For a successful trip, various factors are necessary, which includes choosing the right hotel, packing, flight booking, and necessary documents. More often than not, we skip the importance of travel insurance.
These insurance policies can offer a cover against various unexpected circumstances, including trip delays, loss of baggage, loss of important documents (like a passport), medical expenses, etc. Hence, the travel insurance must be an integral part of travel planning.
Travel insurance categories
travel insurance is mainly divided into three major categories:
1) Student travel cover: As the name suggests, this policy is for students who visit some other country for the educational purpose.
2) Business travel cover: This type of policies is suitable for individuals who travel abroad for official purpose, mainly for meetings, conferences, seminars, business research, or for handling a project.
3) Holiday travel cover: When an individual is travelling alone, with a group, or with his/her family for leisurely purposes, he/she opts for holiday travel cover.
Sometimes, the companies also offer a separate category called travel health insurance, under which the focus is only on medical emergencies.
Common requirements of travel insurance
There are some requirements related to purchasing travel insurance or for getting the cover, which includes:
- Medical check-up, as you need to submit the reports with the proposal form.
- Forgetting a claim, necessary documents are required as per the incident, which includes a death certificate, postmortem certificate, police report or medical reports.
- The eligible age for single trip usually varies in the range of six months to 70-80 years.
- For multi-trip insurance, the minimum eligibility age is usually 18 years.
- The travellers require compulsory travel insurance when they are travelling to one of the seven Schengen countries.
Cost of travel insurance
There are various factors that decide the premium of a travel insurance policy.
- Apart from the sum insured, the number of days for which an individual will be travelling is also a major factor.
- The country that an individual will be visiting may also decide the premium, as the cost of medical treatment and other expenses vary from country to country.
- Some insurers increase the premium if you want to include the cover for adventurous sports.
- The cost will increase if you include value-added services, such as home insurance.