Travel Insurance

Overview :

Travel is an adventure and a risk as well and it is good to be careful. Travel insurance might seem like an extra expense when you've forked out thousands for that holiday trip, but it may be ruined if you don't have adequate cover if something goes wrong.

Travel insurance coverage includes 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 is a simple and affordable way of being covered for unforeseen costs and events.

Travel Insurance Premium

It important that a traveller get adequate insurance cover, especially on a trip abroad. The costs of health care are high and at such times, insurance is a saviour.

The premium of travel insurance depends upon two factors:

Which part of the world you are traveling.
The duration of your travel

Generally for most of the insurance companies, the rates for travel to the US and Canada and the rest of the world are different.

Travel Insurance Coverage

Travel insurance is a highly specialized sector now with sophisticated covers that covers all types of risks that you might face during a trip. Taking a good travel insurance cover not only ensures that you are not short-changed during your travels but also peace of mind and a higher level of enjoyment of your travels.

Travel Insurance Exclusion

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 loss of valuables, money,securities, and tickets

Travel Insurance Claims

Travel insurance claims are getting simpler by the day. You need to first register for the claim, then submit the requisite documents. The Third Party Administrator (TPA) then validates and authenticates the claim before you receive the check for the claim amount.

Travel insurance providers usually have a toll-free helpline number, making them easily accessible from anywhere in the world.

Travel Insurance Provider

Your travel insurance plan is critical to the success of your trip. Every day there are newer risks that come up, apart from the usual risks of baggage or passport loss, flight delays, or hospitalization. In a polarized world, there are the more sobriety-inducing risks such as hijacking, mugging, and theft. These anti-social tendencies do not respect international or national boundaries.

Travel insurance is a booming industry. Every insurer worth its salt is getting into the act, competing with its rivals to bring out plans that cover the most esoteric risks imaginable. Now, it is in your interest to check them out and decide on the one you want. If you are wondering where to start, well, ...stop. You are already there. Only taking full advantage of all the insurers offering travel plans and the individual plans themselves remain. Good luck and bon voyage in advance.

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When applying for Travel Insurance

The premiums for a short duration overseas travel insurance tends to be fairly low and a savings of a few hundred rupees should not really guide your choice of insurers. Here are some of things that you should consider while buying short stay travel insurance :

Buy online : Since the insurance premium is pretty low it is not remunerative for normal insurance agents to service these requests. Hence you should look for deals that you can completely buy online.

Buy through your travel agent /tour operator : Your travel agent /tour operator will normally negotiate a bulk package deal with a specific insurance company. This is also quite convenient but just check out the amount of coverage, the days of coverage (your coverage should be available for at least a few days more than the planned trip as unexpected events may results in your staying overseas for a longer period) ,the deductible amount (normally the first 100 dollars) as well as the common factors given below.

Claim support services available in the country to which you are travelling. A toll free number in the country you are travelling to is a great option since most people use prepaid mobile phones while in the foreign country and the balance runs out pretty fast when you call overseas or back to India to lodge a claim or discuss future steps with the TPA.

Remember travel insurance policies will not cover any pre-existing diseases that you already have. So if you have any such diseases it is always advisable to take a specific policy for yourself though getting one that will cover serious complications such as Heart attack, etc. if you already have heart disease or diabetes etc. is going to be pretty tough. Remember your mediclaim policy does not cover you for hospitalisation costs incurred outside India.

Keep a copy of all documents submitted to the insurance company for your future reference.

Any promise made by the agent or even an official of the insurance company has no value unless it is in writing or at least on email.

So if you are basing your decision on any such promise make sure you get it in record in some form.

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