Traveling abroad? Get travel insurance against natural calamities!

By Mr. Arun Balakrishnan , BerkshireInsurance.com

Traveling abroad has its own share of challenges. One major emerging risk is that of natural calamities. In the recent past, Hurricane Sandy which hit Northeastern USA in 2012 resulted in 14000 flight cancellations, while the earthquake in Japan led to the evacuation of over 6 lakh people.

International traveler..!

For an international traveler, these facts have very serious implications.  Natural calamities can play havoc with your travel plans & leave you marooned in a foreign locale without access to basic facilities. You may be left stranded without your passport and valuables or face a medical difficulty requiring expensive treatment.

Arun Balakrishnan, BerkshireInsurance.com 

Contrary to popular perception, your mediclaim policy only covers medical costs that you face in your home country. Since the cost of medical treatment in several places abroad is significantly higher than in India, a medical exigency can burn a deep hole in your pocket.

What’s worse? You may not have the requisite funds at your disposal to pay your bills..! Flight cancellations can also throw your travel itinerary out of gear forcing you to shell out a hefty sum for emergency hotel bookings and new tickets.

Suitable  travel insurance policy..!

A suitable international travel insurance policy therefore is the apt solution. With increasing frequency of such catastrophes, insurers are offering an array of travel insurance solutions for customers.

A travel insurance policy provides financial security in situations such as loss of passport, trip cancellations, flight cancellations, loss of baggage as well as medical emergencies.  

Medical cover is the largest element of travel policies, owing to the high cost of medical treatment abroad.

There are a number of factors one must consider while selecting a travel policy prior to an international trip.

Firstly, consider the destination of travel. Those destinations which are prone to natural disasters or are subject to frequent political unrest pose a higher level of risk.

Choose an insurance cover accordingly.  Also, settle upon the sum assured based on the healthcare costs in the country you are visiting. The higher the medical care costs, the higher should be the sum assured. The premium will also be correspondingly high. The next factor affecting the policy selection is the duration of the trip.

Moreover, if you are a frequent traveler and make multiple trips in a year, you can opt for a multi-trip policy. This would reduce the premium, the administrative cost, as well as the hassle of getting a new policy each time you travel.

Just like life insurance and health insurance, travel insurance contracts too are based on the principle of utmost good faith, requiring correct and complete disclosure of material facts. For instance, adequate disclosure of health related conditions which may affect the claim is very important while purchasing a policy..!

Since policies vary from insurer to insurer, it is necessary to have a thorough understanding of the terms and conditions of the policy you purchase. Also, make note of any details you would require to make a claim during the trip.

The insurer`s helpline numbers and the relevant policy documents should be kept with you while traveling. It is best to keep these with oneself, than at ones accommodation to tackle any unforeseen incident.

Online insurance policies..!

Nowadays, insurers offer travel insurance policies online. There are various aggregator sites where you can compare the travel insurance options available and select a policy that suits your needs. Buying a policy online is a convenient way of making an apt choice yourself rather than settling for  an agent`s recommendation. So, be it a natural calamity or a medical emergency, you can now prepare yourself for any eventuality that arises during your trip at the click of a button!

About the Author

Mr. Arun Balakrishnan is

CEO at BerkshireInsurance.com

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