Why should you secure your journey with Travel Insurance?

Away from the mundane daily life, a foreign vacation comes as a welcome break. It is also the time to strengthen the bond between family members and discover new things. For instance, a husband discovers the inclination of his wife towards adventurous activities, like bungee jumping, scuba diving, etc. Little wonders, every family member looks forward to going out on a holiday for creating memorable moments.

Increase in number of Indians travelling abroad

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Indians love to travel overseas. Over the last five years, the number of people travelling abroad has witnessed a rise of about 10.7%. As per the estimates of World Bank, Indians spent around Rs 91,593 crore overseas in 2013 as compared to Rs 70,746 crore in 2007. Besides Singapore and Thailand, some of the new destinations which have caught the fancy of Indians are Seychelles, Maldives, Oman and Vietnam. Besides this, there has been a rise in the number of solo women travelling overseas.

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Dismal state of Travel insurance

While the number of people taking foreign vacations has increased, the statistics is not that good when it comes to buying travel insurance. According to one of the surveys conducted, only 2%-5% of people travelling abroad purchase travel insurance.

But what if an unforeseen event or accident disturbs the tranquility of travel? Imagine after reaching Singapore, you take a cab to a hotel and forget your travel bags inside it! Similarly, there are hundreds of things, like illness, accident, which can go wrong and ruin your entire holiday mood. There are several reasons due to which your flight can get cancelled. Wouldn’t it be great if there is someone who can lend a helping hand, take all the responsibility and bring you out of the difficult situation? Well, there is indeed a solution in the form of travel insurance policy. It ensures that fun in a vacation remains uninterrupted whatever is the situation.

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 Top reasons to buy travel insurance policy

  • Loss of baggage or passport: What happens in case you lose your baggage or passport? Instead of pressing the panic button and contacting the embassy, you can simply call the travel insurer to sort out things. The insurer would not only help in getting a duplicate passport, but all the related expenses incurred in the process will also be taken care by the insurer. There can be nothing daunting than losing one’s passport in a foreign land. Moreover, if you can’t speak the local language, it becomes difficult to communicate. In such a situation, the insurer would pay you a pre-determined sum in case you lose your passport/baggage, along with related expenses.
  • Health coverage: Medical emergencies can strike anytime and anywhere. Imagine the situation when your daughter or wife falls sick or meets with an accident in a country like the USA where medical costs are high. It is important to note, your health insurance policies will not offer coverage once you cross the country. Here, travel insurance comes into the picture. In the case of medical emergency, the insurer would cover diagnostic tests, evacuation charges, hospitalization costs along with transportation costs. Most importantly, travel insurance plans can give you cashless facility in a foreign country.
  • Cancellation of the trip: Imagine a situation when you have booked a flight ticket to attend a friend’s wedding in London and at the last minute, you met with an accident and your trip gets cancelled. Considering the financial loss, your friend won’t be the only person who gets heartache. Any last minute personal emergency, death in a family or illness could result in cancellation of the planned trip. It results in monetary losses as booking amount in most of the cases is non-refundable. A travel insurance policy with cancellation coverage will reimburse your trip cancellation charges. Further, cancellation compensation is also applicable when a trip is cancelled due to terrorism, riots and weather related events.
  • Emergency evacuation: Earthquakes, terrorist attacks, volcanic ash clouds and Tsunamis are such situations where emergency evacuation requires. Unfortunately, one can never predict when and where a natural calamity may strike. What happens if you are caught in a similar situation on your vacation? Fortunately, a travel insurer evacuates the insured out from a distress situation and gives the required medical care.
  • Burglary/theft at home: An empty house becomes an easy target for thieves. While you are on a vacation having the time of your life, a theft might happen in your house. A travel insurance policy can take care of this as well.
  • Humanitarian ground: If due to medical reasons, you get hospitalized, you might want your family members besides you. If your family member travels to visit you, travel insurance policies cover their stay and travel expenses.

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Most of the travel insurance companies have 24×7 customer support in foreign locations also where you can call in case of medical and non-medical emergency while travelling. Further, in case you lose your policy document, you can give your policy document number and the insurer will settle your claim on the basis of it. In case you don’t remember your policy document number, your name or mobile number will help in claim settlement.

Remember, it’s very easy to create a travel itinerary, but to travel safe and comfortable, its worth to buy a travel insurance policy!

11 thoughts on “Why should you secure your journey with Travel Insurance?”

