Here’s 5 Travel Insurance Myths That You Must Know

While travelling and exploring new places is on everyone’s bucket list, there are a lot of things that need to be considered before stepping out of your comfortable abode. Off-late people have started realizing the importance and practicality of travel insurance, especially when travelling abroad. However, there exist multiple travel insurance myths that may deter people from buying a good travel insurance plan.

Myth 1: If you plan the trip well, nothing can go wrong.

Fact : No matter how well you plan every detail of the trip, there are some aspects that remain outside your control. Travelling involves multiple variables like baggage, flight timings, connecting flights, etc. and changes or mistakes in any one variable can lead to huge financial losses for you. Similarly, emergencies like health issues, injury, loss of important documents, etc. can cause a severe financial and emotional burden. Travel insurance takes care of the financial aspect of these issues, allowing you to rest assured and enjoy your trip.

Myth 2: Domestic insurance is more than enough.

Fact : Another myth that surrounds travel insurance is that people think their medical insurance or domestic insurance will take care of any health issues while travelling abroad. Until and unless it is clearly mentioned in the policy that any health issue that occurs outside the country of insurance will be taken care of, do not assume this. It is always wise to buy travel insurance and then travel abroad to be sure of the costs being covered.

Myth 3: Securing a claim is next to impossible.

Fact : Of the several travel insurance myths, this one is the most believed and quoted. The whole idea behind the travel insurance industry is to simplify things for travellers, be it getting insured or getting the claim settled. While you are selecting your insurance provider, make sure you check for the market stature of the company, their reliability and the claim settlement ratio.

Myth 4: Pre-existing diseases are not covered by travel insurance.

Fact : A lot of people refrain from buying travel insurance because they believe their pre-existing ailments and diseases will not be covered under travel insurance. This is not true! There are a lot of insurers who cover a list of pre-existing diseases. When you buy travel insurance, read the policy document carefully to ascertain the coverage of pre-existing illnesses. Buy a policy that covers all the necessary aspects and pre-existing conditions.

Myth 5: The airlines will take care of cancelled or delayed flight costs:

Fact : False, a majority of the airlines do not cover for delays and flight cancellations leaving you stranded and unattended. Having travel insurance can save you from this unfavourable and unwanted situation and cover the financial losses.Those who are travelling frequently overseas or within the country should go for the Travel Insurance plan that could cover them financially during any unexpected loss.

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.