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For many of us who wish to travel overseas for myriad reasons, it is very important to have travel insurance policy. Any unexpected event can come to pass such as motor accident or natural disasters. In other scenarios, you may even fall seriously ill and have to repatriated home or hospitalised overseas. In case you do not have travel insurance, the cost that will arise out of such situations can be humongous to say the least. Natural disasters No one can be certain of the future and certainly not when it comes to being prepared for an accident or a natural disaster. They usually happen without a warning, catching all of us unsuspected and unguarded. This is precisely the reason why one needs to have travel insurance as it will have us covered and be better organised if something untoward happens. You may be in need of urgent medical attention or would be advised to fly back to their home country for emergency treatment. Good travel insurance will cover medical expenses, which in a very conservative scenario will cost many of us our entire life savings. Even the cost of flying home is exorbitant and might leave a burning hole in most people’s pockets. Illness In the event you become ill while on your trip overseas, you may be need to check-in to a hospital for check-up and treatment, in a foreign country this will be a costly affair as you would not be in the condition to fetch for yourself and have to rely on the people around you. In case, where the doctor advises you to cut your trip short and return home, such cost will also be borne by the travel insurance. You travel insurance will cover medical emergency cost as well as your stay in the hospital. Lost luggage We many a times hear stories of lost or misplace luggage. It is such a loss, materially and emotionally to lose stuff that matter to us. In situations where you do not have travel insurance, you loss can be permanent. But if you have a travel insurance, your insurance company will compensate for the losses, isn’t that great? For sure it is, as it covers even your important and critical documents such as passport and visas, in addition to cash. Death or disability This type of insurance is very crucial in the event of death overseas, transporting remains back to the home country is a costly endeavour and one must be prepared to pay through their nose. A good insurance plan will cover such cost of transporting the remains back to the country of origin. It also covers for permanent disability. Imagine the suffering of an aggrieved family who lost a loved one and now have to endure the financial stress to bring the remains home; travel insurance makes the affair less burdensome. Thus before you leave the country, make sure that you are adequately covered along with your possession to the country of your destination. Also, get yourself covered for any pre-existing condition that you may have. _______________________________________________________________________
Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right travel insurance policy & often shares his insights about the general insurance industry on internet.
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