Travelling is always an interesting experience. Whether it is a long-awaited holiday abroad, an important business trip, or a weekend away with your family, you never know for sure what lies in store. You come home more enriched, with a plethora of memories.
Preparation is key when it comes to planning a successful trip. You need to find the best means of transport and arrange for accommodation. It is also essential to familiarize yourself with the environment and social norms of the destination so you will know what to carry, and how to conduct yourself. Another necessity, that most people unfortunately tend to overlook, is travel insurance.
Travel insurancemainly covers unexpected medical expense that may occur while travelling. Given all the efforts and costs that go into planning your trip, any medical eventualities, if it occurs,need to be covered. Travel insurance charges are usually a small percentage of your travelling expenses, making it a worthy investment.
Depending on your travel insurance plan, you can be covered for several contingencies. These include the following,
Medical costs and emergency evacuation
Most health insurance providers do not cover you while travelling, especially to foreign locations. Medical health insurance keeps you prepared for sickness or injury that could occur on your trip. It covers doctor visits, medication costs and hospitalisation charges.
Trip cancellation / interruption
There are several possibilities that could require you to cancel your trip. In such cases, youcan be covered for non-refundable payments made at the time of booking. Trip interruption coverage protects you in the eventuality that you have to shorten your trip due to legitimate reasons.
In the unfortunate event of a fatal accident during the course of the trip, accidental death coverage pays benefits to the policyholder’s beneficiaries. This also covers the cost of transportingmortal remains back home.
Baggage insurance covers expenses due to loss, theft or damage to personal belongings in your baggage. This is necessary to consider if you are travelling with precious goods or expensive items.
The premium for Travel Insurance depends on a number of factors :
If you are travelling to locations where healthcare costs are high, you may have to pay a higher premium.
The premium costs are directly proportional to the trip duration. Longer trips demand higher premium for Travel Insurance.
Your premium increases for higher Sum Insured
Premium costs go up if you purchase Travel Insurance for multiple single trips. If you know that you will be travelling multiple times in a certain period, your best option would be to opt for a multi-trip plan. Read more about how to select sum insured for travel insurance.