While some of us prefer planning our vacations well in advance, others are quite spontaneous and love the concept of last minute holidays.
No matter what kind of a traveler you are, a travel Insurance plays a pivotal role in the success of your trip. Moreover, the many unplanned expenses incurred in a foreign country for availing emergency services are quite expensive.
To take care of all such expenses, there are travel insurance plans that have evolved significantly over the last few years to provide maximum benefit to the customers.
Travel insurers are now offering policies that are crammed full of a wide assortment of benefits to ensure travelers enjoy a peaceful and memorable holiday.
And, here are some benefits some popular insurers are offering as part of travel insurance.
Emergency Cash Advance
Purchasing a comprehensive travel insurance policy that offers emergency cash overseas is one of the smartest decisions to make as a traveler. A round-the-clock security of being able to access emergency cash in a foreign land is extremely important not just for business travelers but also students or families on a vacation.
In case of an emergency situation like theft, mugging and burglary, access to emergency cash feature will ensure you can continue your trip and pay for important expenses like meals, accommodations, transportation and even calls made back home. In case you are robbed of cash and personal documents, your travel insurer will arrange emergency cash advances from his sources.
Two popular emergency cash advance services available to Indians travelling overseas include emergency loans and traveler's checks. In order to be eligible for emergency cash advances, you must present an official police report for the incident. Further, depending on your policy and coverage details, you are eligible for cash advance loans for several hundred dollars which must be repaid to the insurer as per terms and conditions.
Your deductible in your travel insurance policy plays a great role in determining how much you need to pay in the event of a claim made. After you buy travel insurance, your insurer will pay eligible expenses once you have paid your deductible amount. Let us understand it with an example, if you have a claim of $1000 under a particular service and the deductible in your policy for the service is $100, a total of $100 will be deducted from the claim and you will be paid remaining $900.
However, travel companies have now introduced the concept of zero deductible under which no amount is deducted. For example, if you make a claim for $2000 to your insurer against emergency hospitalization overseas, your deductible remainszero and the entire claim amount will be paid by your insurer without any deductions. Before buying travel insurance, it is important to check for zero-deductible travel cover with your preferred insurer.
When delays happen during transit from one city to another, you may miss your flight connections. However, if your travel insurance includes missed connections benefit, your insurer will bear the incurred expenses up to total sum assured.
However, in case you have any deductibles attached to the service, the claim will be settled minus deductibles. The coverage even provides reimbursement for different pre-paid expenses and reasonable additional expenses made by the traveller. The expenses may include money spent on meals, transportation, and accommodation.
Though, the travelers must note that the delay should only happen due to traffic or an accident that occurs en route to point of departure, delayed on one flight causing you to miss your connecting flight or severe weather conditions that cancel a flight.
The travelers are advised to plan their trips well in advance and make sure they have ample time between connecting flights so there are least chances of missed connections.
Your home is quite prone to theft, break-ins or burglaries especially when you are travelling outside the country and such an incident can certainly bring significant mental stress and huge financial loss to you. It is important for you to shield your home from the risk of such occurrences.
With a comprehensive travel insurance policy that covers your home against burglary and housebreaking, you can stay relaxed during the times of distress. The feature coves any loss to your property described in the schedule due to burglary or house breaking.
Tarun Mathur, is the Chief Business Officer for General Insurance at Policybazaar.com