  1. Thanks for the information it’s really useful. If you want to get Life Insurance from the best Life Insurance Company in India visit: tataaia.com

  2. I think one business travel security tip for travelling abroad is learning the culture and laws of the country you are travelling too. So if you are travelling from say UK to India, there are certain sign languages like “namaste” that you must learn. Also, try to adopt the traditional dressing culture of Indi. Don’t be over the top as the crowd there are less safe. Avoid pickpockets as they are very common in the streets. Thanks for all the information.

  3. While in Florida on hols we had an incident with our son and the bill for the 40mins hospital visit totaled five and half grand, not an amount of money you’d have lying around. Luckily we had holiday insurance. I will surely getting that sorted when we visit India.

  4. I think one business travel security tip for travelling abroad is learning the culture and laws of the country you are travelling too. So if you are travelling from say UK to India, there are certain sign languages like “namaste” that you must learn. Also, try to adopt the traditional dressing culture of Indi. Don’t be over the top as the crowd there are less safe. Avoid pickpockets as they are very common in the streets. Thanks for all the information.

  5. Why you have to a insurance ?

    Life is brimming with dangers. That is the thing that makes it so fascinating and energizing. In any case, some unforeseen occasions can truly set you back. General protection helps us secure ourselves and the things we esteem, for example, our homes, our autos and our resources, from the monetary effect of dangers, of all shapes and sizes – from flame, surge, tempest and seismic tremor, to robbery, auto collisions, travel setbacks – and even from the expenses of legitimate activity against us. What’s more, we can pick the sorts of dangers we wish to cover by picking the correct sort of arrangement with the components we require. By and large, protection works by spreading the cost of startling dangers among an expansive number of individuals in a similar district who have comparative dangers. When you take out a protection approach, you pay a month to month or yearly premium. That cash joins the premiums of a large number of different policyholders and goes into a major pool of assets. For more data on how premiums function click here. With any good fortune, you will never need to draw on that pool. In any case, on the off chance that you happen to be one of the unfortunate ones influenced by a sudden cataclysm, maybe through serious climate or mishap, that pool of assets can be utilized to help you up as far as possible you have chosen in your policy.If things turn out badly, your safety net provider may either repair or supplant the things that have been lost or harmed, contingent upon the terms of your approach. You may likewise have the decision of accepting a money settlement for the measure of cash concurred in your approach. Every day the news conveys stories of Australians who have been made up for lost time in occasions frequently outside their ability to control, losing their homes or their autos, being harmed in mischances or made up for lost time in catastrophes at home or abroad. It’s just normal to ponder what you would do on the off chance that you were in a similar circumstance. Would you be able to recoup monetarily without protection? Without a doubt, the danger of these things transpiring may appear to be little. Be that as it may, on the off chance that it happened, the effect it could have on your funds, your way of life and possibly your future, could be enormous. Protection implies that, in times of harm or misfortune, you are more averse to be left to pay the full cost all alone, which could abandon you in a money related emergency. Regardless of whether you’re a conceived worrier or an unflagging positive thinker, an arrangement everything about or somebody who is glad to accept the way things are, obtaining a protection strategy (which you ideally never need to utilize) gets you something extremely valuable – significant serenity. Taking out protection implies that you are not confronting these sudden dangers alone. There are different sorts of protection. You can pick sort as per your request. At first you need to pick your request. At that point you select your alluring protection. Home protection , life coverage, Medical coverage, business protection, Travel protection are accessible to your administration. I believe it’s fundamental is for security as well as your splendid future. So you need to take a correct choice.

  6. Nice Post!……
    I love traveling. Whenever I got a free time from my work, I always try to make an interesting outing trip. I love to do this. But I never ever thought about the traveling insurance policy. When I go through this article, I realize that traveling insurance really very important for every person, because traveling insurance policy plays the role of a best friend when you face trouble in traveling…..! So for making the trips interesting, stress free, and safe, traveling insurance is necessary……………!
    Thanks and please keep

  7. Good Article. Thank you for this great post. I believe you are right about the risk and supply and demand. And insurance rate is affected by these two factors. Car insurance company for example will give you higher rate if your parking place is not safe or not well lighted. So these risks factors are really affecting the rate of the insurance.

  8. Thank you for the great information. As an insurance representative who does not offer travel insurance, but offers home and renters insurance, I will offer a piece of my knowledge. If you are insured for a property that you own, or maintain renters insurance, you can also check the details of your coverage before traveling, you are likely to have a percentage of you total amount of coverage that applies to your items while they are outside of your household anywhere else in the world. This would be good knowledge to have, so when you are considering travel insurance for your trip, you know how much you already are covered for from other policies. Safe travels!

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