Planning A New Year Vacation Abroad? Don’t Forget To Take Travel Insurance

By Adhil Shetty | December 19, 2017

From misplaced intercity transfers to flight delays, travel insurance comes handy for global travellers in many ways. Read on to know why availing travel insurance makes sense.

Planning A New Year Vacation Abroad? Don't Forget To Take Travel Insurance

As the year-end holiday season kicks in, most travel junkies would be looking forward to their long-awaited holiday abroad, which may have been in planning for months. While tickets, visas, accommodations and even travel itineraries will be ready, most of us tend to skip that all important security cover – Travel Insurance.

Traditionally considered an unnecessary expense, travel insurance is becoming increasingly important in event of thefts, misplaced intercity transfers, flight delays and most importantly unwarranted situations like accidents or medical emergencies.

Let’s us take a look at how travel insurance could help you when you go on a trip abroad this New Year.

Compensation For Delays Or Cancellations

Being a holiday season, there are bound to be delays, more so for places affected by the cold currents. When travelling abroad, most far-off destinations require you to take connecting flights with very little time in transit. Most carriers guarantee the next flight in case you miss one due to their delay. But waiting charges, food compensation and even night halt charges may have to be borne by you.

Not only does this throw your travel schedule in disarray but adds to the expenses for the trip. But if you have travel insurance, you need not worry. Most insurers will cover all losses arising due to unexpected delays, technical issues or other reasons. Opt for plans where you may receive a certain amount per day as compensation for the delay caused by the airline’s change in plans.

Insurance Against Loss Of Documents And Luggage

Nothing can be more tragic than losing your passport and visa in a foreign land. Thankfully travel insurance protects you against various such risks including loss of baggage and others.

You’ll be covered against loss of passport with costs incurred for the duplicate passport up to the eligible sum assured only. And in case of loss of luggage, a pre-approved sum is already paid by the insurer to the claimant. The travel insurance also covers you against loss of any hand baggage but has caps. So, it’s advisable not to carry expensive or precious items.

Covering Unwarranted Medical Expenses

Health hazards are something that cannot be predicted and falling ill during your travel may be a possibility. In case you are travelling to Europe or some of the other Western nations, you would be mandated to opt for a travel insurance that covers your medical expenses, failing which no visa would be issued. But a lot of people ignore the same when going to other countries. The cost of hospitalisation may be just as high in these countries as well.

None of this should be a problem if you have taken a travel insurance to cover these risks. Travel insurance can reimburse you for the extended stay at the hotel. You can even avail cashless hospitalisation if the travel insurance has a tie-up with hospitals in the destination country.

Secure Your Home While Holidaying

You might have the best burglary system. But the threat of theft and robbery will continue to loom in your mind when you are travelling abroad. A specific travel insurance plan can provide coverage against fire and theft to your house for such scenarios. So, travel stress-free by securing your house.

Convenience

Unlike most insurances that require you to fill lengthy forms, online travel insurance is quite easy to obtain. You can avail the plan as and when you are booking the tickets as well or even later. Also, travel insurance can be customised to suit the needs of different travellers such as students, senior citizens, frequent travellers etc.

So make sure to insure your family’s holiday today itself to travel hassle-free and make the best of your holiday.

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About Adhil Shetty

Adhil Shetty is the Founder and serves as the Chief Executive Officer of BankBazaar.com. Adhil has a Master’s degree in International Relations with a specialization in International Finance and Business from Columbia University in the City of New York, and a Bachelor’s degree in Engineering from the College of Engineering Guindy, Anna University. Adhil is an expert in Personal Finance (Car loan/Home loan and personal loan) and he majorly consults on investment and spends rationalization for the Indian loan borrowers. His guidance is number based with real time interest rate calculations and hence useful for consumer’s real time query.

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