Earn. Save. Invest.

How Travel Insurance Saved Me Up To Rs. 40,000

From your travel essentials checklist, insurance might just be last on your list. If it’s not mandatory most of us don’t even bother finding out about it. But there are a number of reasons why travel insurance is worth buying. 

  1. It helps in case of ‘loss of baggage’
  2. It compensates for flight & trip delays
  3. Acts like a savior during last minute cancellations
  4. It covers your expenses in case of medical emergencies

How to pick a travel insurance plan?

First, check with your existing insurance provider if they cover travel insurance as well. Some insurance/bank providers give this service free of charge. Second, identify your requirements from the insurance. This will depend on the place you’re visiting and the nature of your trip. For example, if you’re visiting the U.S. or Europe a travel insurance covering medical expenses is important as the hospital and medical costs in these places are high. If you’re traveling with expensive baggage make sure your plan covers loss of baggage as well. Whatever your plan read the fine print and wordings before signing off on it. There are tools such as PolicyBazaar to help you compare travel insurance plans. 

How much will it cost you?

Approximately travel insurance would cost you anywhere between 4%-10% of your total trip cost. But it varies from person to person and cover to cover. Factors such as age, number of travelers, duration, and nature of travel and type of coverage determines the cost. Example a cover that gives additional protection for adventure sports might be slightly expensive than a regular cover. 

Quick pointers to keep in mind while buying travel insurance:

  1. Check if you already have an existing travel insurance plan
  2. Compare policies before settling on one
  3. Before buying evaluate how much cover you need
  4. Declare any pre-medical conditions if you have any
  5. Consider family policy if traveling with your family

Check out how travel insurance helped Dhwani:

On my holiday in the U.S I met with a fall and ended up injuring my left arm and shoulder at Yosemite Park where medical services weren’t that equipped and they were short staffed as well. Fortunately, my father was carrying my travel insurance with him which was a total cover insurance. The nursing home that I was admitted at saw the insurance papers and started treating me. The treatment which would otherwise cost me Rs 40,000 was free of cost all because of the insurance.

The medical expenses abroad are very high and having insurance always helps since you get covered for most of the emergencies that can occur. But at the same time reading the limitations of the policy is also required since one might be prone to a disease, which may not be covered in it. It’s important to choose the right policy with the required cover. Its advised that paying a premium amount is better than regretting while traveling. It provides you a hassle free and secure trip.”

If you’ve still got any questions, comment below and let us know!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s