But before you pack your bags, it’s important to think about travel insurance. Getting insured can protect you financially if you encounter medical emergencies, flight cancellations, lost baggage, and other issues.

When traveling for an extended period, comprehensive travel insurance is a must. But how much should you need to pay for Travel Insurance? And what factors determine the cost? Let’s see in this blog.

What is Travel Insurance?

First, a quick primer on travel insurance. This type of insurance provides financial protection against unexpected problems that can occur before or during your trip.

Travel insurance typically includes coverage such as,

• Trip cancellation – Reimburses prepaid, non-refundable costs if you need to cancel for covered reasons
• Emergency medical – Covers treatment costs if you get sick or injured on your trip
• Emergency evacuation – Pays to transport you to adequate medical facilities in a medical emergency
• Baggage loss or damage
• Travel delays
• 24/7 travel assistance services

For long trips, look for comprehensive plans that offer higher coverage limits and more included benefits.

Typical Cost of 6-Month Travel Insurance

The exact cost of your six-month travel insurance policy will depend on your personal details and trip details. But on average, a 6-month trip insurance plan costs:

Asia Pacific Region

Individual – Rs. 3,940 minimum

Student – Rs. 3,029 minimum

Family – Rs. 7,881 minimum

Senior – Rs. 22,271 minimum

USA/Canada Region

Individual – Rs. 8,994 minimum

Student – Rs. 6,376 minimum

Family – Rs. 26,982 minimum

Senior – Rs. 44,958 minimum

Europe/UK Region

Individual – Rs. 6,089 minimum

Student – Rs. 3,029 minimum

Family – Rs. 18,267 minimum

Senior – Rs. 27,987 minimum

So as you can see, costs vary significantly by traveler type. Factors like your age, health, destination region, and policy benefits impact pricing as well.

A six-month backpacking trip will require a different type of policy than a six-month business assignment or study abroad program.

Below we’ll explore what goes into calculating your six-month travel insurance premium.

Read More-Why Travel Insurance is a Must-Have for Your Abroad Adventures?

Factors That Determine Cost

Several key factors affect how much you’ll pay for six-month travel insurance coverage:

• Destination Region

Your destination region has a big influence. Travel to Europe/UK or Asia Pacific regions generally costs less to insure than trips to the USA/Canada.

Medical and travel costs are typically higher in the USA and Canada. So higher benefit limits are recommended, which raises premium prices.

European country destinations are viewed as lower risk by insurance providers. So they offer lower premiums to travelers headed to these regions.

• Age & Health

Your age and health are major pricing factors. Insurance rates go up incrementally as you get older.

Pre-existing medical conditions also bump up the cost of coverage. Especially for longer trips, where recurring treatment and medication are required.

So younger, healthier travelers get the best premium rates for long-term trip insurance.

• Trip Duration

The longer your journey, the more risk the insurance company takes on. So naturally, a 6-month policy costs more than insurance for a quick 1 or 2-week getaway.

Most standard trip insurance plans only cover journeys up to 30 days. For six-month coverage, you’ll need to purchase special extended travel insurance.

The longer period of coverage means higher potential claim costs for the insurer. And your premium has to cover this increased risk.

• Coverage Levels

The amount of coverage directly impacts your premium amount. Plans with higher benefits maximums, lower deductibles, and more inclusive features cost more.

Consider how much trip cancellation or emergency medical coverage you might need for 6 months abroad. This will determine what coverage levels suit your trip best.

You can control costs by customizing your benefit amounts instead of simply selecting the highest coverage tiers.

• Activities

Got lots of adventures planned? Certain activities like mountain climbing, scuba diving, and bungee jumping may require additional dangerous sports coverage.

Insurance providers classify these types of sports/activities as high-risk. So your six-month policy may exclude them unless you pay an additional premium.

Be sure your travel activities will be covered under your standard plan before purchasing. Getting add-on coverages can increase your overall insurance costs.

• Final Word on Cost

As you can see, the price tag for your six-month travel insurance really comes down to the details of your specific trip and individual needs.

From backpacking Southeast Asia to studying abroad in Europe to a family relocation overseas, insurance costs can cover a wide range.

