One key benefit of buying travel insurance online is comparing different policies and insurers and getting the best deal for your policy. Whether you are a student looking for comprehensive student travel insurance with pre-existing diseases, a business traveller looking for trip delay and cancellation, loss of checked-in baggage, or a tourist looking for adventure sports coverage, medical emergency coverage, etc., there is something for everyone.
So, how does one find the best policy that meets their needs? Keep reading to find out all you need to know.
What is travel insurance?
Travel insurance is a safety net that offers financial protection for travellers who face various medical and non-medical risks while travelling. For example, whether you are facing trip cancellation due to unforeseen circumstances, missed connection due to a delayed primary flight, medical emergency requiring hospitalisation or any other covered risk, it is possible to mitigate their impact and travel freely with confidence and peace of mind.
This protection is offered as compensation or reimbursement for losses incurred due to these events and risks or the expenses to deal with their aftermath. For example, foreign travel is expensive, and for most trips, travellers make many arrangements and plans well in advance with advanced bookings.
However, as most of these bookings require non-refundable deposits, cancellation for any reason can result in significant financial loss. Still, with insurance, if you have to cancel your trip due to unforeseen circumstances, you can claim settlement for the cost of flights and accommodation, thus mitigating the potential loss and protecting your wallet.
What are the types of travel insurance?
Travellers can choose from several types of insurance depending on their specific needs and insurer’s offerings. Here is a list of some of the key types of insurance, their categorisation and who needs them:
Destination-specific
These policies are offered based on the trip's destination and are not mutually exclusive for any other type of trip insurance. For example, a traveller can opt for international travel insurance, single-trip insurance, or domestic coverage with senior citizen insurance.
Domestic travel insurance India
As the name might suggest, this type of insurance is specifically designed for travellers planning a trip within their own country. While not as comprehensive or mandatory due to the existence of health insurance coverage, it is still a necessary tool when considering the growing number of risks, including trip cancellation, lost baggage, missed connection, etc., which can still result in significant financial losses.
International travel insurance
This type of policy is specially designed for travellers looking to travel outside their home country. These policies are much more comprehensive and cover dozens of risks, ensuring detailed financial protection.
Frequency of travel
These policies cover individuals planning a single trip or multiple trips to their destination within a set period.
Single-trip
Single-trip policies cover travellers for a single round trip from their origin city to their destination and back.
Multi-trip
Multi-trip or annual multi-trip policies cover individuals for several trips in a set duration, typically a year. This means that any number of trips to a particular destination is covered for a set price, and the traveller does not have to buy the policy each time.
Age-specific
Most insurance providers offer different coverages to individuals of different ages. Here are some key types provided to students and senior travellers.
Student travel insurance
While most travel-related insurance policies are trip-specific, where the traveller is expected to return within a set time frame, student insurance is specially designed to cover the entire duration of studies to ensure optimal coverage.
Senior citizen travel insurance
Many insurers have different criteria for the ages of the covered individuals. While some insurers only offer coverage for up to 55, some, like Niva Bupa, offer coverage for senior travellers up to 70.
Number of travellers
Some insurance policies are also categorised based on the number of travellers planning to travel on a single policy.
Group travel insurance
Group travel policies enable multiple unrelated travellers planning to travel together to secure their trips using a single policy rather than having to avail of separate policies for each individual.
Family travel insurance
This policy is designed to help families travel together and get the same coverage. It covers all family members in a single policy that offers convenience, cost-effectiveness, and peace of mind.
Trip protection
While not a type of trip insurance, trip protection is a policy offered by airlines and travel brokers who partner with insurers to offer limited coverage as an add-on when purchasing flight tickets or booking accommodations. While these policies are exceptionally cheap, the coverage is also limited in scope and extent, which can result in a gap in protection and lack of coverage.
What are certain critical aspects to compare when you buy travel insurance India?
Once you have determined your travel needs and considered the different types of insurance policies, several key factors need to be assessed and compared to ensure a safe and secure trip. Here is a list of some of the key aspects so that you can buy travel insurance which is best for your needs:
- Consider the number of travellers going on the same trip.
- Consider the travel destination and specific coverages, such as hospitalisation and medical emergency coverage.
- Consider any individual needs to be considered in a policy, such as adventure sports and pre-existing medical condition coverage.
- Check the scope and extent of coverage, including the sum insured and how much a policyholder can claim.
- Check out various insurers' premiums to determine a fair price and see whether it matches your budget.
- Assess the customer reviews and testimonials and determine the reliability of the insurer.
Once these aspects are considered, buying the right insurance policy for your needs is possible. If you are looking for a reliable insurance provider offering affordable coverage, consider Niva Bupa. They are a leading insurer in India, enabling travellers to explore the world with confidence and peace of mind.
Conclusion
Travel insurance is one of the most critical investments a traveller can make to ensure financial protection. Whether from medical or non-medical risks, the expenses arising from them can be significant, but getting comprehensive coverage from a reliable insurer for affordable rates can ensure optimal coverage for your needs. So travel the world by yourself or with loved ones, secured with the best policy and coverage for your needs.
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