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Business News/ Money / Personal Finance/  Vacation ready? Here is how to get affordable travel insurance on your next trip

Vacation ready? Here is how to get affordable travel insurance on your next trip

Experts suggest that in order to get the right travel insurance, it’s important to compare policies from different insurance companiesReady for the next trip? Here’s why travel insurance is a must

Travel insurance: Some countries make it mandatory to purchase insurance before granting a visa

Your overseas vacations can be efficiently covered for any associated risks if you have purchased the correct travel insurance policy. Travel insurance is an essential part of any vacation. Experts say that affordable travel insurance isn't just a purchase, it's a key to peace of mind while you explore the world.

How to get the right travel insurance?

Experts suggest that in order to get the right travel insurance, it’s important to compare policies from different insurance companies. “Look for insurance options that provide the coverage you require at a cost that works within your budget. Whether you're traveling solo or with family, choose plan benefits tailored to your needs," said Rakesh Jain, CEO, of Reliance General Insurance.

You may explore floater family travel insurance plans to save on premiums that cover both home insurance security and travel safety net, he added.

Travel insurance policies are divided into two parts

Travel insurance policies are usually divided into two parts – health emergency cover and travel inconvenience cover which includes – loss of baggage, passport, flight delay or cancellation, trip delay or cancellation, and other covers associated with your overseas trip.

As per Nitin Deo, Chief Technical Officer, Zuno General Insurance, this is an often-ignored type of insurance cover due to a lack of awareness.

“Trip Delay and Cancellation cover help in recovering the non-redeemable cost of any advance events/visits booked and can efficiently minimize your loss in case of a delay or cancellation due to unavoidable circumstances outside your control," said Nitin Deo.

Some countries make it mandatory to purchase insurance before granting a visa. “There are specific plans available to cater to such requirements – for example: Schengen countries have a mandatory requirement for a cover of minimum sum insured equivalent of 30000 euros for health emergencies," said Nitin Deo.

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From where to purchase travel insurance cover?

There are a number of sources from which you can purchase these covers, most common is your tour operator or travel agent. Policies can also be purchased online through the insurance company’s website or other online platforms.

Also Read | Travel planning: Eight tips for affordable holiday during this festive season

Nitin Deo, Chief Technical Officer, Zuno General Insurance shared some four factors determining your travel insurance coverage:

1)Exact departure and arrival date

2)Names of countries you will be visiting

3)Emergency health cover should be adequate and in line with the destination country’s mandatory requirement, if any – ideally a minimum of USD 100,000

4)Trip delay/cancellation cover and baggage delay/ cancellation cover is a must if it is a leisure trip

Experts suggest that individuals should always ensure they read and understand the policy terms and conditions and sales brochure on what is and isn't covered in their policy plan before they buy it.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR

Sangeeta Ojha

A business media enthusiast. Writes on personal finance, business and banking.
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