The other day, a friend pinged us. He had just come back from a holiday in Thailand with his family. Unfortunately, his father-in-law suffered an infection while there. The consequences were disastrous. They had to get him back to India via air ambulance for immediate treatment. The cost? Rs 30 lakhs and counting. The insurance? Like many Indians, our friend had forgotten about travel insurance.
For thousands of years, risks have been shared during times of tragedy. The first formal insurance company, Lloyd’s of London, was formed in 1769 and their main concept remains today – to gather the premiums of clients as a pool of resources to return to customers who experience unexpected but covered events. So, that is the secret really, plan for the unexpected and make sure you’re covered, especially when you’re traveling. Whether your trip is a quick one or a round the world cruise, there are many good reasons for travel insurance. Here are just seven of those reasons:
If you fall sick or are injured during your travel, your travel insurance will give you financial coverage. This is exactly what our friend should have taken. We insist that you have a travel insurance that maps out help in case of medical emergencies. Travel to certain countries in the US or Europe is almost impossible without insurance, but it is to countries in Asia that we are often lax about.
If your flight is canceled or delayed, then your travel insurance should help. Depending on the cover available, a room for the night and even alternative travel home can be included.
Pre-existing Medical Conditions
Even if you have a pre-existing medical condition and it flares up while you’re on vacation, as long as you’ve advised your travel insurance company prior, you should be covered.
Damage or Loss Of Personal Property
What are you going to do when your luggage gets stolen? Yes, it happens, all the time. There are organized gangs that work in airports doing just that. Guess what? You need travel insurance.
Loss of Cash or Traveler’s Checks
You’re in a foreign country far from home. You either lose or have stolen, your entire holiday fund. You’re going to need help and quick. Again, travel insurance is a must.
What with global warming and economic pressure more and more holiday destinations are being built in potentially dangerous territory. Who would have wanted to be in Thailand on THAT Boxing Day? Travel insurance will help if you have to get out quick.
It can be tough driving on the wrong side of the road in a strange country. Accidents happen. And you need to be covered in the unfortunate event of such an accident.
Okay, there you have it. Seven good and solid reasons why you need travel insurance the next trip you make. The other alternative, of course, is to not take out travel insurance or to stay at home. Now, there’s an idea. But seriously, as always when taking out insurance, especially travel insurance, read the fine print. Importantly, find out before you go what is excluded, not just included. So, always read the fine print. For example, accidental coverage is not provided in case of drunken driving, driving under the influence of narcotic substances, etc. Exclusions are also provided for accidents during risky sports like bungee jumping, car racing, scuba diving, white water rafting, flying (except as a passenger in regular airliners), gliding, skiing, bike racing, diving, mountaineering, windsurfing etc. The list goes on (insert for your favorite potentially dangerous sport here). That means in the case of accidents in these situations the insurance company is not liable to pay any amount to the insured.
If you need travel advice, feel free to buzz us. We are relatively friendly folks when well fed. Email us at [email protected]