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Is Travel Insurance Really Important? Is It Necessary to Buy One?

If you’re planning a vacation abroad, don’t forget to include travel insurance in your itinerary.

A travel insurance plan is of utmost importance nowadays. If you are a frequent traveler, it is advisable to purchase a comprehensive travel insurance plan. Travel insurance provides cover against medical emergencies, misplaced luggage, lost passport and much more. In addition, there are many specialized travel insurance plans which provide cover against baggage loss, trip cancellation or delay, loss of passport, hijack, etc.

Is It Necessary to Buy Travel Insurance?

It is not mandatory to purchase a travel insurance plan, but if you are an international traveler, it is advisable to purchase a comprehensive travel insurance plan. If you travel outside the country, the chances of a medical emergency are higher. Many times your baggage gets misplaced or you may fall sick and require hospitalization in a foreign land. The last scenario you want to face is a medical bill with no financial cover in a foreign land.

Benefits of Travel Insurance

1. Worldwide cover - Many insurers provide domestic travel as well as international travel insurance policies. An international travel insurance provides worldwide cover against medical emergencies that occur while travelling abroad.

2. Expenses Cover -Travel insurance also provides cover for expenses of treatment arising from pre-existing conditions under life threatening conditions.

3. Personal Accident Cover - Travel insurance provides personal accident protection to cover accidental death or dismemberment of policyholders. In addition, the policy also provides coverage for death, injury or loss of property accidentally caused by the policyholder to a third party.

4. Loss of valuables - In case the luggage of the policyholder goes missing for more than 12 hours, the travel insurance policy will compensate for any loss or delay of checked-in luggage.

5. Coverage - In case of a delayed flight for more than 12 hours, the additional expenses are compensated by the policy. The policy also provides cover for trip cancellation/delay/interruption caused by a medical problem, a personal employment issue, an airline issue or owing to a natural disaster.

6. Emergency evacuation - A travel insurance plan provides cover for emergency medical evacuation back to the policyholder’s residence. Distress allowance is provided in case the airplane is hijacked for more than 12 hours.

7. Compassionate Visit - In case the policyholder is hospitalized for more than 7 days and is required to be visited by his/her family members, the policy will reimburse the return airfare.

8. Cashless Treatment - A travel insurance plan provides cashless treatment at network hospitals across the globe.

9. No Medical Check-up - Many insurers do not require a medical check-up before purchasing a travel insurance plan.

10. Repatriation of Mortal Remains - In case of death of the policyholder during the course of international travel, this facility covers the cost incurred if the policyholder’s mortal remains need to be repatriated following his/her demise.

Things to Remember While Comparing Travel Insurance Policy Online

  • Ensure you select the right policy which covers your basic risks at an optimum premium.

  • Consider the following factors - Type of trip (domestic/international), extent of risk involved, add-ons to the policy.

  • Online comparison will help you determine the right quote.

  • You can customize the plan and select the right cover.

  • Read the exclusions and inclusions carefully before making the final purchase.

In short, you should purchase a travel insurance plan as it will provide the necessary financial support in case of an unfortunate event during your travel.