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Rediff.com  » Getahead » Travel insurance: Is it worth the cost?

Travel insurance: Is it worth the cost?

By Naval Goel
June 08, 2016 13:33 IST
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Here's the answer...

Travel insurance: Is it worth the cost?

Buying travel insurance can be a confusing thing for you when you are planning your trip. But the question that arises is: is it worth the cost?

What is travel insurance?

Travel insurance is generally used to describe a very specific type of coverage. It provides you with various benefits and covers multiple situations that you make come across while travelling locally or abroad. It acts like a backup plan when things don’t work as per your plans.

For instance, travel medical insurance is insurance for injuries, accidents and health centre visits while you're away from home in a new country or place. Medical insurance is a coverage for transporting you to a major hospital for medication.

Similarly, travel cancellation insurance is coverage for unexpected interruptions for your travel plans.

Luggage/belongings insurance is coverage for robbery, harm or theft of your belongings when you are out on a trip.

What does travel insurance plan cover?

The coverage norms of any plan depend upon the insurers and their rules and regulations. Generally, a travel insurance plan covers following things:

  • Trip cancellation
  • Medical emergencies that occur during a trip
  • Emergency expulsion
  • Delayed flights
  • Loss or theft of baggage
  • 24/7 emergency assistance through phone

There are many more things that a travel insurance policy covers; you just need to check the insurer norms related to the same.

So is it really worth it?

Travel insurance is important as it protects you from unforeseen problems that may occur during a trip. Travelling is a regular event that takes place several times in your whole life. It can be for entertainment or for work. You might choose it for having some good time with your family or for any adventure activity. A trip creates memories which will make you smile throughout the life. It provides you a break from your busy and hectic schedules. But the fact is travelling have its own risks that can emerge because of unforeseen problems. We love to travel, but we never think about the risks that it may cause.

With a travel insurance plan you can make your trip virtually risk free. A good travel insurance plan protects you from the unwanted situations arising during the journey. It provides financial coverage in case of delayed flights that causes financial loss, theft or loss of baggage, loss of necessary documents such as passport, medical emergency and many such critical situations. The best thing about travel insurance is that it allows you to deal with the unexpected situations.

Anyone travelling abroad may face several issues such as loss of luggage or passport, need of immediate medical assistance etc. Travel insurance plan helps to cover the risks that travellers may face due to unexpected events during travelling. Travel insurance is a must as it usually provides you coverage for the cost of medical expenses and trip cancellations.

Photograph: Chris Jones/Creative Commons

Naval Goel is CEO and Founder, PolicyX

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Naval Goel