Since the Covid-19 pandemic, various travel guidelines have changed along with mandatory masks, vaccination certificates and negative covid reports. Likewise, travel insurance is mandatory for visiting countries like Austria, Belgium, Czech Republic, Spain, Sweden, Norway, Poland, France, Germany and Greece.
Due to an increase in the number of travellers in the past two years, insurance companies are making efforts to come up with new ways of protecting your journey financially.
Before digging deep, let's understand a bit about travel insurance
What is travel insurance?
Depending on the travellers' requirements, various risks are covered by your travel insurance company during the whole visit. Risks include healthcare expenses, loss of luggage, cancellation of your flight, and other unforeseen losses that might incur.
Travel insurance shall be bought from the departure day to return day to India as it guarantees a complete coverage in the case of an emergency abroad. Whereas insurance coverage means you can recover your unexpected financial loss in the case of a mishap during travel.
Although, travel insurance works best in both the cases of travelling home country or abroad. However, it is more famous in the case abroad visits.
Benefits of travel insurance
Although the benefits of travel insurance slightly depend on the types of policy you are planning to buy. However, there are a few advantages that you don't want to miss:
Change your itinerary
Suppose you miss the flight due to unforeseen circumstances like health problems, cancellation by the seller of the hotel or airline booking, or the financial bankruptcy of the travel company or cruise company offering the trip. In that case, your insurance company will compensate you for the losses.
It protects you against the losses during your travel
Loss of checked baggage, loss of a passport, and other losses are some of the catastrophes covered by travel insurance. Offering protection against these losses, it pays the traveller for any additional costs incurred due to these losses.
Provide financial assistance in the case of any medical emergencies
Medical emergencies might be one of the primary reasons to opt for travel insurance. Your travel insurance can protect you against medical possibilities like accidents and dental or other treatments. Expenses up to the limit specified in the insurance policy are reimbursed by the company, even if you do not have any medical insurance.
It covers your liability
Mishappening is a part of our lives. Something can happen to you, or it can happen to someone else because of you. In the latter case, you will be liable to other people.
For instance, if you cause any damage to a third person mistakenly who has to be compensated, your travel insurance company will cover that person on your behalf.
Financial emergency coverage
Loss of cash, credit card, or debit card is a nightmare for many of us during our travels. It would affect not only our travel budget but also spoil our peace-seeking trip.
The insurance company might pay you a predetermined amount as a fixed allowance if the insured experiences financial difficulty due to the accidental loss of money carried by them at any time during the journey covered by the policy.
Anushka Trivedi is a freelance financial content writer. She can be reached at anushkatrivedi.com