The region you’re traveling to, your age and health status, trip activities, and selected coverage options all contribute to the final premium amount.

But don’t let sticker shock deter you from getting adequate protection. Travel insurance is designed to shelter you from the worst-case scenarios. Like needing an emergency helicopter airlift!

For extended international trips, travel insurance gives essential peace of mind. And that sort of financial security and assistance is priceless!

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In this comprehensive guide, we will explore the reasons why travel insurance is a must-have when traveling abroad. 

From unexpected medical emergencies to trip cancellations, we’ll cover it all to ensure you have a worry-free and protected travel experience.

Understanding Travel Insurance

Before we delve into the significance of travel insurance, let’s start by understanding what it entails. Travel insurance is a type of coverage designed to protect travelers against various risks and uncertainties. This may arise during their trip abroad. 

It typically provides financial reimbursement or assistance in case of medical emergencies, trip cancellations, lost luggage, flight delays, and other unforeseen events.

Importance of Travel Insurance To Travel Abroad

1. Medical Emergencies

One of the most critical reasons to have travel insurance is to safeguard yourself against unexpected medical emergencies while traveling abroad. 

Illnesses or accidents can occur at any time, and medical treatment in a foreign country can be expensive. 

Travel insurance ensures that you receive the necessary medical attention without bearing a hefty financial burden.

Coverage for medical emergencies typically includes hospitalization costs, doctor’s fees, emergency medical evacuation, and repatriation to your home country. 

It offers peace of mind so that you can have access to quality healthcare without worrying about exorbitant expenses.

2. Trip Cancellations and Interruptions

Imagine spending months planning the perfect vacation only to have it canceled or cut short due to unforeseen circumstances. This is where travel insurance becomes invaluable. It provides coverage for trip cancellations or interruptions due to various reasons, such as sudden illness, family emergencies, natural disasters, or airline strikes.

With travel insurance, you can receive reimbursement for non-refundable expenses, such as flight tickets, hotel reservations, and pre-booked tours or activities. This ensures that you don’t suffer financial losses if your trip doesn’t go as planned.

3. Lost or Delayed Luggage

Another common concern while traveling is the possibility of lost or delayed luggage. 

It can be distressing to arrive at your destination only to find that your belongings are missing. 

Travel insurance mainly provides coverage including lost, stolen, or damaged luggage. And, this provides reimbursement for essential items and compensates for any inconveniences caused.

Additionally, if your luggage is delayed for a significant period, insurance often covers the cost of purchasing essential items such as clothing and toiletries until your baggage is returned to you.

4. Flight Delays and Cancellations

Flight delays and cancellations are frequent occurrences in the world of travel. They can disrupt your plans, lead to missed connections, and result in unexpected expenses. 

Travel insurance can provide compensation for additional accommodation, meals, and transportation expenses incurred due to flight delays or cancellations beyond your control.

5. Emergency Assistance and Evacuation

In unforeseen situations where you find yourself in a crisis abroad, travel insurance offers emergency assistance services. These services may include 24/7 helplines to assist you in navigating the local healthcare system. This helps to arrange emergency medical evacuations or provide necessary legal or language support.

6. Personal Liability

Travel insurance often includes personal liability coverage, protecting you in case you accidentally cause injury to someone else or damage their property while traveling. This coverage can help alleviate the financial consequences of potential legal liabilities.

7. Adventure Activities and Sports Coverage

If you’re an adventure enthusiast or planning to participate in sports activities during your trip abroad, it’s essential to check if your travel insurance covers such activities. Some insurers offer specialized coverage for adventure sports, ensuring you are protected in case of injuries or accidents related to these activities.

Comparing Travel Insurance Policies: Finding the Right Coverage for Your Needs

Online applications are one of the most convenient ways to get travel insurance. 

For that, you can browse through various policies and compare them side by side. So, you can find the best one that fits your needs and budget. 

The process is simple – just go to the website of your preferred insurance provider and fill in the application form. 

There, you will need to provide personal information, trip details, and any additional information required by the insurer. 

Once you submit the application, you will receive a confirmation message or email, and the policy documents will be sent to you via email as well.

