Travel Insurance
The travel now days is considered safe because of lesser number of accidents taking place, because of modernization and automation of equipments and better telecommunication systems by use by the organizations involved in traveling field to increase their efficiency and observing scientific safety standards.
But an accident is an accident, earlier perhaps loss per accident was low, which has now increased manifol, because now a days long travel is done by air and one air mishap can put the loss figure very high because more number of people traveling in jumbo jets.
While traveling by Air, it is normal to take a travel insurance, the insurance premiums are low, because the incidents of Air Accident is very low considering the air flights take off or a flight landing every five minutes from a busy airport at their peak hours.
Travel insurance is a risk cover, which is intended to cover medical expenses and making good of a financial loss, which takes place in between your resuming the journey and in continuance till you reach back home. It can be like money invested in nonrefundable pre-payments and other losses suffered during travel, either in country of origin or international places enroute of journey.
Temporary travel insurance is usually obtained at the time of making reservations for travel journey covering the entire travel places, involving various modes of transports and duration. If one is a frequent traveler, one can take open travel insurance for a specific period ranging to few months or full year directly from the insurance company.
There are a number of category of travelers each having a specific need of Travel insurance, hence there are different plans to fit the need and pocket of the traveler. The plans are for Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel. Thus all respective travel risks can be covered by an insurance plan.
The routine risks, which are covered by travel insurance, are as below:
- Medical expenditures.
- Emergency need to come back /repatriation
- Cancellation of travel/interruption in travel.
- Death of the insured person as a result of an accident, sustained injuries or getting disabled as a result of an accident.
- Overseas funeral expenses
- Delay in departure affecting connected tour.
- Damage to personal articles, loss of luggage and cash.
- Personal liability and rental car damage excess
Few travel policies have provision of covering extra incurred expenditure. There are lot of variations from one company to other in such respects.
Besides the basic travel insurance plan additional cover can be obtained in respect of following:
- Suffering from chronic diseases like asthma, diabetes etc.
- Adventurism sports having more risk involvement like skiing, scuba-diving etc.
- For traveling in high risk countries having risk of exposure to war or naturally occuring disaster zones or places having rampant terrorism.
Generally following are the exclusions not covered in Travel Insurance Plans:
- pre-existing disease.
- war like conditions or terrorism.
- If injury or illness is caused under influence of alcohol or drugs.
The cost of Common travel insurance plan having coverage for whole period of journey usually is within the range of 5-7% of total cost of travel package.
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March 8th, 2010 at 10:38 am
Whether or not you have insurance, shopping around will benefit you. Take your time and do a little research on all your options, and make sure you take your situation into consideration.
March 9th, 2010 at 6:56 am
Nice article and some very helpfull tips. I think that more people should take the time to research the insurance companies before taking a policy. Lately more and more companies have been ripping peopleoff so it is your job to make sure if it’s a reputable company or not