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More often than not, in the heat of things, on international travel, we just opt for bare minimum travel insurance without checking the plans and coverage. And, sometimes, the realization comes in only when claiming the insurance. At the time, it’s too late to explore other options. With all the uncertainties that come with a trip, it is now more essential than ever to opt for travel insurance which can help in having a stress-free vacation. This guide will help you decide the right travel insurance for your needs while traveling abroad.
Heading to Italy anytime soon? Then check out an extensive guide on applying for Schengen Italy Tourist Visa for Indians.
What to look for in a Travel Insurance for Overseas
When I was applying for a Schengen visa, it was mandatory for me to opt for travel insurance. I didn’t give it much thought about it then, but then due to some incidents, I realized how vital it can be. After all, when it comes to travel insurance or any insurance for that matter, you DON’T need it until you DO!
I was flying to Rome from Bangalore on Kuwait Airways with a short layover in Kuwait. Incidentally, my main baggage was left at Kuwait itself, and didn’t reach me on time. And, due to some confusion about the airlines, and that I was moving around in Italy, it took the airlines over a week to send me the luggage. Chasing cold weather in Europe without appropriate clothes is not what I had in mind when I thought of heading to Europe. And, it seemed like my trip was going for a downfall. Luckily, I had a couple of extra clothes in my cabin bag, and that helped me for a few days.
I then ended up buying clothes and accessories necessary for me at the time. And thankfully, I got reimbursed from the airlines for all of my buying expenses and also from the insurance company for the cap limit.
This incident made me re-think my approach to travel insurance. And I wanted to research and find out how to get the maximum benefit out of my travel insurance.
Here are some of the items to consider while choosing travel insurance or international travel insurance for that matter.
Insurance Coverage
Usually, while applying for a visa to a country, sometimes, they have minimum travel insurance coverage specified. Adhere to the standards.
You can either go for a single trip travel insurance that would cover only your upcoming trip or if you are a frequent traveler, then opt for multi-trip travel insurance. Multi-trip travel insurance saves you the hassle of buying travel insurance every time you travel and provides extended coverage, usually for a year, but comes with an additional cost. Also, there are different types of travel insurance available as well – Senior Citizen travel insurance, Family travel insurance, and Student travel insurance.
Loss or Delay of Check-in Baggage
Choose travel insurance which offers both loss and delay of baggage. Usually, delay of travel baggage is applicable only if the duration of the delay is over 12 hours or more. Although, it depends on the company and the plan you are opting for.
There are obviously additional expenses that might crop up when there is a loss or delay of baggage. Your travel insurance needs to account for that.
Personal Note: I stumbled on to Reliance Schengen travel insurance with coverage of €30,000 and €50,000. I opted for a later with a higher coverage because of only over Rs. 100 difference in the premium. And this decision paid me off later, as it turns out the insurance plan with €30,000 didn’t offer compensation for delayed baggage at all.
Medical Emergencies
In case of medical emergencies, it’s especially crucial to have travel insurance. Medical expenses can be quite pricey in most parts of the world, and you’d want only the best benefits when it comes to health. And that could create a big hole in your pocket, especially if you are trying to do it on your own. So, be wise while choosing international travel insurance with regards to medical emergencies.
Loss of Passport
Losing a passport could be a big spoilsport on your travels. Most of the travel insurance provides coverage for passport loss as a separate entity or as part of a loss of baggage and documents entity. Check out the policies of travel insurance in this regard before buying.
Trip Delay or Cancellation
Due to unforeseen circumstances, there’s always a possibility of flight getting delayed or canceled. So, opting for travel insurance which provides you coverage of these problems could be a lifesaver. Usually, you can claim for a trip delay of over 6-12 hours. Varies from plan to plan.
Claim Settlement Ratio
Most people don’t consider this, but it’s a vital one. What’s the point of buying insurance if it doesn’t offer speedy claim process and settlements? There are many companies that offer cheap premium plans but check out reviews online to find out if they settle claims to the customer’s satisfaction. Claim Settlement Ratio is one of the key things to look for while looking for travel insurance.
ICICI Lombard and HDFC Ergo travel insurance offer good benefits while traveling abroad (from India). If you’d like more coverage on adventurous activities, and be able to buy travel insurance on the go, then you can opt for World Nomads travel insurance which is the industry standard in travel insurance.
Apply for World Nomads travel insurance now
What insurance companies don’t cover
Exclusions vary from plan to plan and company to company. Having said that, here are a few things that the travel insurance companies don’t cover.
- Any claim arising out of pre-existing medical condition whether declared or undeclared isn’t covered.
- Expenses incurred while traveling due to local protests or war.
- Trip delay or cancellation incurred due to local protests or war.
- An intentional self-injury or suicide.
- Expenses arising out of alcohol or drug use.
So, what do you look for in a travel Insurance? Anything you’d like to add? Let me know in the comments below.
