Sunday, 22 December 2013

Frequently Asked Questions About Travel Insurance

Travel insurance is one part of your overseas trip that need not be overlooked at any cost. Many of the travellers are cognizant about travel insurance, but are unaware of the various uses it can be put to. Here we endeavour to give you answers to question that frequently pop up in everybodys mind about travel insurance. 

What is travel insurance cover?

It is a type of insurance that give you financial coverage that may occur due to illness or losses while you are on an overseas trip. One can buy travel insurance for both national and international trips.

Why travel insurance must be bought?

As the main aim of travel insurance is to protect you while travelling, this will provide adequate protection that one may need in the unfortunate event of an unforeseen nature. Any person travelling overseas without adequate travel insurance cover will be in a perilous situation if he is embroiled in an accident.

What is the scope of travel insurance?

Travel insurance typically provide cover for transportation to a medical facility, medical cost, and reimbursement for some non-refundable cost that may occur due to cancellation or interruption of trips that may result in financial loss.

What is the cost of travel insurance?

This depends entirely on the insurance provider and the type of policy that you wish to subscribe to. Typically the average cost of travel insurance is that up to 12 percent of the total cost of you overseas trip/vacation.

What is the importance of travel insurance and what is the claim-settlement ratio?

Travel insurance is of utmost importance, so important that it must be an integral part of your overseas trip and therefore it is highly recommended. On an average 10 percent of policy holders file claims. 

Does travel insurance cover medical care?

Yes, in the event of a serious injury or illness, medical treatment along with transportation to a medical facility is covered. It also covers cost that may be required to repatriate you home in the case of critical illness diagnosis.

Are business trips covered in travel insurance?

This varies according to the insurance provider. Usually, every insurance company provide cover for business trip, however the coverage need to be complimentary to the standard coverage.

What is the term period for travel insurance?

You can buy travel insurance with duration of as small as 2 weeks, or if you desire, up to a year. The term period is also at the sole discretion of the insurance company.

When must one buy travel insurance?

The best time to subscribe for travel insurance is before you embark on your journey, but one can also buy it after you left the departure point. In any case you would want to be covered for the entire duration of the trip.

What happens in case of loss or theft of money?

In the event you are unable to find your replacement of traveller checks, the insurance company will assign a travel agent to you who will arrange a travel check or money transfer for you.

About the Author:
Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right travel insurance policy & often shares his insights about the general insurance industry on internet.

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