When you plan a trip, you may have to pay for flights, hotels, and other expenses in advance. However, unforeseen circumstances such as illness, injury etc. of a family member may force you to cancel or cut short your trip. Travel insurance can help you recover the costs of your prepaid expenses if you need to cancel your trip for a covered reason.
One of the main reasons travellers need insurance is for medical emergencies. When you are travelling in a foreign country, you may fall ill or get injured. In such cases, you may need immediate medical attention or even hospitalisation. Medical expenses can be high in many countries, and without travel insurance, you may have to pay for these expenses out of your pocket. Travel insurance can cover the cost of medical treatment, hospitalisation, and even evacuation if required.
Why Do Travellers Need Insurance?
Ajay Shah, head- distribution, Care Health Insurance, said, “A quality, hassle-free experience is every traveller’s dream. Post-covid, millions of travellers are making trips across the globe for business, family vacations or other leisure activities. While everyone pre plans to make their trip fruitful and memorable, what is equally important is to ensure one’s safety and security while travelling. Especially when you are on foreign soil.”
As per the latest studies, India’s travel insurance market was estimated to be $ 892.29 million in 2022 and is growing at a CAGR of 17.65%. Earlier, travel insurance was bought only for visa fulfilment purposes, but post-covid this has become an important inclusion in travel preparations irrespective of the country you are travelling to.
Shah added that travel insurance offers cashless hospitalisation for emergency treatment across the globe, as well as reimbursement of medical expenses as per terms mentioned in your policy.
Travel insurance not only covers your health but also provides various other travel related benefits like delay/loss of checked-in baggage, loss of passport, trip – delay, cancellation and interruption and medical evacuation among others. It further gives protection in case of a personal liability that causes injury to a third party.
“If mistakenly, a traveller causes any type of damage to a third party, the insurer will be liable to compensation for the same. It is further worth noting that third-party liability can apply to both property damage and personal injury,” Shah added.
Some companies also offer coverage for pre-existing ailments in case of an emergency. This is up to a specified percentage and if the ailment is disclosed by the customer at the time of policy purchase.
However, travellers must consult a professional financial and insurance advisor before taking any policy.
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