How much travel insurance to buy
When you are going for a vacation to explore something, the journey is exciting for sure, but you don’t know if a natural calamity will happen or there is no guarantee that you won’t face an accident. You never want to destroy your relax time for anything which could potentially break your financial backbone and it should not which is why you must opt for travel insurance. But the main question comes to our mind is how much travel insurance do I need? The most important question is which travel insurance to get, and how much it would cost? The honest answer is it depends on various facts, and there is no one size fits all but having some information will help to choose the right travel insurance. Let’s break the scenarios where you will understand how much travel insurance is required for your upcoming trip.
Types of travel insurance in India
Usually, there are 2 types of travel insurance in India you can find,
and these two are Domestic Travel Insurance and International Travel Insurance. The objective of these two is to secure your journey where you could face any unexpected problems, and it may be medical problems, damage of luggage, loss of documents like passport, hijack or any natural disaster.
Domestic Travel Insurance
If you are travelling in India, you fall in the domestic category, and foreigners who are working here are also eligible for domestic travel insurance.
International Travel Insurance
International travel insurance is like protection in a foreign land where you no need to worry about any kind of emergency, loss of documents, stealing of money and many more. Anyone below 85 years is eligible for international travel insurance without any medical checkup.
Again these two categories comprise of 5 subcategories
Individual Travel Insurance
If you are travelling alone to a foreign country, this can help to protect from any medical problems, baggage loss, monetary loss (if money has been stolen) and many other benefits.
Family Travel Insurance
Here, you can cover your entire family during a trip to avoid the medical and many other financial disasters.
Corporate Travel Insurance
Corporate employees get coverage while on domestic or an international trip which their company sponsor.
Senior citizen travel insurance
People between 61 to 70 years are eligible for this coverage which take care of their medical, dental and other emergency problems during a trip.
Student travel insurance
Students travel insurance helps to cover their medical, documentation loss and other necessities while they are studying abroad.
Travel Insurance myths
There are some myths regarding travel insurance that often create confusion.
I have a Health insurance
Often people think that health insurance will help so no need for travel insurance, but it’s not for health only, it covers other losses as well like documentation loss, trip cancellation, baggage loss and many more. People even think that they can take advantage of free health care in a foreign land but they forget that this is applicable for the citizens not for foreigners.
Travel insurance requires for an adventurous trip
People believe that if they are going for adventurous trips, travel insurance is necessary but for normal places, there is no need for any insurance. The truth is there is no guarantee about health problems, accidents or baggage losses, and even you can face natural disasters. Here travel insurance can act as a rescuer.
How much travel insurance should I buy
Though we got to know the importance of travel insurance, however, most of the people don’t know how much travel insurance required, and most of the time they feel confused due to different plans. You don’t need to be confused because travel insurance depends on various factors, and here we are going to clear your doubt how much travel insurance to buy for your upcoming trip.
Know the plan
Good travel insurance should cover medical emergencies, accidental problem, loss of baggage, delay in flights, delay on check-in, personal liabilities, financial assistance during the loss of money, trip cancellation, hijack, natural calamities, and burglary. In simple, the basic problems which affect your trip should be covered by ideal travel insurance. You should compare plans and read all the terms & conditions carefully before choosing travel insurance for a trip. There are many websites where you can compare the best travel insurance and can decide how much travel insurance required. Websites like Bankbazaar, Policybazaar are some best travel insurance sites are offering comparisons where you can search and compare how much travel insurance cost.
Your travel purpose
The most important part is the purpose of your travel where you can decide the travel plan for your trip. If you are planning for an adventurous trip or any kind of risky activities involved, it would cost more than a normal travel plan where you will roam in a city or on a beach. Normal travel insurance doesn’t cover the risk of an adventurous trip or sports where the chances of injury are high.
Location and Duration
It’s important to decide whether you are going to a developed nation, a war-torn area or a place where natural disasters are common. Keep in mind that a trip to a developed nation like the United States, Canada, United Kingdom will cost more, and especially the healthcare system of the US too high. Travel insurance should cover your stay, hospital bill and return ticket, and there is no point of buying travel insurance that can’t cover these things during an emergency.
Another important fact is the duration of your trip where you need to be careful if you are going for one time or multiple time to the same place. If you are a frequent flyer, an annual multi-trip travel insurance policy will help you, and will be economical too.
A vacation is meant for enjoyment and not for an extra financial burden which you could face if you don’t have the right travel insurance to protect your journey.