In case you prefer to apply for insurance offline, you can visit the offices of insurance providers or travel agencies in your area. 

You can speak to a representative and they can help you understand the different policies and assist you in choosing the right one. 

You will need to provide personal information and trip details, and the representative will help you fill in the application form. 

Once the application is complete, pay the premium amount, and you will receive the policy documents.

Read More- A Comprehensive Guide to Break-In Period of Bike Insurance Renewal

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The type of insurance cover is many, but making sure that we are looking for the right one holds great importance. Policyplayer offers up with major help that not just brings on the latest policy and scheme, but helps you choose the most appropriate according to your choice. We know what is best for you and that is why our support is always with you no matter what. All the experts will make sure to give you the required guidance so that the best help in all the ways can be added. 

1. Life insurance
2. Motor insurance
3. Health insurance
4. Travel insurance
5. Property insurance and much more.

How helpful are these insurances?

It will be quite wise if we say that insurance works in a way that we can bring on with the shield on us. Today, as we move ahead with time and support understanding how we can minimize our expenses, is a must. For people, today looking for ways to add safety and cover comes up as an obligation. It is because any of the expenses in any way will be a disadvantage for us.

Some of the details regarding different insurances are:

1. Health & life insurance: health comes up to us as a major priority that binds up with all how we can lead a better life. As now the time is just taking up the big change, it has become important for us to look at some of the suitable ways in which we can just suitably cover our health and life. Life and health insurance are subsidized in different directions like the term plan, money back, and even the retirement plan. This is why one of the major important reasons to look up such insurance is that it will help in planning retirement accurately. We know that now the skip of time is moving ahead and that is why these insurances are a must for all. Policyplayer comes out to be your ideal stop for getting health & life insurance and that too at a discounted rate. 
2. Motor Insurance: It is quite wise to know that not just health, but looking after our most expensive investment in assets is even more important. This is why people are just suggested to get motor insurance. Such insurance just deals with all the vehicles, four-wheeler or two-wheeler. It is important to keep in mind that maintaining any of the vehicles is much more expensive than buying them. It is because, in case of any mishap, the vehicle would cost much to our pocket. This is why Policyplayer refers up the most suitable plans that can help you in keeping your surroundings as well as pocket safety from any issue.
3. General insurance: It comes out to be the best insurance plan that includes automobiles, policies related to homeowners, and much more. On another side, we can say that it helps in covering all the covers right in one place.  Policyplayer offers you a wide and wise insurance plan that can be best for all times. But all you need to do is look for the ideal plan that can suit your budget in the right way. General insurance features help in adding safeguard to all situations in the right way.

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With travel insurance, you will safeguard yourself from untoward situations like loss of baggage, loss of passport, delay in the flight, or medical emergencies.  Hence, it is important to add travel insurance to your checklist when you are preparing the itinerary for traveling. There are a number of service providers offering travel insurance plans, and the policy coverage may vary from one company to another.

Types of Travel Insurance Plans

1. Single trip policy– This policy is perfect for those who are not frequent travelers or are one-time travelers. The duration of this policy may last up to 180 days, and one can also increase the duration of the policy after speaking to the travel insurance provider. 
2. Annual multi-trip policy– This policy is perfect for frequent travelers. This policy is valid for several trips. You can choose the plan based on your requirement. 
3. International travel insurance plan– Different general insurance companies offer customized travel insurance plans. This is because each traveling destination may have different requirements. This policy includes features like loss of checked-in baggage, cashless hospitalization, etc. are a part of this travel insurance. 
4. Senior citizen travel insurance- Many insurance providers offer comprehensive travel insurance for senior citizens. It includes provisions like personal liability, emergency medical expenses, loss of baggage, emergency financial assistance, flight cancellation, etc. 
5. Student travel insurance– This travel insurance provides financial support to students who are going abroad for higher education. This insurance plan keeps them covered for medical emergencies or other financial problems that they may face while moving abroad. 
6. Corporate travel insurance– Many companies send their employees abroad for business trips. They have to ensure that the employees are safe while traveling, and with the corporate travel insurance plan, they can guarantee the same. Many insurance providers also offer a tailored solution to this. It covers injuries, emergency evacuation, flight cancellation or loss of baggage, etc. 

