Should I buy Travel Insurance?

Travel Insurance sounds like one of those types of insurance which you think you don’t really require which you take it just the way as you would consider any extended warranty. Well, actually buying travel insurance can be a smart move. Let’s us look at the varied things associated with buying a Travel Insurance.

What is generally the cost of Travel Insurance that the companies offer?
You can easily get your Travel Insurance from a number of sources like Airlines, an independent travel company, and sometimes, even by sanctioning it from your credit card directly.

Generally, travel insurance covers 5% cost of the total trip. So, if the total cost of your trip is Rs. 20,000, you will have to approximately pay an amount of Rs.1000 for the insurance.

What does the Travel Insurance generally cover and what are its benefits?
The coverage in the insurance depends on the policy you choose to purchase. The prime thing that travels insurance covers include is to protect the passengers from unseen travel misfortune. For example, your flight getting delayed or canceled due to extreme weather condition or maybe your precious luggage bag being stolen or lost.

There are 4 major components generally covered in Travel Insurance:

Cancellation of Trip – If you have sanctioned the Travel Insurance, you will get a reimbursement if your trip gets canceled due to some unavoidable reason like natural calamity. This is the major reason as to why people buy travel Insurance in the first place.
Safety of Baggage – So, if you happen to lose your baggage while traveling or if it gets lost, travel insurance will pay you for the loss you had to repent. Your bag can go missing or damaged, more often than you think.
Medical Insurance – This is the most important factor as to why you should buy a Travel Insurance, especially while you are traveling to a distant land. It covers the cost of your emergency medical care while traveling.
Accidental Death – If your family member dies due to some misfortune while traveling, you will get stay covered and get a relief benefit, depending on the situation.
What are the things to be kept in mind before buying Travel insurance?
You wouldn’t certainly regret buying a Travel Insurance if it covers the complete well-being of a person while traveling. However, some people are of the opinion that the misfortunes could be avoided and this isn’t something what one really needs. To get over this dilemma consider the following points before buying Travel Insurance:

Decide how much the total stake is while you are Traveling – You probably don’t need a Travel Insurance for journeys which are small and cheap. But, if you are traveling abroad it is a good idea to buy it to be on the safer side.
Find out if the Credit Card offers you Insurance or not – If your credit card offers you Travel Insurance which covers the major risks while you are traveling, you can choose to buy it as the companies offer you many discounts.
Find out the total Insurance cover for your Trip – Some insurance companies pay a meager amount in case of any emergency, so it is better not to consider them as an option. You should thoroughly read the policy and the total coverage before buying the Insurance.



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