Kolkata: Life is full of surprises and those that rattle us the most are the nasty ones. The trouble can rise manifold if we become victims, or are at the receiving land of such surprises, in a foreign land. Travel insurance policies are designed to help one in times of trouble while on a visit to a foreign land. Bu does one need it on very short tris to? Let’s get a closer look.
Travel insurance usually covers the cost of medical expenditure when one is travelling abroad. If baggage is lost or one causes injury to others unintentionally, one can benefit from the financial cover an insurance policy might provide. To understand better, let’s take the issues one by one:
The common situations
While one is on a foreign land, one is usually without local help. Therefore, the need for institutional help grows manifold in such situations. The situations in which a travel policy can be of use to an individual, are the following:
Trip cancellations: It sometimes so happens that one is constrained to cancel a trip and there can be a plethora of associated costs for which one is not compensated by the hotels and flights etc. If one things that the risks are quite significant one should buy a travel insurance policy. If one is compelled to cancel the trip, one doesn’t have to take a hit because the insurance company will compensate you.
Lost baggage: If you go on a short trip and lose your baggage — or even it if is delayed for a day or two — the inconvenience can be tremendous. One can think of repurchasing the stuff with money from insurance.
Medical emergency: If you fall ill in a foreign land, treatment expenditure can be quite damaging to your pocket. A travel insurance policy will save you from the financial injury.
Loss of passport: If passport or important documents are lost abroad, one needs to get them reissued and all that costs money. A travel insurance helps one to claim the cost. The victim can also get some logistical assistance.
Conditions when one must buy travel insurance
There are a few cases where one must buy an insurance policy even if the trip is short. Let’s assume one is travelling with elders and/or kids. If one is accompanied by people from these two extreme age groups, the possibility of needing medical attention rises. In such a situation, one must buy an insurance policy.
When going abroad one has to remember that the cost of medical treatment can be really huge. Therefore, many countries insist on a travel insurance policy to entertain a visa application. But even if the destination country doesn’t have such a requirement, it is always prudent to buy an insurance policy. Moreover, if the hotels are flights have no free cancellation policies, it makes sense to buy a travel insurance.
With more and more people traveling on business and holidays, the number of short trips is rising rapidly. While many would readily buy travel insurance policies for longer trips, man wonder whether they really need a policy for short visits. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
