Are you traveling to a new holiday destination where you don’t know what’s in store for you? Then it is best advised that you take out travel insurance for yourself if you are traveling alone or for the entire family before you start off.
If you feel you don’t need travel insurance for the destination you are about to visit, think again. There may be many causes, manmade or natural, that may cause an inconvenience to you or your family and you need to be prepared to handle unforeseen calamities.
It’s not just about medical insurance we are speaking about. There are various types of travel insurances that help you handle situations of theft of property, medical evacuation, international medical assistance (which may not be included in your existing medical policy), and even dismemberment insurance by credit card companies.
Most of the travel insurance policies fall into one of the following three categories which include: property insurance, medical insurance and reimbursement insurance for trip cancellation. Here are a few of the more popular travel insurance packages that you may want to consider for your travel.
Medical Travel Insurance :- The most common form of travel insurance, Medical Travel Insurance caters to health related concerns that occur only for the period of the policy. Existing ailments and related symptoms are not covered unless you ask for them to be included into the package. Medical treatment, evacuation, and costs incurred in bringing the kin of the injured to the spot are some of the clauses taken care of.
Life Insurance:- This policy caters to sudden deaths, natural or accidental and the costs incurred in repatriation.
Flight Accident Insurance:- covers the losses for those injured or killed in flight accidents.
Delay and Loss of Baggage:– caters to losses incurred due to delay of travel or theft of baggage.
Trip Cancellation/Interruption:- These policies help you recover losses due to disruption of the travel plan. If you have shelled out an incredible amount of money for the holiday, you might consider purchasing trip cancellation insurance so that in case the trip is cancelled or interrupted, you don’t need to worry about all that money going down the drain.
Cruise Travel Insurance:- if you are going on a cruise, then opt for a cruise travel insurance which would cover damages due to cancellation of the cruise due to storms or accidents. Most cruise liners offer their own insurance packages and you can also avail the insurance company for a tailor made package. The cost of the package would vary according to the duration of the cruise.
Business Travel Insurance: – If you are traveling on business, then it is advised to go in for a business travel policy which helps recover financial losses due to cancellations, interruptions, delays and unforeseen accidents.
If you are an employee in a company and need to travel on a regular basis, make it a point to go through the group insurance policy of the company to see if they cover travel losses. Most companies do not, and you may end up incurring losses which cannot be recovered.
While these are the more important forms of travel insurance, there are a number of other categories as well. Some of them include;
Single and Multi Trip Travel Insurance:- As the name indicates, these policies help cover you and your family for single trips and multiple frequent trips respectively. While the former tends to include the basic cover of cancellation, interruption and medical anomalies, the latter focuses on the same with some extra clauses and can be availed at a great discount.
Group Travel Insurance: – The best way to insure yourself and your friends on a trip would be to go in for group travel insurance. The cumbersome paperwork and the extra cost in procuring individual insurances for each member is reduced considerably and you end up covering the entire group that travels as well as those who applied for it in one go.
Long Stay Travel Insurance:- If you are traveling to visit a relative and won’t be back for a few months, then opt for Long Stay Travel Insurance. It includes the basic coverage of medical anomalies, baggage loss, delay, interruption or cancellation along with other elements that can be added to the package.
Terrorism Insurance:- This is a new clause that has been added to numerous travel insurance packages wherein you can recover losses in case of cancellation, interruption or delay of the trip or emergency evacuation due to terrorist activities in the holiday destination.
How to Apply For Insurance:-
The simplest way to apply for an insurance policy would be through online centers which provide tailored packages for various types of travel. If you feel you need a personal experience, then walk over to any of the numerous insurance companies, talk to the agents, choose the best policy that would suit your holiday or add some elements into existing policies to suit your specification.
Alternatively, travel companies also offer travel insurance when you book with them. However, make it a point to clarify the elements included in the package in addition to the terms and clauses clearly before giving your approval.