The pros and cons of travel insurance: Is it worth the investment? 25^th April 2019

Wanderlust is an exciting feeling to cherish as it blooms the thought of mindful exploration of new places and experiences. Whether visiting with friends, family, or alone, safety matters most alongside enjoyment. And when we talk about safety while travelling, travel insurance is the first step you need to take. Travel insurance covers different areas and uncertainties to help protect you against any financial loss during the trip.

However, many people need to know this insurance and its pros & cons. This article presents you with a complete idea about the same.

What is travel insurance?
Travel insurance covers your belongings against theft or damage and any medical condition arising while travelling. Most travel insurance policies cover lost or stolen luggage, medical emergencies, and trip disruptions. The insurance also covers rental car damage and trip cancellation. When you opt to buy a travel insurance policy, there are different types that you can check. You can buy domestic travel insurance if you are travelling within the country.

Similarly, if you are travelling overseas, get international travel insurance. However, the policy amount varies as per the type of insurance you are purchasing.

Let’s look at some of the pros and cons of travel insurance.

Pros of buying travel insurance

1. It guarantees peace of mind
The main benefit of purchasing travel insurance is the sense of security it provides. Sometimes you worry about any circumstances during the journey and cancel the trip. Even in the worst-case scenario, having travel insurance guarantees peace of mind. With travel insurance, you can focus on making your trip memorable without worrying about the financial stress that might occur due to unavoidable circumstances arising during your trip.

2. Get compensation for lost luggage
In many cases, passengers travelling by air miss their luggage after landing at their destination. Moreover, travellers end up missing their important items during the trip. Missing and lost luggage can be chaotic and hamper your trip excitement. But, with the right travel insurance, you get coverage on phones, cameras, and other essential items. You need to mention all details while claiming the same.

3. Complete medical expense coverage
You cannot predict when you will fall ill or face health issues while travelling. However, because of the abrupt changes in climate, food, and time zone, there is a greater risk of contracting an illness when travelling. You should have a solid strategy to deal with medical issues when travelling overseas because healthcare can be expensive. Once again, travel insurance comes in handy for such a situation. It offers complete coverage for any medical costs incurred due to an illness or accident while travelling. However, it would help if you kept all the medical bills ready while claiming.

Cons of travel insurance

1. It is expensive
If you compare the price of travel insurance with other policies, you will find it relatively high. Also, many people avoid purchasing it since they never feel it is important and necessary.

2. High chance of getting rejected
Your travel insurance claim could be rejected for several reasons. Insurance companies try to bring down the compensation or deny the claim if they find that you don’t have valid or expected proofs and documents to produce. Even if you are claiming for minor injuries, it may get rejected. So, it is best to read all the policies carefully to avoid loss.

Having travel insurance by your side is a worthy investment if bought from the right insurer and by clearly understanding the policy features. If you are looking for travel insurance policies, carefully compare plans of different insurers and invest in the best one. Read the terms and conditions thoroughly and don’t hesitate to ask questions if you aren’t clear about any clause. For additional safety, investing in the best personal accident policy in India alongside a robust travel insurance will help you have a peaceful travelling experience. It’ll ensure you celebrate joyous moments with your loved ones and leave all the worries aside.

Click HERE to buy the best personal accident policy in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.