Travel Insurance means the insurance which is intended for covering expenses of medical, financial coverage for suppliers that travel and some other losses that are incurred during travelling either internationally or in own country.
Temporary insurance on travelling can be arranged on the booking time of trip for covering the trip duration or you can take policy of multi-trip also for covering large number of trips in some specific frame of time. There is variation in coverage types and you can get risk coverage on risky items also.
Due to natural disasters, troubles in terms of finance in major airlines and tour operators and prevalence of airlines tickets that are non -refundable, it is a wise choice to purchase travel insurance for protecting yourself from unforeseen events. There are various types of policies of travel insurance which ranges from insurance for trip cancellation to evacuation due to medical emergency, all of which varies according to companies and coverage included and cost of insurance. You should know the coverage of your policy before purchasing and also purchase it from reputable company.
Below are some different kinds of travel insurance you can apply for.
- Recommended Reading – Things to Remember before Engaging with Any Travel Insurance
1. Trip Interruption or Cancellation Insurance
It provides coverage against interruption or cancellation of your trip due to any unforeseen events. It is meant for injury, death or illness of insured person or any member from immediate family of insured. In some policies, coverage can be provided if you have to cancel your trip due to injury, death or illness of your travel companion. There is no coverage against cancellation of trip in some policies due to war event, civil disturbances or any changes in your financial circumstances. In some policies, there is no coverage against travelling to some destinations which are prone to unrest in terms of politics.
2. Medical Insurance
It provides various types of coverage. Insurance against evacuation due to medical emergency provides coverage against transportation cost if physician tells that you need to be evacuated for getting treatment to nearest facility of medical. This type of insurance is recommended for passengers of cruise and adventure travellers who visit remote areas.
For instance, you fall or get injured during trekking in Himalayas, you may be required to get evacuated through private helicopter, and then it can get very expensive for you. Without insurance, emergency evacuation can cost you $35000 or above easily. So, you should always choose that insurance provider which covers adventure travel also.
3. Annual Insurance
If in 1 year, you need to travel many times, it is more economical that you purchase annual insurance, not individual policies for trips. It is also a good choice in case you need to travel regularly to different places.
Most of the annual policies offer you coverage against medical evacuation, benefits in case of life loss event, luggage lose and cost of treatment against injury or illness. You don’t get coverage against trip cancellation in these policies.
4. Baggage Loss or Delay Coverage
It provides coverage against luggage loss, stolen or delays. Also includes cash payment in case of delay in bags for above 12 hours after your arrival at destination.