A travel insurance policy is one that covers unforeseen financial losses which you might face when you are travelling. The policy covers all types of domestic and international travel and also cover a leisure trip or a business one. The coverage offered under a travel insurance plan is very relevant as you might face unavoidable contingencies in an unknown place and when you have the backing of a travel insurance plan you know that your financial losses would take care of by that.
Though a travel insurance plan is important, there are various myths and misconceptions which are associated with it. Many individuals don’t understand the actual travel insurance meaning and keep believing in myths.
Let’s understand these common myths which surround travel insurance and bust them with the cold hard facts –
I don’t need travel insurance because I am healthy
This is a very popular myth that many believe in. People feel that since they have good health no medical contingency would befall them and they wouldn’t need the medical coverage of a travel insurance policy.
Reality – Though you might be healthy, there might be some infection which might cause an illness when you are travelling. Moreover, accidental injuries are uncertain and can happen even when you are in the prime of your health. For these illnesses and injuries, you would require medical treatments which are costly in foreign lands and so travel insurance becomes necessary.
Covering family members is not necessary
Many feel that availing of travel insurance coverage for them is sufficient. Family members travelling with them don’t require any coverage.
Reality – Your family member too is just as prone to accidents and sickness as you are and so the policy should cover them too.
Travel insurance is expensive
Another common myth which is associated with travel insurance is that the premiums of the policy are quite expensive and, therefore, unaffordable.
Reality – The premiums of term insurance plans are, actually, quite low and affordable. In just a few thousand rupees you can avail yourself coverage of USD 100,000 and above. Don’t believe in the myth that the premiums are expensive. Find out the premiums yourself using the travel insurance premium calculator and see the real picture.
(Looking to reduce travel insurance premiums? Buy the policy from the insurer’s website)
I have life and health insurance. I don’t need travel insurance
People believe that since they have insurance plans which cover premature deaths and health-related costs, buying a travel insurance policy is not necessary.
Reality – While it is true that your life insurance policy would cover unexpected death, your health insurance policy would not come to your rescue when you are travelling abroad and incur medical expenses. Health insurance policies cover only treatments taken in India. Only in a few health insurance plans do you find worldwide coverage and then too the coverage comes with terms and conditions. Only a travel insurance plan is specifically designed to cover medical treatments taken when travelling abroad and is, therefore, necessary. Moreover, besides the coverage for medical emergencies, travel insurance plans also cover other possible financial losses which you might face and are therefore quite relevant.
I am very old. I would not get a travel insurance policy
It is another common misconception that travel insurance policies are not available beyond a certain age.
Reality – There are senior citizen travel insurance plans designed for older individuals. Thus, you are never too old to get a travel insurance policy.
I can buy travel insurance later
Since buying travel insurance involves paying a premium, many of you delay buying the policy till the last possible minute. But what if your travel plans get cancelled, and you incur a financial loss on advance bookings done?
Reality – You should always buy a travel insurance policy when making your travel bookings. Delaying the plan doesn’t affect the premium payable. In fact, a policy bought early covers you against trip cancellation due to unavoidable reasons. If you delay in buying travel insurance and then have to cancel your trip. The policy won’t pay for the loss that you suffer on such cancellation.
I am a safe traveller and so don’t need travel insurance
People feel that when they travel safe and plan for their trip minutely, they wouldn’t incur any unforeseen contingency so travel insurance is not required.
Reality – However safe you might travel, you cannot control the loss or delay of your baggage, trip cancellation, accidental injury and other contingencies. Travelling safely does not mean that you don’t require travel insurance because you cannot predict unforeseen contingencies beforehand.
All travel insurance plans are the same
Since the basic coverage features in all travel insurance plans are similar, many believe that all plans are the same.
Reality – All travel insurance plans are, actually, quite different from one another. The coverage features, travel insurance estimates, sum insured levels, countries covered, etc. vary from one plan to another and so you should compare travel insurance online before buying.
Travel insurance require only if I travel to the USA, UK or Schengen countries
People feel that only when they travel to expensive destinations overseas do they require investing in a travel insurance plan.
Reality – Travel insurance is recommended when you travel anywhere whether it is in India or abroad. This is because the contingencies are not country-specific and can strike anyone at any place. So you should protect yourself from any financial loss whether small or substantial.
Getting claims is a difficult process
Since people buy travel insurance for overseas trips, they believe that getting their claims settled in a foreign land would be difficult as they are buying travel insurance in India.
Reality – Through the insurer might be located in India, it has claim service providers in all parts of the world. You would just have to contact the company’s partnered service providers in the country, you are travelling to and would handle your claim easily. Alternatively, you can also contact your insurance company which would then arrange for its service provider to contact you and help you with the settlement of your claims.
So, these are the common travel insurance myths that people believe in. If you also believe in some of them, see the real picture and invest in a travel insurance plan when you plan a trip the next time.
(Here’s why a travel insurance plan is a must when travelling)