Planning a trip is no easy feat especially considering the hundred things you have to take care of before you can take off. While there are travel agencies and websites that now help you with planning your itinerary, there is still a persistent risk of damages or loss of property or money. Whether it is an international or local destination that you are traveling to, and regardless of the purpose of your trip, unforeseeable events could be right around the corner. Availing a travel insurance policy can be one way of securing compensation for any accidental loss that can occur during your travel.
For the uninitiated, a travel insurance policy can be availed from major banks or third party financial companies, to cover any kind of emergency that you are likely to face during your travel.
Here are a few frequently asked important questions about travel insurance that you should have the answers to, before buying your policy:
Q.1 Will I get my compensations on time to address my expenses while on travel?
Compensations for the particulars that are covered within the policy can be easily claimed by filing one with the company immediately after the incident, along with the necessary proofs. Based on the specifics of the incident and the proof provided, the insurance provider would immediately disburse the amount covered by the policy.
Q. 2 What kind of medical and hospital costs are covered under a travel insurance?
Travel insurance generally covers all kinds of medical costs such as hospitalization costs, in-patient treatment costs, out-patient treatment costs if critical, medical aid for injuries or caused due to personal accidents. Emergency measures as well as medical evacuation wherever applicable.There is also an accidental death compensation in case of a fatal accident during the travel.
Q.3 What things should I look for while buying a travel insurance policy?
Some of the key deciding factors to be considered while buying a travel insurance include the coverage offered, the plan features, and the price. Some of the key covers that you should look for in your medical insurance policy includes medical expenses and personal accidents, loss of luggage or deposit, loss of passport or documents, legal expenses among others that could meet your need.
Q.4. What kind of coverages will a travel insurance offer?
A comprehensive policy would essentially offer coverage for loss of luggage, flight delays and cancellations, as well as hotel and hospital accommodations. Some companies like Bharti AXA, even provide 24 hour assistance during travel, and fire and burglary insurance for your home while you are away on vacation.
Q.5. How much premium would I need to pay?
Since your travel insurance policy is largely based on your travel preferences, and itinerary, it is important to choose a policy that is tailored to your needs. The price of the premium that you pay would also depend on these parameters and the coverage that you want your policy to have.
Regardless, of the insurance provider, a good travel insurance policy can save you a lot of stress and hassle while you are away on your dream vacation. Taking care of every financial emergency that you are likely to face, it is the perfect addition to your travel plans – business and leisure.