You might think, Why should i invest or what is this Travel insurance. Let me tell you, it can Save you from huge losses.
Whether you missed your flight to Mumbai, America, Dubai lost your bags in Berlin, or broke your ankle in Ankara, travel insurance can help remedy all kinds of travel mishap costs. Travel insurance is a type of insurance covering financial losses associated with traveling, and it can be useful protection for domestic or international travel.
- Travel insurance can be purchased online, from your tour operator, or other sources.
- The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, rental property and rental car coverage, medical coverage, and accidental death coverage.
- Coverage often includes 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights.
- It’s important to understand what’s covered and what’s not, any limitations on coverage amounts, and coverage requirements.
What Is Travel Insurance?
Travel insurance helps cover financial losses associated with surprise circumstances that could ruin a trip, including illness, injury, accidents, flight or other transportation delays, and other issues. This insurance costs 4%-10% of a trip’s price. So, for a $10,000 trip, trip insurance could cost between $400 and $1,000.1
Premiums—or the price you pay for coverage—are based on the coverage type, your age, destination, trip’s cost, and more. Specialized policy riders focus on the needs of business travelers, athletes, and expatriates.
You may already have travel insurance coverage from your homeowners or renters insurance or your credit cards. Call your insurance agent to find out about your current travel coverage, and your credit card company to find out about any benefits you get when you purchase air or train tickets, rent a car, or book a hotel using the card. Many travel rewards cards come with built-in travel insurance and other travel benefits.
How Travel Insurance Works
Travel insurance may be sold online by travel agents, travel suppliers (airlines, cruise lines), private insurance companies, or insurance brokers when booking your flight, accommodations, or car. Travel insurance companies include AIG Travel, Berkshire Hathaway Travel Protection, Generali Global Assistance, GeoBlue, Nationwide, and more.
Typically, you’ll purchase coverage shortly after initial bookings for lodging, flights or other transportation, activities, and rental cars. Some policies may require you to do so to retain full coverage. Here are some terms to know for travel insurance.
Primary and Secondary Coverage
If you buy travel insurance, you may have concurrent insurance coverage, meaning you’re covered under more than one policy. When the travel coverage is primary, the travel insurance reimburses you first without needing to make a claim through another company—and sparing you potentially increased policy rates. If the travel insurance coverage is secondary, you’ll first need to attempt to file a claim with other coverage, such as an airline (lost baggage) or your own auto insurance (damaged car).
There are usually stipulations spelled out how you qualify for coverage. Your claim must fall under the types of coverage offered. For example, lost baggage insurance might include coverage for personal items, prescriptions, credit cards, and your passport or visa. You may also need to take extra steps to qualify for coverage, such as reporting the loss or theft to the police.
Policy Coverage Limits
This is the maximum amount you can receive for the claim. For example, you might only receive $500 per bag. You may not even receive more for expensive items such as jewelry or electronic devices. You might need to provide receipts for items over a certain amount. Without receipts, the insurer may only pay for repairs.
Some coverage might require you to pay a deductible, or flat amount, before covering the remainder of your claim up to the limit.
Top Financial Companies Offers Life Insurance:
HDFC ERGO LIFE Insurance :
- HDFC ERGO LIFE Insurance protects your travel against any loss, delay or damage.
- HDFC ERGO LIFE Insurance protects 24×7 emergency assistance available on call for international travel claims.
- In HDFC ERGO LIFE Insurance Individual & family floater plans available.
Tata AIG Travel Guard
The TATA AIG Travel Guard insurance policy is available as a single-trip and multi-trip policy for international travel. Robust coverage for accidental death and dismemberment, medical expenses due to sickness while traveling and medical evacuation makes this a practical plan to opt for.
Option covers or add-ons that can be taken by paying additional premium are quite attractive especially the home burglary insurance and compassionate visit by a family member insurance.
Bajaj Allianz Bharat Bhraman Insurance Policy
The Bajaj Allianz Bharat Bhraman Insurance Policy is a holistic policy that helps cover travel via public vehicles like buses, trains and airplanes, as well as private vehicles such as cars, scooters, even a bicycle within the country. Domestic insurance policies aren’t as many in India and that makes Bharat Bhraman Insurance Policy noteworthy. This policy is affordable and can be taken for a personal or a business trip or for a holiday.
ICICI Lombard Overseas Travel Insurance
The ICICI Lombard Overseas Travel Policy is unique for its pay-per-day facility for existing policyholders, who can be well-covered for any number of days they extend their trip. The policy’s coverage against Swine Flu and H1N1 influenza is a useful feature for unexpected medical outbreaks while on a trip. Robust coverage to include non-medical expenses such as trip delays and cancellations a plus.