How to Select a Trip in Travel Insurance
Travelling is a part of life no matter what the reason is. Whether it is educational, business or leisure – travelling to a faraway land has become an intricate part of every aspect. Students go abroad to further their education while business trips help companies to grow. And when one is tired of his hectic schedule, he can take an off from his busy life for a fun or leisure trip to his dream destination.
Just like travelling has become a part of life, similarly travel insurance is also an important part of all kinds of trips. A proper travel insurance policy takes away a huge amount of stress associated with foreign trips and helps you concentrate on the purpose for which you have gone so far. Travel insurance is a comprehensive plan that covers any unforeseen situations mentioned in the policy. This includes coverage for medical and hospitalization charges, lost or delayed baggage, passport or other important travel papers, flight cancellation and many other situations.
Travel insurance can be categorized into two broad types: Single Trip and Multi Trip.
How are Single Trip and Multi Trip Travel Insurance different?
A Single Trip travel Insurance provides coverage for a limited number of days within a year. The number of days is solely dependent on the decision of an insurance company. The policy comes into force with the advent of your trip and expires with your return back to your country or with the end of the term of insurance, whichever comes earlier. This policy is good and economic only if you are an occasional traveller and travel only once or twice a year. However, single trip plans gets expensive if you are a frequent flyer.
A Single Trip plan takes good care of your finances during sudden medical emergencies, baggage loss, trip cancellation and many other eventualities. The best part of this kind of insurance is that mostly they are extendable and claims are settled in no time.
These policies are not a good choice for families and groups or even for trips involving adventurous activities. They do not cover accidents or damages caused due to engagement in activities that involves a lot of risks.
Multi Trip travel Insurance, on the other hand, does not have any fixed tenure. The term of the policy is decided solely by the insurer at the time of purchase. Multi-trip policies are mostly fixed for a year where an individual can visit a foreign land as many times as he wants under the same policy. However, each trip needs to be limited to a period of 180 days. This type of travel plan is beneficial for frequent fliers, though not a very good choice for leisure trips planned for more than 6 months.
The coverage offered by most Multi Trip Travel Insurance policies is very similar to that of Single Trip plans, like medical and hospitalization coverage, lost baggage coverage and trip/fight cancellation coverage. The only exception is that in the former case any pre-existing disease or ongoing treatment needs to be declared at the time of taking the policy.
Travel insurance plays a very important role in your trips abroad and hence should be chosen with utmost care. Compare travel insurance policies across different insurers through online comparison sites and purchase the plan that not only gives you maximum coverage but also the best offers at economical rates.