Key features of Travel Insurance Plans

The best travel insurance plans will have the following provisions:

1. It will cover medical expenses if required when you are away from your home
2. It also provides coverage in case the trip gets canceled
3. Personal liability coverage- In case there is damage to someone’s property, or if there is any bodily injury, the travel insurance will provide coverage for the same
4. Loss of passport is yet another important feature of a travel insurance plan
5. Cashless hospitalization is also an important feature of the travel insurance plan, which is of great help when you are traveling.

Eligibility Criteria for Travel Insurance

The eligibility criteria may vary based on the type of travel insurance; a few of the examples are enlisted below:

Exclusions of the Travel Insurance Plan

Most travel insurance plans do not cover the following:

• Expenses due to civil war
• Pre-existing disease or illness
• Expenses of alcohol
• Cosmetics, spa, or Ayurveda
• Travelling against medical advice

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How to Renew Travel Insurance

Travel insurance comes with a fixed period of insurance. In case you do not renew it before this period ends, your insurance scheme will lapse and you will not be able to reap benefits of the scheme. However, you also get a grace period to make the payment and renew it even after the policy has lapsed. This period may vary from 15 days to a month depending on your insurance provider.

Travel insurance renewal depends primarily on two things – your insurer and from where you bought it. 

Most insurers these days offer online support and you can renew it directly from a link that they send through SMS to your registered mobile number.

In case you had bought it from an agent, the agent will let you know about the expiry beforehand so that you can make the payment and renew it before it lapses. 

Various aggregators, such as Policy Player, provide complete solutions in this case. You are informed beforehand about the policy expiry through various channels such as SMS, email, telecalling, etc. so that you become well aware of the coming expiry. In case you fail to renew the policy and it expires, the aggregator will remind you before the grace period ends so that you do not miss out on the insurance policy.

Claiming Travel Insurance after Renewal 

Once you renew the insurance policy, you can place your claim so that you receive the amount on time. You must acquaint yourself with the claim settlement process while selecting travel insurance. There are two ways to make a claim: Cashless and Reimbursement claims. 

Cashless Claims: In case of a medical emergency or hospitalization in any country worldwide, the customer must present the travel insurance document to the medical service provider. They can avail of the cashless benefit. One also needs to inform the respective insurance company for the claim. The insurance company will settle the medical bills with the medical service provider. 

Reimbursement Claims: This is the most commonly used claim settlement process. In this, the policyholder has to furnish the bill and other supporting documents for the claim. The insurance provider will then validate the claim and will reimburse the amount. The time for the claim process may vary from one insurance provider to another. Hence, you must ensure that you keep all the bills handy at the time of claim settlement to avoid any hassles. 

Key things required at the time of making a claim:

If you want to claim for travel insurance, then you need to submit the following to the insurance provider: 

·         Name of the insured

·         Travel insurance policy number

·         Contact number and email ID

·         Medical report and bills

·         Name of the country where the policyholder incurred the loss

·         Date of accident and time

·         A detailed description of the loss 

Countries where Travel Insurance is Mandatory

Although travel insurance is not mandatory while travelling abroad, it is highly recommended. It will safeguard your interests. However, there are some countries where it is mandatory for you to have travel insurance; without submitting the insurance confirmation, you may not get a visa for the following countries:

1. Ecuador
2. Antarctica
3. Cuba
4. Qatar
5. Russia
6. Turkey
7. The USA
8. UAE
9. Schengen Countries

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There has been a considerable increase in the travel insurance industry. Most of the big insurance providers in this segment are offering travel insurance. The Indian travel insurance market was valued at over $ 80 million in 2018, with a CAGR of 12%. Eyeing it as a major growth sector, many new players are joining the league. Hence, it becomes important to make the right call when it comes to choosing the best travel insurance. But it is also providing an opportunity to buyers to opt for various platforms from where they can buy travel insurance. 

Where to Buy Travel Insurance from?

