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: “A journey is like marriage. The certain way to be wrong is to think you control it.”John Steinbeck
Travel insurance is an insurance policy that covers the policy holder while he/she is travelling. A simple concept no doubt. Yet, before you feel a simple definition is enough to know about this product, do remember, today’s financial world has no concept of simple products anymore. One should take a closer look at this important aspect of travelling, which we all know of, but few really know. After all, we all know how much of a setback, headache and financial stress can losing ones passport, bags or even worse falling sick in a foreign land cause. If you need a reminder, have a look at some of the medical costs one can incur in someplace like the US for that matter (shown in the table). Yes, it really does cost anywhere between three to four times the cost in India.
What it covers?
Travel insurance covers a lot of unforeseen circumstances, which include, risks of accidents, illness (medical expenses), missed flights, trip cancellation and interruption, trip and/or baggage delay, lost baggage, emergency evacuation, hijacking, and expatriating your remains back home if you were to die. It also includes other benefits these days, which include home insurance, protection of your house from burglary while you’re travelling, third person liability, dental treatment, etc. (Benefits and coverage one can get via a travel insurance policy mentioned in the table. Sub-limits, which is one of the points mentioned, means the eligible medical expenses per sickness, disease or accident that may lead to one or more medical expenses and/or hospitalisation expenses that a policy holder has. While trying to compare different policies using the coverage vis-à-vis cost or premium may seem like a tedious task, these days, with the Internet and online insurance comparators like those at apnainsurance.com and insurancepandit.com ones life can be made a lot easier and hassle free.
Susan, an insurance agent, tells us, “Most companies that give out travel insurance, cover pretty much the same things. This would include, baggage loss or delay, delay in travel, theft. Mediclaim and personal accident cover are also given as a part of a travel insurance policy. However, premium rates between policies are different, and with the new norms one may also be offered discounts by some companies.” Also, while choosing the insurance period, always remember to select it for...
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