As covid-19 instructions ease up, the world starts opening. In recent months, the global tourism industry has also paced up its work. Although you are eager to travel, the pandemic is yet to get over completely. With the uncertainty of increment in cases, it is advisable that you are all prepared. But, have you got travel insurance cover?
Travel Insurance
Like any other insurance, travel insurance also provides financial stability. As a matter of fact, travel insurance usually covers losses and costs incurred during traveling. It may be used for both domestic traveling or abroad traveling. These are usually sold as packages and often include damages caused to personal property and rented property. These are sold by traveling companies along with other benefits. While travel insurance may cover several benefits, however, it usually covers interruption changes, flight accident coverage, personal property damages, and medical expenses.
Sometimes the coverage even includes 247 emergency services like replacement of lost passports, rebooking canceled flights, and cash wire assistance. To summarize, travel insurance is a benefit that individuals can avail themselves of at the time of need while traveling. This is very essential for people who often travel. This may also be used by business persons doing business globally and involves much traveling, traveling enthusiasts, tourists, etc.
Types Of Travel Insurance
There can be a very different and exclusive type of travel insurance. These may vary on the benefits, travel insurance, etc. Here we discuss categories based on duration.
- Single Trip Travel Insurance- This type of insurance is best suited if you travel seldom. It will cover the damages of any single trip.
- Multiple Trip Travel Insurance- This type of insurance covers damages caused by multiple trips in a single year. However, none of the trips should be longer than 30 days.
- Yearly Trip Travel Insurance- This insurance is best for frequent travelers. It will cover all the trips that your make in a particular year.
How does travel insurance work?
If you find travel insurance tricky, don’t worry. Like any normal insurance, in travel insurance also some damages are recovered. However, these damages are purely related to traveling. There are certain specific travel-related damages that are covered by travel insurance. These are:
Interruption Coverage
This is also known as trip cancellation insurances. We all know that tickets can be really expensive sometimes, especially in abroad places. At the same time, time can be extremely unpredictable. So you never know when you will have to cancel your trip. In such cases, it may be possible that the amount you spent may not be refunded. An interruption coverage helps to recover such damages. Under this, a traveler gets reimbursement for prepaid and non-refundable expenses. Some of the common reasons accepted are illness, sudden business conflicts, immediate family needs, and weather drastic news.
To better understand travel insurance, let’s take an example. Say you paid $1000 for a travel package and all will be refunded except $100, then travel insurance will only recover the non-refundable $100.
Personal Property Coverage
Losing personal property is a very common thing for travelers. Sometimes this can be a severe headache as you might even lose all your travel expense money. Many times, there is considerable damage to personal or in worst cases stealth. Travel insurance cover includes such damages also. Many times airlines recover such damages only if they are caused by their own negligence but things can get really tricky sometimes. Also, there are some restrictions also on the reimbursement money. So, travel insurance adds an additional protective layer in such cases.
Health Coverage
Travel insurances often cover minor to major health damages. The minor coverage is when the trip duration is for few days only while the major coverage covers longer durations. These medical coverages provide assistance in locating doctors, availing healthcare facilities, getting foreign-language services, and of course medical expenses. In some cases, a hospital stay can also be covered.
Death And Flight Accident Coverage
Definitely, death is unfortunate and unpredictable. Even if you took all the safety measures, accidents can still occur. In certain complex cases, these accidents may not be covered by general insurance. However, in travel insurance, you can certainly get damages recovered. Flight accidents resulting in death, serious injury, or disability of the traveler of her/his family members are covered. However, general exclusions shall apply.
How To Purchase A Travel Insurance?
You can get travel insurance cover from any travel agency. There are also special firms that deal in travel finances, you can approach them also. The criteria and benefits of travel insurance packages vary from one source to another. But there are few things that are to be considered before buying any travel insurance. These are:
- Read all the related documents carefully before buying. If you find anything difficult to understand then do ask for proper explanations.
- Always buy travel insurance based upon your travel duration. There are different travel insurances available for single, multiple, and yearly trips.
- There is no need to buy travel insurance if your expenses are refundable. Buy only when you feel like you need one!