In the current scenario, there are three platforms from which you can buy travel insurance. These options are mentioned below:

1. Aggregator Platform – As an aggregator platform provides detailed comparison of various insurance schemes available, it becomes very easy for buyers to compare different schemes and buy insurance directly from the platform with additional privileges. Policy Player is one such platform from which you can buy an insurance policy after proper comparison of the best available insurance schemes.
2. Provider Platform – You can directly visit the website of an insurance provider and buy the insurance.
3. Offline – You can connect with an insurance agent and understand plan benefits and buy insurance through him/her.

Popular Names in the Travel Insurance Segment

Here are some of the prominent names that you can consider:

Key factors to consider before finalizing a travel insurance provider

Compare the plans- Since there are umpteen options out there, choosing one can be challenging; hence it’s always good to pen down a few names and then finalize the best one. Policy Player can be the best place to find the best options and compare them online.

Enquire about the medical coverage– An important aspect that you must add to your checklist is to see the medical coverage. Opt for a policy that provides higher medical coverage, especially when you are travelling to places like Australia, the US or the UK.

Compare the features– The travel insurance plans features and benefits may vary from one insurance provider to another; hence, before finalizing, you must check the features offered by the different insurance providers like flight cancellation, loss of baggage, loss of passport, etc.

Claim-rejection ratio– Another key parameter that you must take into account is the claim-rejection ratio. If the claim rejection ratio is higher, there is a greater possibility that you find it difficult to get the claims. Hence, make the right comparison and thorough study before the final call.

If you are travelling abroad, then it’s important to consider a travel insurance plan. Whether you are a pro-jet-setter or not so frequent traveller, there is a travel insurance plan for everyone. All you need to do is find the right company that can provide the best travel insurance policy.

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10 Key parameters to consider while choosing a travel insurance plan 

1. Age- While most travel insurance plans are available for the individual who is 18 years or above, there are specific travel insurance schemes for senior citizens and students as well. So, based on your age, you can choose the apt insurance plan.  

2. Travel destination– Although the travel insurance plan’s provisions remain almost the same, it is also good to check the location where you are traveling to. Suppose you are traveling to a high-risk destination where there is a greater probability of encountering an untoward incidence. In that case, travel insurance becomes a must, and your insurance provider would like to check on it before going ahead.  

3. Duration– The next factor that is going to impact the travel insurance benefits and the premium amount is the duration of the trip. Hence, it is always good to opt for multi-trip insurance, especially if you plan to travel frequently in the next 12 months. Also, if your single vacation trip is for a longer duration, then the premium would be on the higher side.  

4. Type of the trip- The insurance provider is going to have a look at the travel itinerary and analyze it. If you are going on an adventure trip, then the premium will be on a higher side compared to a trip that is to the beaches.  

5. Add-ons– Don’t miss out on checking for add-ons. It is always good to check what are the different add-ons that the travel insurance company is providing. For example, check for burglary protection, study interruption coverage, and fire insurance. Remember, adding the add-ons is going to increase the premium of your policy. 

6. Insured amount – This is going to directly impact the premium. If the insured amount is on the higher side, you have to pay higher premiums than the lower sum insured.  

7. Coverage- Do not go with the first insurance provider that you come across. Remember, it is always good to do the comparative analysis before making the final call. The lowest premium is not the guarantee of good insurance coverage. You must closely assess the policy and different conditions before deciding. 

8. Claim settlement ratio– The next important factor that will help you find the best travel insurance plan is the claim settlement ratio. Usually, this is the deciding factor. You cannot go ahead with a travel insurance plan that makes tall claims, but when it comes to claiming settlement, it fails to deliver. Hence, it is wise to be proactive and find the best travel insurance provider based on the claim settlement ratio of the company.  

9. Schengen check- When it comes to Schengen nations, then you have to be extra cautious. Insurance on Schengen visas may vary from one nation to another. Hence, it is always good to cross-verify the same with the insurance companies. 

10.  Exclusions- Although insurance coverages cover up for the losses, or damages, or medical illness while traveling, it is important to check into other aspects. There are certain exclusions in the travel insurance policies. Hence, it is important that you must thoroughly read the travel insurance policies before making the final call.

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