Travel Insurance With Financial Emergency Cash Covers

Travelling overseas can be an exciting experience. However, no matter how much you plan or research, there is no predicting when an unfortunate event will occur and jinx your trip. You may lose your wallet, or it may get stolen, leading to financial difficulties for you. If such events do occur, you have two options: allow the event to ruin your trip and go back home or, have a backup plan which can help you access emergency cash so that you can continue your trip. Buying the right travel insurance policy can prove to be your ‘Plan B’. With this feature of emergency cash assistance services, a travel insurance plan can come to your rescue by providing assistance in arranging for cash to be sent via different sources. Let’s see how this works in detail.

What Does Financial Emergency Cash Mean?

Financial emergency cash is a feature in emergency travel insurance that provides immediate financial assistance in the event of a monetary loss during your travels. This service helps arrange cash through various sources, such as banks, credit cards, or money transfer companies, ensuring you can continue your journey without major disruptions. If you lose money or essential items like luggage, we will coordinate with your relatives back home to transfer the necessary funds. This feature ensures you have a safety net to fall back on during unforeseen financial emergencies.

How Do Emergency Assistance Services Work?

Before we get to what is covered by emergency assistance services, let’s take a look at how such a service works.

1. When you buy a travel medical insurance plan, you get coverage against different kinds of risks and dangers that can occur during travelling. Travel insurance plans also offer assistance of different kinds to help the insured have a smoother trip. One of these assistance aspects is the emergency cash assistance service.
2. The events and situations under which the emergency cash assistance service may be provided may vary across plans. In most cases, it considers the loss of money or other essential items such as luggage. *
3. If you are caught in such a situation and require financial support from a relative during your travels, then you must inform the insurance company about it.
4. The insurance company shall connect and co-ordinate with your relatives back home and assist in transferring the money to you.**
5. The money may be sent by the insurance company via different sources, such as credit cards, banks, money transfer companies, consulates, and so on.

**The transfer charges will be applied and automatically deducted from the transaction amount. Now, let’s see the extent of services provided under this travel insurance coverage section.

When Can You Access Emergency Assistance Services?

You can reach out to Bajaj Allianz General Insurance Company or a representative if you face the following situations during your travels:

Loss of money

When you are travelling, it is quite natural to have a fixed budget so as to avoid going overboard. While this is a good habit, a fixed budget can cause a hindrance if you lose some money, or it gets stolen in an unfortunate situation. In such a case, you should contact your insurer and let them know that you need assistance in regard to cash. Claims are subject to terms and conditions set forth under travel insurance policy. The insurer shall take stock of the situation and then let your near and dear ones know of it so that they can arrange for cash for you. *

Loss of check-in luggage

It is likely that your luggage will contain more than just your clothes. It may have documents and items that may allow you to ensure cash flow for the duration of the trip. Hence, if your luggage were to be lost, you may have to face financial difficulties, too. This situation could be improved if a loved one back home sent cash to you to help out. By contacting your insurance representative, you can convey your situation to your loved ones and they will be able to help you out financially. *

Things To Know Before You Opt for Emergency Assistance Services

The emergency cash assistance services clause in travel insurance comes with terms and conditions, which are as follows:

1. If you have lost an essential item or it has been stolen and you are raising a claim for this clause, it is important to have a police report at hand.
2. File a police complaint at the local police station which the destination falls under. For instance, if you are in Singapore City, file a complaint at the Singapore city police station.
3. Ensure to have a copy of the same and provide it when filing a claim. In the above example, you will need to raise a claim under your travel insurance for Singapore.
4. Some insurance companies may have a time limit within which you should inform the insurer about the emergency. Note that emergency cash assistance service is not considered an insurance benefit. It is an assistance service which is eligible only under terms and conditions.
5. Not all emergency events may be covered under the emergency assistance service. Hence, read the inclusions and exclusions of the policy carefully, including the exclusions for the specific section.

