As a traveller, there are several factors and requirements to consider when planning an international trip, including the travel destination, the cost of the trip, the duration of travel, accommodation, weather and season, and many others. However, one important aspect that is often overlooked when planning a trip is travel insurance.
Despite its benefits and necessities, as a traveller, it might seem like an additional step or unnecessary expense standing in the way of you and your destination. But it is so much more than that. Keep reading to discover why you should secure your trip with a travel insurance policy and explore some tips and tricks.
What is travel insurance, and why shouldn’t you travel internationally without it?
Travel insurance is a contract between an insurance provider and an individual, promising compensation or reimbursement for additional expenses incurred due to covered risks when travelling. These risks can be medical or non-medical, such as trip cancellation, missed connection, medical evacuation, emergency medical treatment, etc., and range in severity and frequency of occurrence.
Foreign travel is usually one of the most anticipated experiences for travellers. However, it is expensive, and travellers might not know the local language or systems to access in an emergency; thus, facing any of these risks internationally can be a daunting experience. However, securing your trip with insurance can enable travellers to travel with freedom and peace of mind.
What are the types of travel insurance coverage?
As a traveller, there are several types of travel insurance covers, whether single-trip insurance for a single round trip or multi-trip insurance for several round trips in a set period. Not only this, but if the traveller is a student, they can opt for student travel insurance, domestic insurance, and more if they are travelling domestically. These types can be availed depending on the traveller’s specific needs.
Here is a list of some of the key types of insurance offered to travellers:
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Single-trip
This is the most common type of travel insurance opted for by travellers going on a single round trip.
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Multi-trip
This type of insurance is for travellers planning to take several round trips in a set period. It is cheaper and more convenient than purchasing an individual policy for each trip.
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Student travel
This type of insurance is for student travellers, offering specialised coverage in addition to the ones provided under other policies for the entire study duration.
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Senior citizen
Depending on the specific insurer, this type of policy might or might not be separate from single or multi-trip insurance and might offer necessary coverage for senior citizens, such as pre-existing disease coverage, for a higher premium cost.
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Domestic travel
As the name might suggest, domestic insurance is a somewhat limited form of coverage that provides financial protection from travel-related risks within one’s own country. For example, coverage for loss of checked-in baggage, missed connecting flights, or trip cancellation secures travellers from their financial impact.
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International travel
International travel insurance, on the other hand, is a type of insurance that covers travellers going on an international trip from dozens of travel-related risks.
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Group travel
This type of insurance might or might not be a part of single or multi-trip insurance. This policy covers several travellers going on the same trip for an affordable price.
Tips and tricks for choosing the right travel insurance policy
In 2024, travellers will have numerous policy options. However, whether it is the choice between an insurer, the cost of the policy, the specific coverages, the type of policy, or more, all of this can get hectic and lead to confusion.
Here are some tips and tricks to choose the right insurance policy.
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Standard policies are fine for most travellers’ needs
Choosing a more comprehensive policy is beneficial but may not always be what you need. As insurance policies are considerably more affordable and accessible in India, selecting a standard policy can solve your needs.
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Consider additional coverages or comprehensive policies based on your specific travel requirements
While a standard policy provides 90% of the coverage that a comprehensive policy does, the scope and extent of a comprehensive insurance policy are higher. Thus, consider a comprehensive policy depending on what you plan on doing when travelling and where you are travelling.
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Consider the total coverage in terms of the sum assured
Check the total coverage offered as part of the policy and choose one that fits your requirements. For example, if you are planning a trip to the USA, having a medical and high coverage policy or travelling to Thailand or Indonesia might be fine without such high coverage.
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Consider the type of policy
Choosing the right policy depending on the specific reason for travel might be beneficial and necessary. For example, if a traveller is going on a trip for educational purposes, they must choose student insurance instead of single-trip or any other type.
Once these factors are considered, it is simple for travellers to select and buy the right insurance policy. They can do this by visiting the website of a reliable insurance provider like Niva Bupa.
How does requesting a claim settlement for the travel insurance policy work?
While it is important to know the necessity of opting for insurance, the types of travel insurance, and how to choose the right insurance policy, it is also important to consider the claim settlement process for a quick and hassle-free claims process. This can be achieved by reading the policy document or consulting with the insurance provider for specific steps to claim settlement.
In addition to the steps, take note of any documents to be submitted or special conditions that need to be considered for a smooth settlement process. Once the claim request and documents are submitted, the actual claims process might lead to quick approval.
Conclusion
After understanding and considering the above factors, travellers can secure their trip with the right travel insurance policy and travel with confidence and peace of mind. By knowing the types of insurance policies, how to choose the right one, and how the claim settlement process works, travellers can travel freely without worrying about travel-related risks’ financial and medical impact.
