There are many people who do not avail a travel insurance because they think it is totally unnecessary. However, once abroad, they fall sick or lose their passports and incur huge expenses. At that moment, they regret their decision of not taking a travel insurance policy.
There is no ‘one size fits all’ in travel insurance, and you will have to find a policy that will suit your requirement and budget. Hence, it is all the more important that you are aware about the different types of insurance prevalent in the market to gain maximum benefit from them.
Medical/Health Care Insurance
So, your tooth started hurting all of a sudden or you came down with fever while on a vacation to some exotic location. Don’t worry as your medical policy will save you from getting a heart attack after seeing a huge medical bill. You never know what kind of a health problem may affect you owing to different cuisines, water, and climate. Allow the dentist to drill a hole in your tooth, not in your pocket. Hence, this insurance is a must for all those who intend to travel carefree.
Medical/Emergency Evacuation Insurance
Imagine that you were out for a trek in the Grand Canyon and you injured your foot badly. You are not able to move, and the only option you have is to get a helicopter evacuation. I know this expensive evacuation is going to be more painful for you than the injury itself, but it will be the only option you have. No one really thinks about such a situation before packing their bags for a happy trip, but this cover is highly recommended for everyone. Most of the time, it is included under the medical policy, but you have the liberty to avail it separately.
Accidental Death and Dismemberment Policy
This policy is a must for all those who really care for their loved ones. If you take this policy, it will cover you throughout your trip and will also include the time spent on flight. Not only will it help your nominee in the event of your accidental death, but it will also help you out if some accident or injury causes you to lose any bodily appendage. Needless to say, the accident will be investigated thoroughly before giving the compensation to your beneficiary or you. However, this is an inexpensive insurance policy, and it is advisable that you opt for it.
Family Travel Insurance
Family travel insurance is a convenient policy which covers the entire family. Hence, you do not need separate policies to cover each individual. Getting this policy is not only cost-effective, but sometimes under 18 individuals get covered for free.
Trip Cancellation Insurance
So, you missed the flight back home from Paris because your doctor told you not to travel for a few days. If you are covered under the trip cancellation insurance, the company will pay you rebooking fees or even a refund due to unexpected cancellation. It will also cover your accommodation and food costs. If your destination provider cancels the trip, a family member passes away, your house catches fire, etc., and you have to cancel your trip, it will get covered under this insurance. However, beware that a death of a friend will not qualify you for getting covered under this insurance.
Winter Sports Cover
In most cases, insurance companies will exclude coverage of winter sports like skiing, snowboarding, sledging, etc. Hence, you need a special winter sports cover that will insure you in case you meet with an accident while undertaking them.
Baggage Loss, Damage, and Theft Insurance
As we all know, many times, adventures of travel also include some events like loss, damage, or theft of personal items. The damage to many expensive goods are covered only if you were carrying them at the time of the damage. That means, they were not a part of the checked-in baggage. Always remember, at all costs, you must attach a police report while filing a claim for theft. In case of theft of some electronic items like cameras, laptops, etc., it will cover them only if there was a forced entry in the room where you left them. Loss of cash, money order, credit cards, etc., will not get much coverage. Important documents like passport, travel visa, birth certificate, etc., are also covered under this. These are expensive policies and are taken by businessmen who travel a lot.
Annual/Multi-trip Travel Insurance
As the name suggests, you can get this cover if you are a frequent traveler. As you pay an amount for the coverage of one year, it proves to be cost-effective than the single trip policy. There are insurers who do not restrict the number of trips. However, the amount of days you spend in a foreign country may be restricted.
Single Trip Travel Insurance
An individual or a family traveling for single trip can avail this policy. However, this type of insurance can prove to be very expensive.
Trip Interruption Insurance
If your car breaks down on the way to the airport and you miss your trip, or your flight gets postponed because of bad weather and your travel plans get interrupted, this insurance will cover the expenses. Getting a trip interruption insurance is important because if you have to cut your trip short and head back home, you will lose out on a lot of money on flights, trip expenses, hotels bookings, etc.
Travel Document Protection
This insurance helps replace your travel documents, if you lose them or they are stolen. It is advisable that you avail this policy.
This type of insurance specifically covers you when you are traveling by plane. In case of an accident, your nominee will benefit because of this policy. However, plane crashes are not common. Hence, this policy is not as important as some of the others.
Car Rental Protection
If during a tour your rented car meets with an accident and causes loss or damage to your personal belongings, you may get reimbursed if you had availed a car rental protection.
Apart from these, there is group travel insurance, travel insurance for over 65s, visitor health/medical insurance, coverage for overseas funeral expenses, backpackers insurance, etc. It is important that you read all the clauses carefully. Now that you are aware of the different types of travel insurance, choose one that will provide maximum protection.