Having a backup plan for emergencies can not only help you financially but also provide peace of mind. This, in turn, can help you enjoy your travels even more. So, ensure to have a travel medical insurance plan in place so that your travels continue uninterrupted.

Does Travel Insurance Include Financial Losses?

While most travellers understand the significance of buying international travel insurance, not many consider what the plan may or may not offer. No matter what part of the world you are in, mugging, thievery, and pickpocketing are common. If you get caught in such a situation, you will require some financial aid. Therefore, Bajaj Allianz General Insurane Company provides assistance with paid transfer services to help manage situations where monetary support is essential.

Terms and Conditions for Financial Emergency Cash Covers

To avail of financial emergency cash services, certain conditions must be met. First, it is crucial to file a police report immediately after the incident, as this will be required when raising a claim. You must inform us about the emergency as soon as possible, typically within a specified time limit mentioned in your policy. Note that this service is an assistance feature and not a direct insurance benefit, meaning transfer charges will be deducted from the transaction amount. Additionally, not all emergencies may be covered, so it is essential to read the inclusions and exclusions of your policy carefully.

How to Avoid such situations when Travelling?

While international travel insurance with emergency cash coverage is essential, you must take a few precautions to prevent the chances of such happenings:

1. Store your belongings safely, and don't flash your items, which may attract thieves or pickpockets.
2. Use a cut-proof bag to avoid pickpocketing when traveling in crowded places.
3. Do not put belongings in your back pocket to make a thief's work easier.
4. Ensure to use hidden pockets to keep your cash safe and discreet.
5. Keep the documents and money in separate places to access some funds or documents. Also, save soft copies of your paperwork on the phone.
6. Use a money pack fastened around your waist to keep your money safe. Also, lock your larger bags to secure them.

How to Prepare for any Financial Emergency?

Preparing for financial emergencies while travelling involves taking several precautionary steps. Store your belongings safely and avoid displaying valuable items that might attract thieves. Use cut-proof bags and avoid placing items in your back pocket. Utilise hidden pockets for storing cash discreetly and keep your documents and money in separate locations. For added security, carry a money pack around your waist and lock larger bags. Also, saving soft copies of important documents on your phone can benefit. These measures, combined with emergency travel insurance, can help mitigate the risk of financial emergencies during your trip.

Conclusion

Travel insurance, including coverage for financial losses and emergency cash, is crucial for any trip abroad. However, understanding the terms and conditions and taking preventive measures can further safeguard your finances and belongings during your travels.

FAQs

Is pickpocketing covered in travel insurance?

Yes, travel insurance online typically covers losses due to pickpocketing, provided you file a police report and inform us promptly.

How Does Your Travel Insurance Help in the Case of Robbery or Theft? 

In case of robbery or theft, your travel insurance will facilitate emergency cash benefits by coordinating with your relatives back home, ensuring you have the necessary funds to continue your trip.

How to file a claim? 

To file a claim, immediately report the incident to the local police and obtain a report. Inform us about the emergency and provide the necessary documents, including the police report, to initiate the claim process.

How to avoid such situations when travelling? 

Avoid displaying valuable items, use secure bags, keep cash and documents in separate locations, and use hidden pockets. Carry a money pack and save soft copies of essential documents on your phone to reduce the risk of financial emergencies during your travels.

Is travel insurance cashless? 

Yes, Bajaj Allianz General Insurance Company offers cashless services for medical emergencies, where the insurer settles the medical bills directly with the hospital or healthcare provider. However, this may vary depending on the policy and the insurance provider.

What does travel insurance not cover? 

Travel insurance typically does not cover pre-existing medical conditions, high-risk activities like extreme sports, non-emergency medical treatments, and losses due to reckless behavior or illegal activities. It's essential to carefully read the policy documents to understand the exclusions.   *Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. Claims are subject to terms and conditions set forth under the travel insurance policy.