Travel Insurance: Protect Your Wallet with Financial Benefits

Holiday season can be chaotic for everyone. Wanting the best room in the best hotel, looking for the most comfortable seats on the plane or getting the necessary travel documents as quickly as possible, are just some of the wants that can have people scurrying around online. Planning for a trip during the holiday is never an easy task. However, to ensure you leave no stone unturned for your trip, it might be beneficial for you to purchase travel insurance before your trip commences. And if you’re wonder how does it financially benefit you to buy, for example, an international travel insurance policy for your trip abroad, well, it is natural? To find an answer to your question, read on.

Travel Insurance and Financial Benefits

If you are wondering why you need to purchase the policy, here are some of the financial benefits of travel insurance:

Trip Cancellation and Interruption Coverage

One of the most significant benefits of this insurance is trip cancellation and interruption coverage. This type of coverage reimburses you for prepaid, non-refundable expenses if you have to cancel or interrupt your trip due to a covered reason, such as a medical emergency or severe weather. Depending on your policy, covered expenses may include airfare, hotel reservations, and tour packages. With trip cancellation and interruption coverage, you can travel with peace of mind knowing you won't lose money if unforeseen circumstances force you to cancel or cut short your trip*.

Emergency Medical Coverage

Another important benefit of this insurance is emergency medical coverage. If you become ill or injured while traveling, your regular health insurance may not cover your medical expenses. Emergency medical coverage typically covers expenses such as doctor visits, hospital stays, and prescription medications. Depending on your policy, it may also cover emergency medical transportation, such as an air ambulance. Emergency medical coverage is especially important if you're traveling to a country with high medical costs or limited medical facilities*.

Travel Delay Coverage

Travel delay coverage is another financial benefit of this insurance. If your flight is delayed due to weather, mechanical issues, or other covered reasons, travel delay coverage can reimburse you for expenses such as meals, lodging, and transportation. This coverage can also help cover the cost of additional transportation expenses if you miss a connecting flight due to a covered delay*.

Baggage and Personal Effects Coverage

Losing your luggage or having your personal belongings stolen while traveling can be a frustrating experience. Baggage and personal effects coverage can help you recoup some of the financial loss. This coverage typically provides reimbursement for the cost of lost, stolen, or damaged luggage and personal belongings, such as cameras, laptops, and jewellery. Some policies may also include coverage for baggage delay, which can help cover the cost of essentials if your luggage is delayed by a covered reason*.

Study Interruption Coverage

As a student studying abroad, you would want nothing to interrupt your semester, especially during exams. However, there is no predicting when or how an emergency could occur. The nature of the emergency can be anything: either you fall sick severely and need to be hospitalised or a family member back home is critical, and your immediate presence is required. In the event of such an emergency, your travel insurance coverage ensures you reimbursed for the fees you have paid for your academic year*.

Burglary Coverage

While you are away on your trip with your family enjoying the weather and the scenic beauty of your holiday destination, there are chances miscreants could break into your house and steal valuables. This can be disheartening, especially after a refreshing break. The burglary coverage, which is a part of your travel insurance coverage, makes sure you are compensated for the loss of the valuables. The financial compensation depends on the policy and the coverage limit offered*.

Emergency Evacuation Coverage

A natural or manmade calamity can take place without any prior notice. Imagine you are in a destination known for its beaches, and suddenly the area is hit with a storm and gets flooded. In such a situation, the authorities could declare a state of emergency and could lead to emergency evacuation. If you wish to return back home immediately, you might have to pay hefty fees for last minute ticket bookings. Your international travel insurance covers this cost, especially during emergency evacuation*.

Conclusion

If you are confused whether or not you should buy travel insurance online before your trip, the benefits mentioned above could help clear your doubts. Make sure to purchase the policy which suits your needs and offers good coverage.   *Standard T&C 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.