International Travel Insurance Policy: “You should spend money on experiences rather than things” is a proverb that best explains why you must travel for anybody looking for an answer. Traveling is one of the most rewarding hobbies you can engage in, providing unforgettable experiences and memories. A holiday, either alone or with family or a group, anywhere in the world is the best way to live longer. It allows you to leave your daily stress behind, jet off to an exotic location, and enjoy the time of your life.
While traveling is fulfilling, it has attendant risks. Some potential dangers include losing passports, delayed flights, medical emergencies, baggage theft, and many more. One can never be prepared enough for such eventualities, but one can take a few steps for protection, and one such thing is Travel Insurance.
What is travel insurance?
Travel insurance is designed to protect against certain losses associated with travel. This coverage may help pay for lost luggage, trip cancellation and interruption, medical evacuation, and other related items.
Types of international travel insurance
There are three main types of international travel plans, and they differ significantly in terms of cost and quality.
Student Travel Insurance: Travelling to other countries, especially for educational purposes (learning new skills or broader education such as attending a foreign university), can buy a student travel insurance plan.
Holiday Travel Insurance: An international travel insurance plan will cover traveling to another country for holiday purposes.
Business Travel Insurance: Business travel-related risks will come under the business travel insurance plan.
What Travel Insurance Covers?
Loss of passport: Another situation we all dread is losing a key. It is a nightmare that no one wants to face while on a foreign trip. But the truth is, with just the slightest mishap, your passport can be misplaced or lost. This can result in multiple financial and legal troubles for you. Travel insurance is your best bet to mitigate such loss in this scenario.
Loss of personal belongings: It can be highly stressful to lose your belongings overseas. However, with good travel insurance coverage, your loss up to a certain level of baggage loss has covered the insurance.
Flight delays and cancellations: If your flight has been delayed or canceled for any reason, including technical issues, weather conditions, and ground accidents, you are entitled to certain reimbursements from the airline. There are also times when passengers may have to cancel their flight or travel plans due to illness, injury, pressing business issues, and family emergencies. In case of canceled flights or travel delays due to such reasons, travel insurance helps cover the costs associated with this delay.
Medical emergencies: Medical emergency is the other most common reason you must take insurance. The cost of medical assistance can be prohibitive in the foreign land and can set you back even worse than a similar expense in the home country. This by far remains the most significant reason people buy travel insurance.
Pre-existing Illness: Travel insurance can also be essential in a pre-existing medical condition. A Travel Insurance will honor expenses related to Medical Expenses arising out of costs due to this.
Artificial Natural Calamities: Travel Insurance can also cover expenses arising out of this scenario as well. As we read the news, this is a reality we have to be aware of.
Claim Process
If there’s an emergency on your trip and you need to file a claim with the insurance company, here’s what you should do. First, contact the Claims Service Representative at the insurance company by calling or emailing them. Contact details such as a toll-free number or an email address are printed at the back of your insurance policy document. The representative will help you contact the companies that might be involved to settle the claim, understand how to fill in a claim form, and attach necessary documents such as receipts, invoices, etc. You can also get the relevant claim form from their website or ask them for it over mail. Fill in all details correctly and provide the necessary documentation to help them settle your claim faster. Keep following up with them until you get your reimbursement or until they reject your claim.
Documents Required to Process Claims
Here is a list of documents required to process your travel insurance claim:
- Policy number
- Claim form
- Ticket or boarding pass
- Copy of the passport
- For passport loss: Emergency travel certificate and copy of new passport
- For medical claims: Doctor’s report, original admission/discharge card, original bills with prescriptions.
- For loss of baggage: Details of compensation provided by Airlines
This is a list of some important documents you might need for the claim, but it’s not an exhaustive list. The insurance company might ask for additional documents, and if so, you should provide them.
Time Taken to Settle Claims
It is common for people to question when their insurance claim is settled. To answer that question, we need to understand the process of settlement. The payment method can be described in 2 significant steps: 1—submission and Acceptance of the Required Documents. After submitting and accepting the required documents, it will take approximately 15 working days for the entire settlement process.
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