How does travel insurance work?
How does travel insurance work?
Many of us purchase some or the other form of insurance every year, but very few of us are aware of what exactly is Travel Insurance and how does it work. If you are well versed with what does your insurance covers & what are the various Trip Packages available along with reasonable Travel deals you can make the best use of your Insurance and get reimbursed fairly. Once you have been properly guided about your trip through Tour Guides and the requirements you may find yourself going through the best deal for yourself & your family.
Majorly there are four main categories under Travel Insurance:
1. Loss or damage of property:
Luggage Lost or Damaged Under this the traveler is liable for reimbursement of damaged, lost or stolen Luggage. It is generally restricted to the duration of the trip and not confined to baggage damaged or lost by the airline. There are basically two policy limits-The total claimPer Item maximumSome policies do place limits on the type of items that can be claimed for such as precious jewellery, laptops and other items.
Hire Car damage Some Car Rental companies force the travelers to undertake CDW( Car Damage Waiver)which should ideally be purchased by the car rental company. This coverage reimburses travellers for damage or loss to a rental vehicle and allow them to decline such coverage offered by these rental companies.
2. Delay and Cancellation
Delay: Under this the Traveler gets the reimbursement for hotel, food or clothing expenses in the event of a flight delay.
Cancellation: In this case the traveler is liable for Re-imbursement when unable to make for the trip due to Illness or injury, Casualty (of the individual or of a family member), Unfavorable weather conditions, transport strikes, terrorism, bankruptcy, sudden unemployment, jury duty or by sustaining serious damage to their home causing it to be uninhabitable due to fire or flooding. In case of traveler from abroad the companies pay the reimbursement for cancellation for the same conditions as "Interruption"
3. Health and Medical reasons
Emergency: The traveler is guaranteed for emergency transportation to a local hospital in case they are unable to get there by themselves or back to a hospital nearby to their home town. If in case the family members are also covered under the same policy they have the provision of traveling back home also.
Medical Reasons: This includes reimbursement of emergency medical and dental costs. Usually every Travel Insurance plan work by reimbursing the traveler after the payment is made locally for treatment. Claims are paid maximum within 7 10 working days.
4. Death:
Accidental death This covers death or dismemberment at any time of your trip.
Air Flight accident Under this the traveler gets covered death or dismemberment during an air flight only.
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