Plan it wise. It is not mandatory to buy a travel insurance but, it might cover up for huge losses if planned wisely. Before buying a travel insurance check for other insurances already you own.
For example, if a person intends to buy travel insurance just on the fear of a plane crash, he should rather buy a term life insurance which will cover for his life on the occurrence of any accidents.
But if suppose, a person is travelling overseas, it may require an additional health insurance, one can consider medical travel insurance. The Best way to buy these medical travel insurance is to go to an online broker like Insuremytrip.com which sells coverage from nearly 21 different carrier’s including CSA travel protection, MedJet Assist, and Travelex. But, not from travel agents who will be more concerned about higher commissions than providing the best policy.
The main reasons for taking a travel insurance are:
- Loss of passport or luggage: If during a travel a person loses his luggage or passport, he need not bother to contact the embassy and sort out things on his own he could rather buy a travel insurance. They would rather take care of everything that is about getting your documents till getting his finances in a right manner.
- Sickness or accident: Health insurance taken up is applicable in the home country. However, there are possibilities to fall sick or meet with an outside as well. Travel insurance comes to the rescue and especially in countries like The US where, the expenses would be 10 times to that of India. It is a must to take up a travel insurance.
- Missed flights, delayed or cancelled trips: Considering the loss one might face in terms of cancellation charges or because of the flights they would miss, taking a travel insurance will reduce it not completely but at least to a maximum amount.
- Burglary at home, while the person is on travel: An empty house is an invitation for thieves. The travel insurance even covers the loss that, one might face if the house of the insured gets robbed while he is on travel.
- Emergency evacuations: Natural calamities like Tsunami, Earthquake can occur at any time. The recent Nepal Earthquake is the best example. Many fell victim to the sudden earthquakes in Nepal, being a tourist attraction had many tourists also a victim of this natural calamity. The travel insurance if taken up covers such emergency evacuations by taking up the responsibility of flying the injured person out of such worst situation to his own country and, providing him the required medication.
There are few steps which need to be verified before taking up a travel insurance:
- Decide how much is at stake if something goes wrong on the trip.
The more expensive the trip is, the more is travel insurance is needed.
- Check if your credit card provides travel insurance.
- What will be the cost of taking up travel insurance for the trip planned?
Thus, Taking up a travel insurance mainly depends on how costly is the trip planned and what is the cost of taking up a travel insurance. It’s recommended that if your trip is expensive, it is worth taking up a travel insurance instead of suffering for all the loss.