Many policies reimburse you for the money you lose because of a stolen credit or debit card. (Representational Image: Shutterstock)
Well-covered travel insurance can be useful when you travel within the country or on a trip to a foreign land.
Summer is here, and it’s time to plan trips with your family and friends. While you have to make sure that you pack the right clothes, and choose the ideal accommodation, being insured also becomes important when you are traveling to unknown places. Now, the question comes in our mind that why do we need such an insurance policy. Don’t worry, we’ve got your back. Here’s a rundown of everything you need to know about travel insurance and why it’s essential before planning your holidays this summer.
What is travel insurance?
This type of insurance provides protection against a wide range of unforeseen events and situations that can drain a traveller’s money. Well-covered travel insurance can be useful when you travel within the country or on a trip to a foreign land. These days many travel websites and tour organizers encourage you to buy insurance along with your vacation package before starting your trip. Most travel insurance policies cover loss or damage to baggage, rental vehicles, emergencies or accidents. However, the cost and type may depend on the insurer.
Simply put, there are four basic types of travel insurance: trip cancellation or interruption insurance, baggage and personal effects insurance, medical expense insurance, and accidental death or flight accident insurance.
Why do you need travel insurance?
Assuming you are planning an international tour this summer and have requested a visa, travel insurance is mandatory in most countries. Therefore, it is important to obtain travel insurance that covers all possible risks. The United Arab Emirates, New Zealand, Germany, France and Spain, among others, require you to have insurance before you travel.
Next, if your itinerary for the trip changes due to unforeseen events, health issues, cancellation by the hotel or airline, etc., any possible damages that may occur before the commencement of the trip are covered by the travel insurance policy. However, this coverage may differ depending on the company you take your policy from.
What if you lose your debit or credit card while on holiday? There is the fear of losing money and there is also the worry that you may not be able to get help abroad easily. Many policies reimburse you for the money you lose because of a stolen credit or debit card.
In addition, travel insurance comes into effect in case of accidents or medical needs during your trip. Also it is important for those people who travel frequently in connection with work.
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