Travel insurance is necessary for your vacation packages and without it all your travel dreams cannot come true. Travel insurance is essential for a traveler as it covers your medical and financial expenses and losses incurred on your domestic or international travel. It’s usually arranged at the time of booking the trip and covers the exact duration of the trip.
Many travel agents offer insurance, as part of their travel packages but it will be worth for you if you arrange it on your own through an online source. You can search for a good insurance policy and choose between single and multi trip insurances. If you plan to travel once in a year, then travel insurance of single trip policy will be suitable. But if you have plans to travel frequently then you can consider taking multi trip insurance policy. Continuous insurance can be bought from travel agents, travel suppliers like tour operators, cruise lines and companies offering travel insurance.
A multi trip insurance policy is commonly referred as annual insurance travel policy and can save big money in the long run. While arranging for insurance policies for travel, be clear with what the insurance coverage is provided along with the inclusions and exclusions. Always remember to look at other things also if you look for a compromise between your travel insurance coverage and the premium to be paid. Never assume that a policy with cheap premium will not offer good insurance coverage. This may work in reverse also. A policy taken at a higher price need not cover all aspects of insurance coverage required by you.
As a traveler you face lot of problems and risks while traveling like loss of property and money, trip cancellation, natural calamities, accidents, occasionally death and terrorist attacks. You cannot prevent these risks or stop your travel plan but you can reduce the risk involved by taking travel insurance policies.
The concept of travel insurance is very simple. You pay a travel insurance premium to the company and they in turn covers for your loss of valuables, accidents and unforeseen things.
The premium you pay for travel insurance covers risks faced on travel like:
There are lots of possibilities for trip cancellation due to unavoidable circumstances and last minute cancellation will fetch you very less amount as refund. Your travel insurance covers such losses and provides the cancellation cost but the reason for cancellation must be part of the agreement you have signed with the company.
If you lose your baggage then the insurance company pays for the baggage cost but again based on the rules of your insurance contract. A travel insurance policy sometimes covers your medical expenses if incurred while traveling. But if you have got health insurance separately then you don’t have to spend again for health insurance during travel.
Generally travel insurance covers other things like accidental death, medical evacuation etc.
An important golden rule of all insurance policies is to go through the agreement carefully because most of the time you apply for insurance policies during emergencies.
Travel insurance is offered with various options for different types of travelers like student, business, adventure, international and leisure travelers. Travel insurance is also offered for participating in sports involving high risk and traveling to certain countries which have a high risk.