Overseas travel, be it for any purpose, entails significant amount of risk. Some of the travel related risks might include trip delay, flight cancellation, baggage loss to mention a few. There are also Medical related risks like falling ill abroad or in-flight, accidental emergencies, hospitalization etc. Travel Insurance is designed to cover you for certain unexpected costs that may arise when you travel and stay abroad. It is a contract between you and the insurance company.
Why Travel Insurance
Travel always involves risks. There are two kinds of risk involved – Travel related risks and Medical related risks
Travel related risks include
loss of passport
Loss of baggage
flight related accidents etc.
Medical related risks include
Falling ill abroad
There is a financial liability attached to these risks and can drain your savings especially in the case of medical related emergencies. A minor medical treatment abroad is very expensive. A travel Insurance policy provides financial cover against such unforeseen events to you and your family.
1. How can I get my Travel insured?
Travel insurance can usually be arranged at the time of the booking a trip to cover the duration of that trip or a more extensive, continuous insurance can be purchased. All this can be done easily from BimaDirect. The process would hardly take 10 minutes.
2. What are the different types of Travel Insurance products available?
Travel insurance offers coverage for a variety of travelers. Travel Insurance is available for Student travel ,Business travel,
Leisure travel, Adventure travel and Cruise travel.
3. How much does it cost to purchase a Travel Insurance policy?
Typically travel insurance for the duration of a journey costs approximately 5 - 7% of the cost of the trip.
4. Is a medical test required prior to purchasing the policy?
No medical test is required for purchasing the policy. The process includes just answering a few simple questions. Certain cases such as pre-existing medical condition and if the person is 60 yrs old and above, then a medical report will be required.
5. If I have a pre-existing medical condition such as Pregnancy, diabetes, AIDS, high-blood pressure etc, will I get insured?
Insurance carriers have their own policies and procedures for pre-existing conditions. Some offer coverage after a waiting period while others totally exclude certain conditions. The premium for a pre existing condition is higher than a normal one as there is a higher risk involved, but that does not mean you cannot get insurance.
6. How authentic is the transaction and what is the proof of purchasing the insurance?
The details of the transaction are well protected and are used only for insurance purpose and further renewal. When you purchase insurance online, you will receive an email stating the details of the travel insurance. This signals that the transaction is complete. This email message can be printed and kept as a back up policy. You will receive an insurance policy within 3-4 business days. This policy will have your name, policy number, insurance company's contact information and the address where claims should be submitted.
7. Is it necessary to purchase insurance for every single trip?
If you are a frequent flier, you can avoid repetitive purchase by applying for Multi Trip policy. The cover is valid for one year, right from the policy start date. For a frequent flier, it is cheaper to purchase a Multi Trip policy compared to a single trip policy.
8. Who are Third Party Administrators?
In case of emergencies, you should contact the TPA, as mentioned in the policy. They will provide complete assistance in case of emergency like providing all the necessary information and claim handling and processing.
Tips for selecting a Travel Insurance
Traveling is a fun and exciting activity but it is not without risk. In fact, a lot can happen in your trips and vacations. Some of these things cost heftily unless you have something that can and will take care of you financially.
Travel insurance is your safety net when things go bad in your travels. Mainly, it will cover almost all of your travel-related risks.
If you are going on a long trip or a well-deserved holiday, buying a travel insurance policy should form an important part of your budget. While you wouldn’t really want to think of the things that could go wrong while you plan that long desired trip to the beaches or the adventurous mountaineering vacation or even a finally co-ordinated family vacation, its wise to remember that a small thing gone awry can ruin the whole vacation.Cancellations, Emergency and Accidents, Theft and Loss of valuables, Missed Flights and other Delays, Medical Evacuations and a lot more are things which could happen to anybody. All of these things cost a lot of money and as much as you would not want them to happen, they can happen to you.
However, unless you have cash to spare and time is an extremely precious commodity, it is not wise to simply acquire a general policy. For some with lots of money to spare, that would be fine because they do not want the trouble of having to compare and understand the policies, coverage, and benefits. For many of us, buying a universal policy is definitely not a cost-effective option. Trying to nail that reasonably priced travel insurance policy requires time and effort. It is best to appraise and mull over the various policies and coverage offered by various providers.
Your purpose, or the activities that you are going to do in your travels and vacations, should always be taken into consideration when choosing an insurance. Providers normally offer clients general coverage and benefits. However, if you intend on doing some incessant surfing, scuba diving, or skiing on your vacation, it is only fitting to select the policies that include your planned holiday activities. More often than not, insurance providers have specialist options. In essence, you can choose the things you want to cover in your policies. Regular policies are suitable for people who will take regular trips the ones with no special plans involved.
Insurance is risk management and is mainly a matter of calculating risks. The proper selection of travel insurance is finding the perfect mix of features, benefits, and cost. Choosing an insurance that involves benefits that are personally useless will only cost you more in terms of higher policy charges. On the other hand, a cheap insurance that doesn't have the adequate benefits could become more costly once you realize that some things are not valid for a claim. A cheap insurance doesn't mean a good thing and the same is true with expensive ones when packed with costly benefits that are useless to the insurance holder.
Bear in mind that insurance providers bundle up their offers and services since they recognize that not all travelers are alike. Grab this to your advantage as it can make your decision-making less demanding. The most common types of travel insurance offered will be
Medical Travel Insurance
Single Trip Travel Insurance
Multi-Trip or Annual Travel Insurance
Cruise Travel Insurance
Business Travel Insurance
Group Travel Insurance
Long Stay Travel Insurance
Some providers will also let you customize your own policies. Another thing that can certainly help you is the use of websites that compares insurance policies. They are useful in such a way that you can clearly compare travel insurance offers side by side. Costs, coverage, and benefits can be easily evaluated. The convenience and reliability it provides will help you come up with the right choice.