6 Travel Insurance Facts You Must Know

Regular travels for work, or leisure trips within the country and abroad, are all an integral part of modern-day lives. However, the majority of travellers often overlook the importance of buying adequate travel insurance.A good travel insurance policy can protect you in several ways.  It safeguards you from unforeseen medical emergencies when travelling abroad. It can also help you mitigate other travel-related financial and non-financial risks arising from unwanted events such as loss of passport, baggage, documents, flight cancellation or delay, and cancellation of trips owing to terrorist activities, natural disasters, or pandemic outbreaks.Here are a few travel insurance facts that can help you choose the right plan for your next travel.

1. Insurance type: The first criterion to determine the right travel insurance depends on the kind of traveller you are. If you are a frequent traveller, you can opt for an annual multi-trip travel insurance plan. On the other hand, if you are travelling for the first time or only travel on rare occasions, you can consider buying single-travel insurance plans. Insurance policies also differ for domestic and international trips.
2. Medical expenses coverage: Medical emergencies are unpredictable and can severely impact you financially. Therefore, it is advisable to prepare for such contingencies while travelling abroad. Opt for plans which cover hospitalization expenses as well as the cost of medicines. If you are a domestic traveller, you may not require this coverage, as your health insurance would suffice.
3. Cancellation coverage: Many times things may not work out as planned and you may have to cancel your trip. When buying a travel insurance policy, ensure that your plan covers the prepaid trip expenses you have already incurred like air, rail, or bus tickets, accommodation, etc.
4. Missed flight coverage: You may have to take more than one flight to get to a faraway destination. An unforeseen event can delay your first flight, because of which you can miss your next connecting flight. Many insurers provide missed flight coverage that secures you from these incidents and covers the expenses that arise in such situations.
5. High-value items coverage: Whether it is a work-related trip or a family holiday, you may sometimes have to travel with high-valued items and expensive things. Losing them can be a significant financial loss. Try to pick a plan which covers all your high-end belongings.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.