With the gravity of coronavirus pandemic worsening, your business or leisure travel plans could go awry for no mistake of yours. Flight cancellations, hotels being forced to shut due to abrupt lockdown or worsening health of a family member can force you to rethink the sojourn.
During such uncertain times, a sufficient travel insurance coverage becomes pertinent. With travel insurance in your armoury, you can tackle the hesitation and avoid financial bruises, making the tour pleasurable.
The past year has given us a fair idea of what can be beyond our control while moving from one part of the world to another. Deeper insights on your travel insurance can soothe your nerves.
Cancellations
Advance moves in the lure of best flights and hotel deals have become second nature for most travellers. With government norms guiding the direction for airlines and hospitality partners, the fear of cancellation looms.
If you are fretting over the financial loss due to cancellation involved in hotel bookings or airline fares, then the trip cancellation feature of travel insurance can come to your rescue.
Though there is no blanket acceptance of all trip cancellation excuses, customisable travel insurance policies are available that reimburse the non-refundable amount on flight tickets or hotel bookings if you are forced to cancel your trip. The nature of the event covered is specific to your travel cover – few might accept self or family medical emergency, while others would accept only changes at the airline end or local law changes.
Extension
Are you battling nightmares of not being permitted to decamp from the picturesque travel locale owing to lockdown, throwing your travel budget askew?
Remember, you can offset the additional spends with travel insurance by your side. A policy extension can be opted for by paying additional premium, if a situation beyond your control develops.
This feature comes in handy when we have been witnessing several natural calamities. Insurers have occasionally even waived off the premium differential, while assisting with policy modifications when airlines couldn’t take off due to low visibility or there were cracks in the runway.
Though you can cover every trip you undertake, if you frequently travel due to work, then a multi-trip travel insurance cover would be appropriate.
Sickness
The threat of illness and the need for hospitalisation in faraway land, especially for elder family members had been forcing many to avoid vacations. However, travel insurance can be your safeguard when the local health insurance coverage is restricted. Another positive is that travel covers are available for the elderly too, though some restrictions are in place for those above 70 years.
But ensure Covid-19 is not an exclusion under the plan you purchase, as that could jeopardise your finances if the hospitalisation is sought due to the most common issue afflicting the world currently.
Contemplate
When you have made up your mind to opt for a travel insurance policy, select plans without sub limits or restrictions on the compensation, offered by a handful of insurers only. Though the cost would escalate vis-à-vis plan with limits, getting the entire compensation amount during a claim lists high in the order of priority.
With the insurance industry bracing for standard travel insurance covers in less than a month, global access and hassle-free claims should be your key parameter. With international alarm centres aiding Tata AIG Travel Guard policy holders, round-the-clock medical evacuation, translation assistance, legal aid or even emergency cash are merely a tap away.
Considering the benefits to offer travel insurance is capable of being called your invisible companion when you are in unknown territory.
Parag Ved, executive vice president – consumer lines at Tata AIG
