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We all have faced uncertainties during the trips we undertake. Delays and cancellations, loss or damage to luggage and passport, natural calamities, medical emergencies and would have faced some of these situations in the past. The general tendency is to incur losses and forget the unpleasant situation as fast as possible. It is, however, possible to get compensated for such losses by way of travel insurance.

Trip insurance offers financial protection from delay or cancellation of flights, loss of luggage, etc. It will also meet the financial requirements in case of medical emergencies. Risk protection features of travel insurance depend on the type of trip cover you have chosen. There are various types of travel insurance available in the market today. Let us examine them. An understanding of various policies helps us to select the one that is most suitable to the specific requirements.

Types of travel insurance

Basically, there are three types of travel insurance. They are as follows:

Insurance based on trip: You can buy travel insurance for a single trip or multiple trips. Those who undertake frequent travel buy the latter. For them, a single trip policy is both inconvenient and expensive.

Insurance based on type of travel:  Travel can be an official trip or a vacation with family. Travel insurance policies have been designed keeping in mind the nature of travel. The scope of them differ based on the type of individuals and groups. For example, there are corporate travel insurance policies, family travel insurance, senior citizen travel insurance and student travel insurance.

Location-based insurance: Geographic borders can also decide the nature of travel insurance. For example, a domestic travel insurance policy is different from international trip insurance. Domestic travel insurance covers medical expenses, loss of baggage etc. International travel insurance  costs more because medical expenses in a foreign country can be expensive and it involves foreign exchange.

Common features

Whatever may be the type of your travel insurance, some features are common to most of them. For instance, they all cover loss of baggage. In international travel loss of baggage during transit is not uncommon. Travel insurance  compensates the loss up to the limit of the sum assured in the policy.

Coverage for medical emergencies is another common feature. Falling sick in an alien land can be quite a challenge and could cost a bomb. Travel insurance covers ambulance services, medical consultation, diagnosis, etc. Most insurance companies have networks with hospitals, through which they provide cashless medical assistance too.

Let travel be a memorable experience. Let not the uncertainties spoil the joys of travelling. Travel insurance ensures just that.