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There is nothing in life that has either only pros or only cons. There are a lot of benefits that can be reaped from travel insurance. But as we know that every thing has its own advantages and disadvantages, similarly, with all the benefits that we get from the travel insurance or the pros of travel insurance, there are some disadvantages or cons that come along. These can also be termed as the minute conditions or even mistakes made by the owner under which the travel insurance company might deny the claim. Below some pros and cons of travel insurance are listed. Pros of travel insurance: • Incase the insured person falls sick while he is on his trip, then he will be covered. • Due to any reason if emergency evacuation takes place then the resulting cost is most likely to be covered if you own travel insurance. • One will be reimbursed incase he needs to leave the country that he is visiting due to some natural disaster. • Peace of mind while travelling. You are atleast sure that even if not all then atleast some amount of losses will be covered if you own a travel insurance. • A claim can be filed if your personal belonging like camera, laptop, baggage etc gets lost or stolen. If not full then atleast some amount of the loss is received. • If due to any unavoidable reason your trip is cancelled, then insurance pays you full or part of the losses that you incurred due to the non refundable services that you bought but were unable to use it. • If the company, whose travelling and services you are planning to use or have booked, goes bankrupt due to any reason , then even this cost will be covered by the travel insurance that you own. Cons of travel insurance: • At times due to poor communication skills from the side of the insurance agent proper terms and conditions of the insurance policy are wrongly understood. • If you don’t call the insurance company, from whom you have bought the travel insurance, before undergoing any dental or other medical procedure, then you might not receive the claim. • Incase of baggage or other personal belonging theft if you do not inform the insurance company immediately, then your claim can get rejected. • Your claim is accepted only if you have enough documents and proofs to prove the reason for your claim. For example, if you have undergone a procedure then you need to submit all the bills and reports regarding the procedure. Failing to do so, your claim can get rejected or it might not get covered fully. • The rules and regulations of travel insurance are rigorous. • Travel insurance has some limitations regarding under what conditions will a claim be considered and under what conditions the claim won’t be considered. For example, interruption or delay in the trip due to bad weather is not covered. • Under certain circumstances only a fixed amount will be reimbursed irrespective of the losses that you had to bare. Author Profile: Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right travel insurance policy online & often shares his insights about the general insurance industry on internet.
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