Nowadays, the overall awareness level regarding travel and travel insurance is on the rise. This wasn’t the case a decade ago. Give this a thought – how many people from your relatives/friends/colleagues have gone on a foreign trip recently? It is likely that there will be at least one person that you know who has either visited East Europe, Dubai, Malaysia, etc.
Tour operators often stress the importance of travel insurance while booking such trips. In fact, it is compulsory to avail travel insurance if you want to visit Schengen countries. But the most important question here is – does your travel insurance policy provide adequate coverage?
Travel insurance policies usually offer basic coverage in the form of passport loss, baggage loss, trip delay, and medical assistance. What matters here is the sum insured. Higher the sum insured, higher the insurance premium. Besides, this coverage, you can also opt for Add-ons such as ‘Home Burglary Cover’ etc.
You also have the option of choosing from a different type of policies. For example, if you are an entrepreneur that travels around the world frequently, you can opt for a multi-trip plan. There are dedicated plans for students and senior citizens as well. The coverage will be in accordance with the chosen plan.
The usual way
Travelers either leave the travel insurance aspect to their tour operators or look out for the cheapest option on the internet. The tour operator is likely to purchase policies from an insurer who has a tie-up with them. The kind of policy to be offered might also be pre-decided. Such an activity might help save time and seem like a convenient process but does it provide adequate coverage?
Individual requirements are not looked at in depth and a generic policy is issued to everyone boarding the flight. This is certainly better than traveling with no insurance but there are too many questions with respect to – is it the ideal way?
The ideal way
The ideal way of ensuring whether or not you have adequate travel insurance coverage is to analyze your trip with respect to the risks you might be exposed to. Once you know the risks, you can choose the cover accordingly to cover those risks with an adequate sum insured.
For example, consider your entire family is going on a trip to England for 10 days. Your home in India is in a locality that is prone to burglary. In such a scenario, it will be helpful if you choose the ‘Home Burglary Cover’ Add-on. However, if only you are visiting England and your family is going to be at home, the chances of burglary are less, so such an Add-on might not be necessary.
Consider another scenario – If the country you are scheduled to visit is vulnerable to risks such as civil unrest, political upheaval, etc. you might want to ensure that you have an emergency evacuation cover in your policy.
Travel insurance online
Unlike offline travel insurance, travel insurance online does not involve any documentation. There’s no need to fill lengthy forms and chase agents or insurance executives. In fact, you can insure your trip within minutes. You can opt for travel insurance online from the insurer’s website or through aggregators.
No matter how you choose to go for travel insurance online, it is important to compare travel insurance before purchasing. You can get adequate coverage at the right price when you compare travel insurance.
If you think you cannot buy travel insurance online because you are not an expert, you are mistaken. It is extremely easy to buy travel insurance online as the online purchase journey is similar to any top e-commerce website. However, make sure to read the terms and conditions of a travel insurance plan thoroughly before purchasing the policy.
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