Personal Travel Insurance

What is Personal Travel Insurance

Travel insurance helps the person in all the possible mishappening that can occur while travelling to any location. People will never travel without ticket or passport but very few people think about taking the travel insurance also. If one takes the right travel insurance policy it covers the traveler and his or her dependents in case of any casualty. So being away from home it can protect the traveler in the most helpful manner. There are many insurance companies which offer personal travel insurance with several features, advantages and benefits. One can choose any of these plans as per his needs and requirements. But while taking any insurance plans one must give a deep thought and see the pros and cons of the particular plan. The premium paid by the customer after purchasing the policy must be properly matched with the sum assured. The extra cover can also be added with some riders but it should be a value for money. What kinds of insurance cover are required should be mentioned in the policy documents.

Personal Travel Insurance Plans

There Are Various Plans Available in Personal Travel Insurance

Annual or Single Trip Insurance

One can buy this insurance every time while going for a holiday. If somebody is planning for a longer holiday an annual policy will be very much appropriate and come out to be very cheaper. In the case of two or more trips to similar destination is planned one lump sum policy can be taken to save money. It will help in levels of cover, medical expenses, baggage cover and purchase protection. This policy also helps if one is doing frequent travelling with flexibility and lowers the worries of purchasing the insurance every time.

Backpackers Insurance

This insurance policy is limited to the length of the holiday. Especially if someone is going for a gap year he can take the backpackers insurance. We can compare it with the traditional insurers where usually there is a limit on the length of the holiday. For example, if you buy a single trip policy, you will typically be covered for a trip that lasts up to 31 days. Some service providers offer this insurance to meet the emergencies. Sometimes for a long stay it is taken. Generally It as the validity from three and eighteen months. It can also cover travel trips across multiple locations.

Family Travel Insurance

If travelling is happening with family and children one can buy the personal family travel insurance policy. Some insurance providers come up with free cover for younger kids. But before purchasing one must check out the different terms and conditions in the policy. Some firms charges extra premium for each family member. So if a family of four had to cancel a trip, they have to waste the money.

Adventure Travel Insurance

Many people go for adventure travel insurance which is also similar to winter sports insurance which covers the risky sports lovers. Courageous travelers, who indulge in the game like bungee jumping, water rafting etc. The premiums in such policies are usually higher than in traditional policies due to the risks involved in the travel.

Business Travel Personal Insurance

Many professional go for business trips frequently and they must take this type of insurance to face any emergency. Sometimes traditional policies have additional business travel included with them. But it always advisable to take the separate personal travel insurance policy. There are customized, such business travel insurance policy that cover all types of work outside and cover for office equipment such as laptops, gadgets etc.

Benefits

There are various benefits attached to these personal travel insurance policies that can be summarized as under:

Baggage and belongings - The personal travel insurance policies provide the cover in the case of lost, damaged or stolen belongings. Many travel insurance providers set a a limit on the payout for the policy holder.

Medical cover – These insurance policies also give medical cover and if somebody becomes ill or meets an accident while on holiday all the support is given. Some policies come with more benefits but one must check with the policy documents and analyze if actually it is required.

Emergency assistance - Many insurance service providers offer 24-hour customer care to assist the customers. This facility is very useful when one is away from his home.

Personal liability – It also helps in the case if one causes any injury to someone, or damage their property, they could make a claim against you.

Disadvantages

The Personal travel insurance has got many benefits but there are certain disadvantages also associated with it. Mostly the insurance companies sell the policies but do not clear the hidden clauses and the customer face a lot of difficulties while putting the claims. Sometimes one buys the policy from certain place and while travelling they face problems in getting the policy benefits at an alien place. One disadvantage has been observed very frequently where the reimbursement processes are very slow. In spite of having all the papers and documents ready the claims get delayed. There are numerous differences in the laws and regulations on various locations and it also creates a lot of problems. Sometimes if the policy documents are not available and the travel card is being presented to get the claim many companies deny the cover.

Things to consider while choosing personal travel insurance: There are certain things that one must consider into account while taking any personal travel insurance policy like:

  • Length of the insurance plan
  • Premium to be paid
  • What additional cover is offered
  • Medical cover
  • Purchase Protection
  • Emergency Support
  • Family Floater

Personal travel insurance is a very useful and one must use it in the most effective manner. If someone has purchased travel insurance he should renew the policy within the time frame to avoid any discrepancy afterward. The customers must understand all the terms and conditions mentioned in the policy document so that he can take the right benefit of that.