The coverage period as mentioned in your insurance document is crucial in determining whether or not you can avail the benefits of the policy. Usually, the coverage period is the duration of the trip i.e. from the day of the commencement of the trip to the day you return home. However, it differs depending on the type of policy. Let’s learn more.
Usually, trip duration is the coverage period for single tripsFor single-trip travel insurance which essentially covers the trip cancellation expenses, the insurance policy remains valid for the entire duration of the trip. It means that you can avail the benefits of the policy only until the time you start and finish your journey.
Single trip travel insurance policies also have a provision of ‘trip interruption coverage’ which will reimburse unused prepaid expenses, in case you make an early return. Note that single trip policies which do not include specific trip cancellation coverage are ‘International medical’ policies.
They keep you covered if you are visiting a foreign country. Usually, such policies remain valid for one year. However, they can be renewed for a further 36 months if you extend your trip. Note that the renewal of the policy is to be done before the initial date of expiry.
Coverage period of multi-trip insurance policiesMulti-trip insurance policies are ideal for those who take multiple trips in a year. Such policies remain valid for a period of one year from the date of policy issuance. For example, if you opt for a multi-trip insurance policy on 25th December 2019, the policy will remain valid until 25th December 2020.
Note that in case of multi-trip insurance policy, your insurer provides coverage only for a certain number of days at a particular destination which varies across policies. While some policies can offer coverage up to 90 days, others can extend it to 180 days.
The final wordWhile buying a travel insurance policy, it’s important to find out the period of coverage offered by the plan. Equally important is to note the events or conditions under which the coverage is provided. Exclusions are a part of every policy. Go through the list of exclusions and understand the terms and conditions when you are not covered by the policy.
Note that there are some plans which can even reimburse any unused pre-paid expenses in case you plan or are forced to return early from your trip. Compared policies from multiple insurers to make an informed choice.
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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.
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