Types of travel insurance: medical, trip cancellation/interruption, baggage loss/delay, and more

Travelling is common, and you will always have some or other travel for personal or professional reasons. When travelling, people often worry about unexpected medical costs, lost luggage, mishaps, or even trip cancellations; this is where travel insurance comes in. Let's understand what it is and the different travel insurance plans one can get.

What is Travel Insurance?

Travel insurance is a type of insurance that covers the costs and losses related to travelling. These kinds of insurance are often known as travellers' insurance and are sold by companies selling tickets or travelling packages. There are different kinds of insurance under this category, and travellers can buy them according to their needs and requirements. Let's look at some of the risks covered under travellers' insurance:

Trip Cancellation/Interruption Coverage

Trip cancellation, interruption, or trip delay insurance is where the traveller is reimbursed for a prepaid and nonrefundable travel expense. The provider of such insurance may approve under certain circumstances and acceptable reasons. However, it does not mean it will be covered for any reason. 

Additionally, a trip delay can result in missing out on a connecting flight or an important meeting. You may even be forced to spend extra for staying or choosing different travelling options. In such cases, trip cancellation or interruption insurance can assist with considerable financial loss.

Baggage or Other Personal Documents Loss Coverage

In this type of insurance, your baggage and loss of personal documents such as passports are covered and insured. This insurance will include lost, damaged, or stolen belonging cases during your travel. In most cases, airlines reimburse travellers if the baggage is lost or damaged due to their error, but there is always a limitation. Hence, it becomes essential to buy one from your end.

Medical Coverage

It is always recommended to take medical coverage while travelling internationally. Health and sickness are not specific; you may fall ill even during your travels. In such cases, travel medical coverage will help you get proper medical treatment without worrying about its cost and expenditure. It will also help you get a medical evaluation in case you would have to return to India for treatment in an emergency.

Accidental Coverage

Accidental death and flight accidental coverage support the beneficiary in case of death or severe injury or disability of the insured person during their travel. Flight accidental health insurance coverage is specifically for death or injury during a flight on a commercial airline. Additionally, these risks are further covered under the following insurance policies:

1. Domestic travel 

2. International travel 

3. Individual travel

4. Student travel

5. Senior citizen travel

6. Family travel

How to Choose the Best Travel Insurance?

Here are a few factors you should consider while choosing the best travel insurance for you or your family.

• Look for an insurance plan that offers you the maximum amount of coverage.

• You should compare multiple policies and look for their pros and cons.

• Look for the company's claim-to-settlement ratio, customer satisfaction, and user reviews.

• Look for a plan with fewer deductibles.

• Go for a policy where you can declare your pre-existing illnesses and diseases.

Moreover, knowing that there will be better companies for your insurance needs than one insurance company is essential. Your policy will depend on your age, travel cost, trip purpose, length, etc. Therefore, checking multiple companies before finalizing on anyone, in particular, is always recommended.

Travel has become a necessity and is no longer a luxury nowadays. People travel for business, office meetings, and even for pleasure. Therefore, going for insurance as soon as you plan a trip internationally or domestically becomes essential. It is always better to travel with less stress and more enjoyment.