Archive for category Travel Insurance
Travel Insurance – Understanding the Importance
Posted by in Travel Insurance on October 14, 2011
Be it for work or for pleasure, travelling can at times get risky and it is always wise to be prepared for unforeseen events. Like any other insurance policy, Travel Insurance covers all the risks that are related to the subject insured. Hence a travel insurance policy covers your entire journey from commencement to the end of the journey. Any such policy is valid from the time the insured starts his/her journey to the time the journey is complete or the time the contract expires or whichever is earlier.
Some of the best policies in the market allow you to extend the policy in case the stay is extended and the reasons for extension are beyond one’s control. Most of the policies automatically extend the tenure for 7-10 days in the event when there is a delay due to some strike or any other happening that is not in direct control and no other travel arrangements can be made. However during your stay abroad on payment of additional premium the policy can be extended as per the terms and conditions of the insurer.
Travel Insurance covers almost everything that can cause damage or loss to you while you are travelling during that insured period. It can include the following:
• Accidental injuries
• Third party liability
• Loss of baggage
In case of lost baggage however the claim is a certain percentage of the valuation of the baggage and not the whole amount. Mostly it is half of the value and valuables. Perishables and consumables are not valued under this provision.
Though Travel insurance covers medical expenses that you may incur in case of any accident or illness, it does not cover medical expenses in case one has gone for medical treatment. Travel Insurance only covers expenses that occur due to any sudden unforeseen incident during travel. Any illness or disease contracted during the travel would be settled subject to the insured possessing the required documents.
A travel policy can be issued for a specific trip (single trip) or for multi trips (for frequent fliers) where by single payment of premium, an umbrella of coverage is provided for various trips taken, subject to the maximum days of stay as per the policy conditions of each insurer. Also the age band and age restrictions differ from company to company. Each insurance company has their own set of defined guidelines to cover senior citizens travel insurance. Read the rest of this entry »
What Does Travel Insurance Cover?
Posted by in Travel Insurance on August 14, 2011
Travel insurance is the type of insurance that covers any unforeseen event while traveling. This could be an accident, illness, lost baggage and tickets or expenses caused by unexpected delays. Everybody knows that traveling, especially long distance international traveling can be fraught with problems. Once you reach your destination, you could, for example, sprain and break your ankle, while getting out of the taxi. The only thing left to do in this situation is to go to hospital and get bandaged up. The only problem is that this can cost big money to do. However, if you have travel insurance, this type of unexpected expense will be taken care of.
Many people ask the question if they really do I need travel insurance. They may think to themselves that they have travelled plenty of times without any problem, so why now? The answer to this is really simple. The fact is that travel insurance does not cost very much, when compared to other expenses that come with traveling.
This is especially true if you are planning on going for long distance or travel to far away unknown destinations. Traveling itself can be a tiresome activity, especially when you are going to a completely foreign country which you have not visited before. Getting travel insurance in this scenario will give you peace of mind at the very least. It is important to know there are several different types are the following.
Medical will cover any type of medical emergencies that may happen on the trip. As mentioned before, accidents, illnesses and mishaps do happen when traveling. It will cover medications and hospitalizations while traveling. The next type of travel insurance is also known as flight insurance. This covers any accidents or injuries cause during the actual travel. This type of insurance is the rarest type but it is available for anyone who wants it.
The next type of insurance is related to flight insurance and that would be baggage insurance. As the name shows, it will cover any lost baggage and the resultant inconveniences that may occur as a result, such as lost tickets and passports. It will also cover damaged baggage and valuables that are contained within the luggage.
Even though it is broken up into several different types of insurance comparison, it is possible to get them all under one policy. The United States Travel Insurance Association has noted that there has been an increase in demand for various types of travel insurance in the last decade. The biggest customer base by far is people who go for cruise vacations. As far as travel insurance prices are concerned, it is difficult to mention a set price. This is because there are many factors at play such as the destination of the traveler, the traveler’s age, what type of insurance they get and so on. However, to get a basic idea, 50 to 60 dollars to cover 1000 dollars worth of lost baggage is not unusual. Read the rest of this entry »