Understanding travel insurance

The feeling of being away from work, in a land where nobody knows you, with much to explore and feel, and with lot to learn and share, all of it adds to our travel experience. This is the time when we do not want to think of unwanted events. Travel insurance helps you precisely do that. The travel insurance can be availed for as little as 2 days of travel to a year and it covers you against travel related unanticipated events.

Current schemes in the market

The insurance can be provided to individual travellers, family, and group. Within this category, the scheme can be availed for students, business, leisure, and adventure. You can also avail multiple travel insurance or single travel as per your travel frequency. The plan is also available for different regions of the world.

Almost all the insurance companies such as New India Assurance, ICICI Lombard, TATA AIG,...Bajaj Allianz, HDFC Ergo, and many others provide travel insurance covering medical and non-medical emergencies. The premium of travel insurance depends on cost of travel. Usually, the premium can be between 1% and 10% of the trip cost. Travel suppliers also offer insurance but the variety and coverage may be lesser. If you are looking for comprehensive travel insurance package, it is good to find out from insurance companies.

How to make the most of travel insurance

Travel insurance is very flexible in nature. You can choose, decide on coverage and pay the premium, accordingly. The basic travel policy will cover loss of baggage, medical emergency, and accident treatment. You can add more options as shown above for more coverage. Medical expenses are very high in overseas and hence you must take it. If you are travelling with kids or old parents, take more coverage on medical emergency. Shop around for...the deals offered by insurance companies. You should get quote from various agencies, compare, and then select the one meeting your requirement at affordable premium.

While you shop around, check with your existing insurance if you are already covered in some of the areas. For example, if your existing car insurance covers rental car accident, you need not take it again. Your premium will be less in this case. Your flight ticket or credit card may have already given you insurance on loss of baggage. Check if your health insurance already covers travel emergency. Most of the health insurance plans do within domestic travel.

If you are travelling in group, look for group discount. Most of the insurance companies give group discount up to 20% depending on the size of the group.