Travel involves adventure and risk, and hence, the need for insurance. It is essential to have travel coverage in place, especially in the case of a frequent traveler. This way, you get to enjoy the trip to the maximum and within the security of insurance.
If you are adventurous, a sport enthusiast, a globe trotter, or a business person who travels extensively, there are myriad insurance offers to finance you, and take care of everything from ticketing to accommodation.
Travel insurance is designed to minimize the financial risks that a traveler faces due to last minute cancellations, medical emergencies, delays or loss of baggage, or the ultimate nightmare―loss of cash!
A traveler cannot rule out the possibility of a missed departure or loss of passport, and the subsequent legal expenses. Such occurrences can really drain you of patience and leisure time on hand. However, it is better to be safe than sorry. These emergencies cannot be ruled out, and hence, need to be covered via travelers insurance.
The insurance will largely depend on the category of traveler you fit into. You could be categorized under single trip or multi-trip, short or long trip, one time or frequent, or tourist or adventure sport enthusiast. Whatever the category, there is traveler's insurance designed for you.
The insurance company covering you under the insurance supports every effort made to plan the trip or vacation and ensures that nothing untoward happens. In other words, the travel insurance is a designed 'back up' for any unexpected turn of events. The cover provided under the different packages include ticket reimbursement and medical expenses.
It is important to understand that the ticket expenses are reimbursed in event of the trip getting canceled or interrupted due to ill health. This could also be the case in event of the sudden loss or serious condition of family members. The medical insurance plan takes care of all medical expenses, including hospitalization during travel.
There are other specialized package plans available for particular travelers, like the student's plan, that covers the student for a semester or even a year of travel. There are insurance plans that cater specifically to students studying abroad.
The premium is calculated on the basis of the plan module, and the additional expenses are applicable to an overseas student, which differ from one cover to another. The backpacker's travel plan is designed for individual and extensive travelers. Since, most of trips involve trekking and road travel, the overages offered too relate to associated expenses.
There is an insurance plan specially designed for senior citizens who travel around the world, post retirement. However, the premiums calculated are higher since the insured are senior citizens, who are more likely to fall ill and make claims.
Businessmen who travel frequently can invest in a special plan put together for them, which offers them the choice of an annual plan or a multi-trip plan. Plans cover toddlers who are exposed to the risk of getting some infection or disease in transit. In such an unfortunate event, if the family trip stands canceled, the plan provides for eventualities.
There are insurance covers that also provide for various types of groups. These include club member tours, tours organized by the civic authorities, the church, or some youth organization. The group is covered for both a tour within and outside the country, and covers the young and older members of the group.
The risk factor associated with extreme sports, like bungee jumping, jet-skiing, parascending, water rafting, windsurfing, yacht racing, and scuba diving, cannot be denied. Such travelers are covered under separate packages at extra cost, that cover hazardous activities, and calculate the premium according to the risk and age factor.