Don’t forget insurance coverage for next vacation: Here is a guide

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To escape the pandemic that has kept us confined to our homes for a major part since March 2020, many have started travelling on holiday. More countries are opening their shores to foreign travellers. The pandemic has also raised awareness of insurance overnight. Last year, despite the restrictions almost 4.5 million Indians travelled to different overseas destinations. But travel is not fun unless you have comprehensive insurance. For foreign travel, insurance is a must for everyone. From medical expenditure to trip cancellation or delay and more, overseas travel insurance offers coverage so that any unforeseen situation does not ruin your trip.

Insurance companies offer small or big-ticket comprehensive travel insurance. Having an international travel insurance policy ensures that you have a safe and secure trip.

They also come with a lot of benefits. From medical expenditure to trip cancellation or delay and more, all are included in a travel policy. It generally covers medical treatment in case of a personal accident, loss of passport, loss of baggage and more when traveling on a visitor visa.

In case of any health issues or accidents, evacuation from a foreign country can cost thousands of dollars. Even in Asian countries, hospitalisation expenses can go up to $500 to $1,000 a day.

For example, a hospital stay in Thailand costs $500 per day.

Compare that to the cost of travel insurance, and it’s immediately obvious why a travel cover is essential for foreign travel.

Inclusions

International travel insurance policy is offered by all companies once you depart from your source destination. For example, if you are going to Dubai from Mumbai, you come under coverage from the time the aircraft takes off from Mumbai.

Emergency medical expenses generally up to $1 lakh are offered which includes inpatient and outpatient expenses, ambulance, tests, prescription drugs, doctor fees, medical evacuation, and repatriation and other costs. Some companies can give medical coverage up to $2 lakh.

In the event of hospitalisation for more than six-seven days that might lead to missing the return flight, hotel accommodation and other expenses are covered under the policy until a return flight is available.

Expenses for check-in baggage loss, delay beyond 12 hours are covered under the policy. Expenses due to flight delay or cancellation for more than six hours are also covered. Full reimbursements of loss or theft of passport and IDs are also included in these policies.

Pre-existing disease not covered

However, any pre-existing disease will not be covered under the policy. Treatment for any medical issue that you had prior to the departure date will be excluded. Hazardous sports and activities include aviation, scuba diving, bungee jumping, parachuting, racing, diving, rock or mountain climbing, parasailing, hang-gliding, off-piste skiing, naval, military or air force operations are not covered under the policy.

The age eligibility for this policy has been set between 1 year and 70 years. Any individual below 1 year and above 70 years will not be eligible for this travel insurance. Policyholders will also have to pay an amount as every international travel policy has a deductible portion by default.

The insurers have to pay it by him/her. Accidents under the effects of intoxicants or hallucinogens will not be covered too.

Bottom line

If you are planning a foreign trip, you have mandatorily buy travel insurance. But due to lesser premium amount, the coverage of these policies is also low and might not be adequate in certain situations. But travel insurance can eb of help even if you are travelling within the country.

Industry experts say especially in India, there is a large segment that does not have any insurance cover. So, it is a wise decision to have an inclusive travel insurance within the country and outside. Nowadays, you should always prioritise travel insurance policies that cover the costs that may be incurred for Covid-19.