5 Reasons to Buy a Travel Insurance Policy
According to data presented by the government, the total number of domestic tourist visits to different states of India in 2018 was more than 1,600 million, putting the annual growth of the same at 2.3%. From this data, it is evident that most Indians have a propensity to travel, which is steadily increasing over the years. Foreign travels, like domestic ones, have also witnessed a hike with an annual growth rate of 9.5% in 2018.
Now, even though travelling is a joyful experience, it can also give rise to several unforeseen situations, which can put a damper on your plans, especially while travelling abroad. Nonetheless, undertaking precautionary measures like purchasing a travel insurance policy can easily enable you to protect yourself from the financial liabilities arising from such situations.
Following is an elaboration of why you should buy travel insurance and how it can help to financially safeguard yourself from complications during a trip.
Reasons to purchase travel insurance online –
Both domestic and international travel can make you vulnerable to certain situations which can lead you to incur huge expenses.
Following are a list of such instances during which an international or domestic travel insurance policy can help you to cover the consequential financial liabilities –
- Medical emergencies –
Healthcare expenses in certain foreign countries are quite exorbitant as compared to that in India. Especially for the situations which require hospitalisation, you can be left with a hefty bill which will become difficult to repay without comprehensive insurance. Thus, it is advisable to buy travel insurance, especially while travelling internationally to be financially prepared against such medical emergencies.
- Loss of luggage –
Losing luggage during trips are quite common occurrences, especially during air travel. There can be instances where your luggage can be misplaced, leading to quite a lot of hassles on your part. Hence, buy travel insurance policy that can provide you financial compensation to replace your lost or misplaced luggage.
- Trip cancellation or rescheduling –
During travels, even the best-made plans can be foiled due to obstacles like poor weather conditions, flight cancellations, etc. For instance, a planned Leh Ladakh road trip can be cancelled due to sudden snowfall. A last-minute cancellation or rescheduling, like for the stated instance, can lead you to incur substantial expenses, which do not get refunded in most cases.
A domestic holiday cover, in such a case, would have provided you with monetary compensation to cover the losses arising due to cancelling or postponing your Leh-Ladakh trip.
- Personal trip liabilities –
While travelling, there can be instances which can lead to injury or property damage for a third party caused by you. Insurance policies like a Personal Trip Liability Cover from financial institutions like Bajaj Finserv can help you to avail compensation for obligations arising in due course of an incident involving any third party.
- Loss of important documents –
Loss of documents during travel is a frequent affair that can hamper your trip. It can also cost you a lot to replace the lost documents, particularly something like your passport. If you buy travel insurance, it can help to cover the expenses incurred for the re-issuance of your original passport, if it is lost or stolen.
By availing the best travel insurance in India, you can ensure that you are financially protected against any of these incidents. There are several financial institutions that offer various types of travel insurance plans that can allow you to avail one according to your requirements.
However, before applying to avail any of these plans, it is crucial for you to check the requisite eligibility criteria and required documents to ensure that the process is completed without any hassle.