Planning a multi-destination trip spanning several countries requires extensive planning and careful consideration. Unlike this, however, travellers can quickly secure their trip using travel insurance, which can be obtained in minutes. Although it might require some deliberation and consideration to opt for the right travel insurance coverage, travellers can mitigate the financial impact of dozens of travel-related risks.
But how does travel insurance coverage work, what are some destination-specific coverages to consider, how can one choose the right travel insurance policy, and where can one get coverage? Keep reading to find out.
What is travel insurance?
Travel insurance is a risk management tool for protecting a traveller’s trip from the financial impact of dozens of medical and non-medical travel-related risks. By securing their trip, a traveller can confidently and safely explore the world. For example, whatever risk you might face, whether medical or non-medical, with travel insurance, you can receive compensation or reimbursement for its impact, protecting you and your wallet from its impact.
How does travel insurance coverage work?
Travel insurance coverage works in a way where, in exchange for an initial premium, a traveller is covered from various travel-related risks they might be exposed to when travelling. For example, travelling to any popular tourist destination, eating contaminated street food, getting sick, and requiring emergency medical treatment can result in high costs and varying healthcare experiences. This is where being covered by insurance enables travellers to avail of quality medical care without worrying about its financial impact. This financial protection can be in the form of compensation, reimbursement or cashless claims for medical treatment.
What are some destination-specific risks to consider when choosing an insurance policy?
Individuals are often exposed to several risks in their daily lives regardless of the severity or frequency of their occurrence. However, when travelling, these risks are further exacerbated and can result in financial loss or a negative travel experience. Although many of these risks occur in everyday life, mitigating their impact with some precaution, other tools like health insurance or knowing of local systems and processes to deal with them is possible. These methods are, however, not available for travellers going on an international trip. This is why travellers need to avail of destination-specific travel insurance coverage to mitigate potential risks and travel with confidence and peace of mind.
Here are some of the destination-specific risks to consider when choosing an insurance policy:
| Risks | Example countries |
| Cost of medical treatment | Countries like the USA, Germany, Sweden, Canada, etc., have some of the highest medical treatment costs. |
| Medical risks | Food or water is one of the most important factors to consider when travelling, as one might be exposed to unclean or contaminated food or water, resulting in illness. Similarly, consider any other risky situation resulting in a medical risk. |
| Loss of checked-in baggage | Consider risks such as lost checked-in baggage due to heavy traffic or other reasons. This is especially common in countries with a lot of passengers. |
| Personal liability | Each country has a different set of laws and regulations. Certain countries have stricter and more varied rules than India, which Indian travellers might not know about. |
| Adventure sports | Many countries allow travellers to participate in adventure sports. Travellers participating in these activities without coverage can face significant financial loss. |
How do you choose the right travel insurance policy?
Choosing the right insurance policy requires travellers to understand their needs, destination-specific requirements and risks, budget, and other factors. Here is all you need to know about choosing the right policy.
- Consider the travel destination
Understanding any specific risks and requirements regarding the travel destination can help you choose the right plan.
- Consider what you would do on the trip
Consider what you will be doing when on the trip to make the right call when choosing the comprehensiveness of the policy.
- Consider the cost of the policy
Check the cost of the policy and evaluate the premium with other policies of comparative benefits.
- Consider the reliability of the insurer
Assess the insurer’s reliability to determine whether they will be helpful during times of need.
- Consider exclusions of the policy
Consider the policy’s exclusions to determine what can and cannot be done without facing claim rejection and plan around that.
How do you get travel insurance coverage?
Travellers planning to secure their journey with insurance coverage can do so easily in a number of ways: through partial coverage in the form of travel protection offered by travel companies, brokers offering a platform for comparison and purchase, or directly from leading insurance providers like Niva Bupa.
Each of these methods has pros and cons. Here are a few key features to note.
| Pros | Cons | |
| Insurance from an insurer | Comprehensive coverage at an affordable price. It is easy to decide and buy the right policy. | It is difficult to compare the benefits and disadvantages of other insurers. |
| Insurance from a broker | Easy to compare policies. Comprehensive coverage at the listed price. | Potentially more expensive and limited customisability compared to purchasing the policy directly from the insurer. |
| Trip protection from travel companies | Low cost for the policy. Directly available when booking a flight or train. | Limited coverage, potentially only for flight-related risks. Limited customisability. |
Conclusion
As fun as it is to explore the world by country hopping and seeing all that the world has to offer, it is equally essential for travellers to secure their journey from travel-related risks. By understanding the destination-specific risk, considering the above-stated factors and assessing the pros and cons of the various options to get travel insurance, travellers can secure their journey quickly and simply with the right travel insurance for their needs.
So go out, take the leap, and explore the world with confidence and peace of mind, using travel insurance as a safety net.
