You and your loved ones have finally decided to go on the much-awaited vacation. Your flight landed at the correct time, and now it’s time for adventure. But wait! A mishap took place. Somehow you misplaced or lost your luggage, where you kept the traveler’s cheque.
Or, worst case scenario, you get sick and must get hospitalized at any hospital in that foreign land. All this will not only ruin your trip but can actually get you in some serious trouble. This is where international travel insurance comes to your aid.
In this article, you’ll learn the importance of having an overseas travel insurance policy for international trips. So, let’s start.
Benefits of Having Travel Insurance for International Trips
Financial Aid
Your financial risk will be equivalent to the expense of your international trip. Here, having international travel insurance can offer optimal protection for your trip expense deposits, including tours, accommodations, airfare, etc.
Trip cancellation coverage is among the most significant benefits of overseas travel insurance. It protects the investment made by people in their trips by providing travel insurance coverage for every single non-refundable and prepaid trip expenditure.
Such an insurance plan becomes a stress reliever when you have to cancel the trip unwillingly due to unforeseen circumstances.
Medical Coverage
Getting travel insurance before taking an international trip is advisable because medical insurance may not work in foreign lands. Travel insurance will ensure coverage in the event of sickness, accidents, or delays on the trip.
Your existing medical insurance won’t provide any coverage when seeking a claim overseas. In many countries, foreign travelers must provide a copy of their travel insurance before entering.
Besides that, a comprehensive international travel insurance policy entitles you to medical evacuation and emergency medical coverage. Thus, you won’t have to worry about paying your medical bills in dollars or euros (which can be really expensive) while seeking critical medical care in a foreign land.
Loss or Misplacement of Documents, Baggage, or Passport
This, as mentioned earlier, is the worst-case scenario one can encounter while traveling abroad. However, you won’t have to worry much if you have travel insurance by your side. If you’ve lost your passport, your overseas travel insurance will cover the new or duplicate passport acquisition cost.
If you’ve misplaced your precious belongings, travel insurance will reimburse a certain amount of compensation. Also, in the event of baggage delay, you’ll get compensated for the personal items that you may have to purchase for the time being.
Flight Delay or Cancellation
Flight cancellation or delay has become a common problem these days. The reason can be personal issues, a natural calamity, or the airline’s fault. In such an event, the travel insurance company will reimburse a specific amount to you.
Also, you may have to suddenly cancel your flight due to unforeseen circumstances (like a death in the family or critical illness). In that case, you won’t have to worry as your hotel bookings and airfare won’t go to waste. You’ll get full or partial reimbursement for the travel tickets and unused hotel expenses.
You’ll also get additional travel insurance coverage in the event of a flight delay. This compensation may come in the form of a night stay at a luxury hotel with food.
Travel Insurance: How Much Does It Cost?
The cost or expense of travel insurance varies similarly to other insurance types. An all-inclusive travel insurance can cost you more than choosing one or two options from the whole lot. However, you may get some discount after choosing two or more insurance types.
Also, your age will determine the cost of your travel insurance. Presumably, you may spend around 5% to 12% of your overall international trip costs on travel insurance. To find out the most reasonable cost option, consult an agent or explore and compare options online.
Final Thoughts
If you want an answer to whether travel insurance is essential or not, consider the risks and possible mishaps that can occur on your international trip, along with the expenses associated with them. Given the risks and possible mishaps that can inflict big expenses, having this insurance can be a savior.
All-in-all, having international travel insurance will only benefit you and make your trip hassle-free and more enjoyable. So, if you’re planning to buy an overseas travel insurance policy, Future Generali is your go-to place. With simple, paperless online procedures, get your travel insurance ready in no time!
FAQs
What is the need for travel insurance during an international trip?
Travelers carry travel insurance during international trips primarily because of the coverage against travel risks. Whether it’s the loss of personal belongings, passport, or traveler’s cheque, this insurance covers the expense for it all.
Is it compulsory to keep travel insurance for international trips?
Although no laws or regulations say that it’s mandatory to carry travel insurance during international trips, it is best to keep them for your financial protection and safety.
What are the things not covered by travel insurance?
Usually, trip interruptions or trip cancellations because of expected, foreseeable, or known epidemics, events, or hodophobia (fear of travel) are not covered by travel insurance.
Can I purchase travel insurance overseas?
According to the terms and conditions outlined in every Indian travel insurance policy, the person getting the insurance must be physically present in India while buying the policy.
What is the validity of a travel insurance plan?
Typically, a travel insurance policy stays valid for a year (365 days) and ensures coverage for the international trips taken within that year.
