Travel insurance schemes provide insurance coverage against multiple mishaps which can happen on a trip. When on trip, you are most likely to be beyond your familiar surroundings and with a limited amount of funds for the itinerary plus a bit extra. Scenarios such as an accident or bounced hotel booking can be enough to challenge your plans.
You should a buy travel insurance policy to provide the necessary coverage against such situations. What matters is to know how such an insurance plan can benefit you.
What is travel insurance?
Opting for travel insurance can help you tackle any medical emergencies, sudden expenses and other different risks which might be associated with the trip. It covers compensation for lost baggage, vital documents, accidents, etc. which may happen during international or domestic travel as per policy terms.
There are different types of travel insurance policies which will vary between providers. An individual needs to choose the right option depending on his/her needs. For example, one can even buy travel insurance online or stick to traditional offline options considering the overall set of benefits.
The right time to buy travel insurance
People usually think buy travel insurance for a trip does not have any specific requirements and can be done anytime. But to reap the best of its benefits, there are certain things which should be kept in mind when opting for insurance.
- Buying within 15 days of the first trip deposit
- Buying a travel insurance policy at the right time usually means that an individual has one less thing to do and can then focus on other essential things.
- In some cases, a travel supplier may provide insurance as part of the package.
- An individual can qualify for the following bonus packages depending on the following –
- Coverage for already existing medical conditions
- Bankruptcy protection for tour suppliers
- Moving emergency medical insurance to primary
- Coverage for accidental death and dismemberment
- The individual has a clear idea of his/her situation at that particular time which helps to plan ahead.
- Buying in the last minute
It is recommended to not wait for the last minute buy travel insurance. In case due to circumstances, an individual has missed the chance of availing earlier, he/she can still opt for a last minute purchase. Following are some reasons why it is still all right.
- An individual can wait to observe the weather conditions and buy travel insurance before departure. A lot of times, sky watchers wait till the last minute.
- It does not cost any more than when done beforehand.
- The most important thing is it still gets you covered no matter what.
What are the benefits?
Following are the main reasons why opting for travel insurance plans is recommended
- Hospitalisation and medical emergency cover
When in a foreign country, it may be quite a hassle to bear any medical emergencies on your own. In such instances, it is better to have travel insurance as a backup.
- Travel and accommodation cover
Losses as a result of a change in route, delay or any emergencies are compensated in case of travel insurance. Transportation costs, ambulances and lodging are also covered.
If you are going on a holiday, you can avail the domestic travel insurance from the Pocket Insurance products offered by Bajaj Finserv.
- Flight issue compensation
It is essential to get travel insurance to compensate for cancelled or delayed flights along with the accommodation during the ordeal.
- Personal liability cover
Personal liability includes coverage at the time of any third-party bodily injuries especially in times of accidental damage to a fellow passenger’s property. Bajaj Finserv offers trip liability cover under its Pocket Insurance Category which might be helpful in such situations.
- Passport loss cover
It is one of the most important documents when travelling and can be compensated by a travel insurance policy which offers coverage towards the expenses for reissuing the original passport if it gets stolen or lost.
Any sudden expenses, accidents or medical emergencies can ruin your entire trip and may even cause financial distress. Insurance provides you with the financial security in such situations and allows you to enjoy your vacation without any worries. It makes travel insurance a must have for any traveller. To buy best travel insurance plans it is recommended to consult an expert advisor.