Everything You Need To Know About Travel Insurance

By BankBazaar | August 14, 2018

Take notes. This is all you’ll need to know before investing in Travel Insurance.

Everything You Need To Know About Travel Insurance

Thanks to the increasing competition between insurance companies, and a lot of them being around, the procedure for making claims has become very easy. Under normal situations, you just need to call up a toll-free number of your insurance service provider and register your claim. They will then give you a list of documents required to be submitted to process your claim. After this, a Third Party Administrator (TPA) will validate your documents and will process your claim.

Additional Reading: Make Optimum Use Of Your Leave Travel Allowance

With global travel becoming easier and airlines slashing prices, travelling has become super convenient. However, there are a lot of things you need to consider while travelling abroad. The most crucial one is a protection cover against accidents and illnesses. Don’t worry! Travel insurance gives you exactly that.

What is Travel Insurance?

An insurance cover intended to cover medical and financial expenses (such as money invested in non-refundable pre-payments) and other losses incurred while travelling (both domestic and internationally). Travel insurance generally covers the following:

  • 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

Additional Reading: 5 Popular Travel Credit Cards Of 2018

What Is The Eligibility Criteria?

Travel Insurance can be taken by anyone irrespective of whether they are a first time or a frequent flyer and are going on a single or multiple trips.

What Does It Cover?

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

  • 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

Additional Reading: Easy Ways to Buy Foreign Exchange Before Travelling Abroad

What Is Excluded In The Coverage?

Things that are not a part of this coverage include 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
  • Expenses arising out of the loss of valuables, money, securities, and tickets

What Is The Premium Like?

Your travel insurance premium generally depends on which part of the world you are travelling to and the duration of your stay. Most of the times, the premium for travelling to the US and Canada is different from travelling to the rest of the world.

How Do I Make Claims For The Reimbursement Of Expenses Covered?

The best part about this is that the process is very simple. Just call up the toll-free number of your insurance service provider and register your claim. They will tell you about the documents needed to be submitted to process your claim. A Third Party Administrator (TPA) will then validate your documents and will process your claim.

What Are The Tips For Buying Travel Insurance?

  • Don’t buy travel insurance only till the last day of your trip. Take into account emergencies that might occur at the last moment. It’s always better to be prepared for such eventualities.
  • While 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.
  • Always read the policy document carefully and get your doubts clarified.

Additional Reading: Travelling Abroad? Here Are 4 Ways You Can Carry Your Funds

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.

Need a perfect travel companion? It’s time you explore some classy Travel Credit Card offers!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Travel Travel Insurance UCN
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6 thoughts on “Everything You Need To Know About Travel Insurance

    1. AvatarTeam BankBazaar

      Hi Ishant,

      Glad our post was useful to you. Keep reading our blog for more insights on Personal Finance.

      Cheers,
      Team BankBazaar

      Reply
    1. AvatarTeam BankBazaar

      Hi prashuvishnoi,

      Thanks for reading. Have a nice day!

      Cheers,
      Team BankBazaar

      Reply
    1. AvatarTeam BankBazaar

      Hi there,

      Glad to hear that. Have a nice day!

      Cheers,
      Team BankBazaar

      Reply

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