Travel Insurance Policy

In simple words, we may define Insurance as an equitable transfer of the risk of a loss from one entity to another against the premium paid by the insurer. And if we talk about ‘Travel Insurance’ then the name it self that it refers to the insurance related to your travel or journey. In other words, we can say that Travel Insurance has being intended to cover medical expenses and other loses which one incurred while traveling. Travel insurance is also known as Overseas Medical Insurance. Few people still thinks that there is no need for Travel Insurance and it’s an expensive option, but it’s not an expensive option as it covers lots of risk during your journey. The risk covered by travel insurances are varies from your policy adoption, but few of the risk are common in all plans.

Common risk factors that are covered by travel insurance are Medical Expense, Trip Cancellation, Delayed Departure, loss, theft or damage to the baggage, injury, death or overseas funeral expenses, etc. Travel insurance is available for both domestic as well as International travel. It is recommended to buy a travel insurance policy directly from an insurance company instead of a travel agency, as an insurance company will offer great offers and benefits and you can choose the suitable plan as per your requirement. If you people would like to buy a Travel Insurance policy, then It would better to go for an online option, as the best part of online Insurance is that you can easily see all the plans available and choose as per your convenience. Another benefit of the online option is that it is less time consuming, you guys can fill the form online, and insurance policy executive can picks up all the other proof or relevant data from your home. Now let’s discuss the different types of Travel Insurance Policies.

There are basically two types of Travel Insurance Policies

Annual Multi Trip Insurance

As the name itself says this policy covers all trips throughout a year. Either it should be business, overseas or a day trip. This option is considered as the best option for those people who are planning to travel more than once in a year. This type of insurance also provides a tourist an opportunity to save money and flexibility to travel. This type of insurance is mostly used by Business men for their frequent business tours.

Single Trip Travel Insurance

This policy also covers all risk factors which are covered by Annual Multi Trip, but the difference is that it covers the risk factor for a single trip. This type of insurance is perfect for all those travelers who normally go for a trip once in a year. Single trip Travel Insurance is most common and frequently used by the tourist.

After discussing the different types of Travel insurance Policies, lets move on to what all risk are covered under travel insurance policies. Following are the different risk factors which travel insurance policies covers depending upon your plan:-

  • Medical Expenses - Under this category the entire medical costs are covered. Travel Insurance policy will also pay for in patient and out patient hospitalization. Dental expenses are also comes under this.  
  • Legal Assistance - If you got in some legal issue and you need the assistance for that, the cost of that assistance is also covering up under the Travel Insurance policies.
  • Accidental Death during the trip - Travel Insurance policy also covers up the risk on injury or death during the trip. This risk is commonly covered under all plans of Travel Insurance plans.
  • Theft, Loss or Damaged to the Baggage - If you lost your baggage or some of your baggage got damaged or theft in your journey then the insurance provider will pay for it.
  • Travel Delayed Expenses - An insurance company will also provide you the expenses will your flight got delayed or cancelled.