect vacation, it takes time and effort to meticulously consider every aspect of a trip. Whether it is booking the right accommodation, flight tickets, or registering for any concerts or events, there are a lot of things to consider.
However when it comes to overseas travel, it is not just these that you need to consider, it is also any risks you might be exposed to, the availability of healthcare services if needed, adequate money for any emergencies, etc. This is especially true when travelling abroad with friends and loved ones and it is not just the risks that are problematic it is also the anxiety caused by being caught in them.
This is where travellers can opt for valuable tools like travel insurance to secure their trip, safeguard their interests, and travel with confidence and peace of mind. But what is travel insurance, what does it do, why is it important when travelling abroad, and how to choose the right one for your travelling needs? Keep reading to find out.
What is travel insurance and what does it do?
Travel insurance is a risk management tool specially designed to protect travellers from risks associated with travelling. These policies provide financial protection for, reimbursing, compensating, or paying for any expenses borne as a result of certain covered risks. These risks can range in terms of severity and frequency resulting in financial loss and negative travel experience.
Why is it important to opt for travel insurance when travelling abroad?
Today, we live in a world that is more connected and accessible than ever before, however, while you can take a direct flight from India to the USA and reach in 16 hours, foreign travel is still very expensive. This is why whether it is loss of checked-in baggage, trip cancellation, missed connection, medical emergency, or personal accident having to bear any unexpected expense can result in a hole in your pocket.
But if you opt for an insurance policy with coverage for the particular risk, your insurance provider will cover those expenses enabling you to travel with peace of mind. Additionally, while it might be important to purchase travel insurance when going on an overseas trip anywhere, there are more than 30 countries that mandate all travellers to be covered with travel insurance. Where without insurance, you will not receive the visa and enter the country.
How to choose the right travel insurance for your needs?
If you are considering purchasing a travel insurance policy for your trip, several factors need to be checked before choosing a particular policy.
Coverage options
For a traveller, the first thing to consider when purchasing a policy is the coverage offered as a part of the policy. It is important to consider whether a particular policy covers both medical and non-medical travel-related risks. Additionally, travellers can also choose a more comprehensive policy depending on their particular needs.
Sum assured
A sum assured is the total amount of money a particular policy covers. For example, if a policy has a sum assured of $100,000, that means that the total amount of claim settlement a policy is eligible for is out of $100,000.
Exclusion
One more aspect of a policy that must be considered when travelling is the exclusions. These are specific risks that are not covered by an insurer and taking part in them can result in non-payment or rejection of a claim.
Travel destination
As travel destinations are typically dependent on the particular insurer, consider whether your preferred insurer covers your travel destination, their scope and extent of coverage, and more.
Premium cost
The premium charged for a policy is dependent on several factors such as sum assured, travel destination, duration, extent of coverage, and more. It is vital to consider the premium with the offerings to get the best bang for your buck.
Reliability of an insurer
One more aspect to consider when purchasing a policy is the reliability of the insurer. This is because while there are dozens of insurers to choose from, not all of them are as reliable or trustworthy.
Conclusion
Travelling has a lot to offer when it comes to creating new memories, sharing lifelong experiences, and breaking through the mundanity of everyday life. Wherever you are, travelling domestically or internationally, opting for the right international travel insurance can go a long way. So opt for the right insurance policy for your needs, safeguard yourself and your loved ones from the financial impact of risks, receive quality healthcare without breaking the bank, and travel with confidence and peace of mind.
