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Get travel insurance to ensure safe holidays
The most frequently asked question by families going on an overseas holiday is whether to take a travel insurance or not. If you are flying to countries like the US or any western European country, you don’t have a choice as it is must. However, if you are going on a vacation to destinations in South or South-East Asia, Africa, South America, Western and Central Asia, travel insurance is not mandatory.
Need for travel insurance. Most people going on a holiday abroad do not take insurance as they are visiting relatives or friends and think the hosts can take care of them. But this is not the best way to cover risks. Also, there are various benefits to taking travel insurance. Not only does it take care of your medical expenses and repatriation if you fall ill, but also covers you against personal accident, loss of checked baggage, loss of passport, personal liability, cash-less service and trip delay.
Various options. Travel insurance products come with various options and you can choose the one that meets your needs. If you think that you and your family would require a travel insurance to cover only unforeseen hospitalisation expenses in an alien country, then you can choose a plain vanilla cover. Here, the premiums would be much lesser than if you choose to be insured against other losses as well.
Cost factor. Here is a ballpark figure. Travel insurance premium is likely to be less than Rs 2,500 for a family of four for a 14-day trip for a basic plan that covers risks like medical expenses, personal accident, loss of checked baggage or passport and cashless service. If you travel as a family, insurance companies provide discounts on the overall premiums.
The premium depends on the age of the travellers and the duration of the trip. But there are some exceptions. For example, if the trip is to the US, then premiums are double than to elsewhere in the world since medical costs are high in the US.
Even if the chances of you meeting with an accident or losing your baggage or your trip getting delayed are small, having insurance will save you from endless frustration if such a mishap does occur. Having an insurance plan can make your holiday that much easier.
It takes about a week to 10 days to get the policy documents. You can also buy travel insurance online. If you have arranged your trip through a dedicated tour and travel company, travel insurance usually comes at a discount, depending on the tie-up between the tour operator and the insurance company.
If adventure-based activities like bungee jumping, parasailing or deep sea walking are going to be a part of your holiday, then all the more reason to get insurance. Although insurers offer cover for such activities, the premiums are much higher as the risk associated with such sports is also high.
A word of caution. Most people opt for insurance for $50,000 or $1,00,000 or an even larger sum to cover all risks. However, in the event of loss of checked baggage or passport the claim amount to be paid is capped at $100 to $500 (depending on the company), irrespective of the sum insured.
Check list. Before you sign on the dotted line be sure to get answers to these questions. How much is the sum assured? What is the exact nature of the insurer’s payout? Insurance companies have specific payout for a particular claim and may not pay the entire sum insured for it. Check whether your policy covers medical expenses and repatriation. Check the claim payout for loss of checked baggage or passport. Be sure to understand the procedure to follow in order to make a claim. Most importantly, keep the toll free number of the company for any emergency. Happy holidays!