Travel insurance is the kind of insurance that aims at providing a cover to an individual’s medical as well as their financial and other kinds of varied losses that one might incur while he/ she is traveling, whether within their own country or maybe incase of traveling abroad. This insurance cover is provided by travel insurance companies, travel agents and also by the tour operators/ planners although it is suggested that the best and the most comprehensive cover is provided by companies who specialize in travel insurance only.
The insurance cover taken for the purpose of traveling and securing the risks involved with it varies from traveler to traveler. The categories of travelers include students on educational trips, businessmen/ executives traveling for the purpose of business, a family taking a leisure trip, travel for the purpose of adventure, a cruise or maybe a safari and many more such kinds of escapades, travel insurance is a must since it covers the most common risks arising during the course of journey. These risks can be pertaining to medical emergencies and the expenses arising out of it. Expenses related to an emergency evacuation, cancellation or any kind of delay in the trip, an injury, death or maybe a disablement due to an accident during the trip, any kind of loss, theft or even damage to ones personal belongings or even money or any other important document. A temporary insurance cover can be taken at the time of booking or arranging the trip and an extensive plan can be purchased subsequently. Apart from the other unexpected risks that are involved during a trip, one can even take an extensive cover for one’s medical condition already existing at the time of the purchase of policy, cover against risk involved in certain adventure sports like rock climbing, scuba diving etc or maybe if a person is traveling to a war hit nation where risk to one’s life and belonging pre-exists.
Travel insurance excludes certain medical conditions that pre-exist, an injury or illness that is the result of drug or alcohol overdose or use. Pregnancy related cover is provided only during the first trimester and post that, it depends on the provider. There are a number of providers of the insurance cover and a number of policies, but one must be careful enough to chose the policy based on their need, their travel plan, its duration, possible risk involved and all such kinds of events that can possibly occur wherein there would be a need of an insurance cover.
A typical travel insurance covers around 5 to 7% of the total cost of the trip. It may also vary based on the kind of policy taken and also the kind of cover that is sought for. In today’s time of uncertainty, a lot of risks are involved during traveling and an insurance cover provides necessary aid to the unexpected incidents arising out of it. The cover not only gives a financial backing to an uncertain event or occurrence but also gives a mental peace to those who are traveling for business, education, adventure or even with their loved ones for a vacation.