Have you packed your travel insurance, for the upcoming vacation?
Written on Saturday, June 13, 2015
By Narendra Anand
Most of us are planning a summer getaway, whether to a European sunspot, any Schengen countries, any of the beach locations or a cottage stay in countryside or even in India.
But how many will remember to pack their travel policy?
Travel insurance is the key to ensure a worry free holiday. Its an insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one's own country. So, it simply sums up everything one could think of while planning a trip..!!
Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. It’s more of a tailor made product for those who keep traveling a lot.
Markets now a days are flooded with all kinds of offers and discounts and freebies to attract the customers, but one needs to be really sure of the coverages and requirements before opting for a specific plan. While choosing a plan, one must ensure that the travel insurance plan covers the entire duration of the trip, destinations are properly selected, amount coverage is right and that the benefits are adequate
Now, talking about the premium part, computation of the premium depends on criteria such as sum insured, age, destination of travel, duration of travel and the plan chosen. Policies are generally available up to the age of 85, but after the age of 70, the policy will be issued only after a health checkup.
Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have extremely high medical costs, such as the USA.
Buying travel insurance means choosing limits of cover for various elements of the policy. You should declare any per-existing medical conditions when you apply for insurance. If you don't you could invalidate a claim.
Luggage and belongings
Travel insurance covers your baggage and belongings in case they are lost, damaged or stolen. And you'll also need to be aware of the single item limit, which is the most the policy will pay out on any one possession.
Personal liability is often overlooked but covers any costs if you injure someone, or damage their property.
Travelers can choose a policy for a single person, a couple or a family. It can often work out cheaper to buy a family policy than to arrange separate cover for several people. It also cuts down on the paperwork.
The excess is the amount that the policyholder pays towards any claim - and you need to check the excess terms on the policy before you buy.
You may opt for the following add-ons as well:-
- Pr-existing conditions (erg. asthma, diabetes)
- Sports with an element of risk (erg. skiing, scuba diving, Sky diving etc.)
- Travel to high risk countries (erg. due to war, natural disasters or acts of terrorism)
- 3rd party supplier insolvency (erg. the hotel or airline to which you made non-refundable per-payments has gone into administration)
- Acute on-set of per-existing conditions - This term is very different from Pr-existing conditions. It means a sudden and unexpected occurrence of per-existing medical conditions without any prior warning from a medical professional.
- Compassionate Visit - Payment of traveling and lodging & boarding expenses for a family member or relative in case of Insureds hospitalization for more than 5 days.
Process for exercising the claims:-
The insurer simply need to give the details to the insurance company, which gets in touch with the hospital and makes it possible for you to avail of cashless treatment.