Know how travel insurance works - Finserv Markets

1. Travel Insurance 101: How Travel Insurance Works A lot of people have taken travel insurance or have at least heard about it. But unfortunately, they are not aware of how exactly the policy works. In this article, we will be explaining to you just that. What Is a Travel Insurance Policy? An overseas travel insurance policy is nothing but a plan that provides financial coverage to you in case of loss or damage during your trip. The loss or damage incurred can be minor like the delay of luggage, or can be significant like last-minute trip cancellation or an overseas medical emergency. Travel Insurance Plan – Additional Benefits Apart from financial coverage, there are several other benefits offered by a travel insurance policy. Following are a few additional benefits of travel insurance – 1.Access to Assistance– No matter where you are in the world, the insurance provider and its team of experts will arrange medical treatment in case of an emergency. They will also monitor your care, serve as interpreters, and help you with your lost passport. 2.Pre-Departure –In case you have to cancel your trip last-minute for the stated reasons, the travel insurance will reimburse the trip amount. 3.Post-Departure –In case your trip is interrupted due to the stated reasons, then you will receive the unused portion of your trip. If your flight is delayed for more than six hours for the stated reasons, you will receive a refund of the remaining portion. Also, if you miss the connecting flight, inform your insurance provider within 24 hours so that they can issue a refund. How Does Travel Insurance Work? A travel insurance policy works pretty much like any other insurance policy. As a matter of fact, travel insurance is taken to help you cover your trip abroad in case of unforeseen events. These unexpected events can impact your trip schedule. Here's how the travel insurance policy works – 1.Purchase travel insurance online or in-person well in advance. However, if any mishap has already occurred (like terrorism, illness, or severe weather), you are no longer eligible to purchase travel insurance to cover the event. 2.Browse through different international travel insurance online before purchasing a deal. Also, carefully go through all the terms and conditions included in your policy. It is essential to know what your insurance company covers.

2. 3.When making a claim, make sure that you are providing necessary documents. These documents could be anything, from a medical bill, a statement from the airline, or a flight schedule. It solely depends on your situation. 4.Usually, travel insurance policies work in a reimbursement structure. So, you will be requested to pay the cost up-front. However, there are a few overseas travel insurance policies that provide cash-free servicing. Here, you can seek help from the network hospital or airline, and your insurance company pays the expense directly to them. For this to work, report the event to your insurance provider before contacting the network hospital. How to Choose a Travel Insurance Plan Choosing the right travel insurance can be overwhelming, especially when there are multiple options to choose from. To make it easier for you, here's how you can choose an appropriate travel insurance policy – 1: Research Do not wait until the very end to select a travel insurance plan. It is advisable to browse through different travel insurance online alongside your trip scheduling. Once you are familiar with the travel insurance jargon, picking the right policy that fulfills your requirements becomes easier. 2: Consider the Travel Insurance Coverage You must look for a travel insurance policy that covers the following things – Medical Emergencies Loss of Luggage Trip cancellation and interruption Also, it is essential to consider the things that are not included in the underlying travel insurance policy. For that, you will have to go through the insurance exclusions carefully before purchasing the travel insurance. 3: Understand the Claim Settlement Process Different providers follow different claim settlement process. Hence, it is essential to be mindful of the process your insurance provider follows. That way, in case of emergencies, you will be knowledgeable regarding the steps to be taken. 4: Check the Refund Policy At times, your travel plans may change or cut short. During such a situation, it is best to have a travel insurance plan that offers a partial refund on a pro-rata basis. However, it is noteworthy that you can get a refund if only no claims have been made during the underlying policy term.

3. How to Use Travel Insurance to its Fullest? In case you want to make the most of your travel insurance plan, we are here to help you with that too! 1.Do Not Wait Too Long– The right time to purchase a travel insurance policy is immediately after completing your travel schedule. The earlier you buy travel insurance, the bigger your coverage window will be. 2.Read Your Plan Documents Carefully– If you realize after purchasing the travel insurance that you are not satisfied with the coverage, then you request for a refund. However, go through your plan documents carefully as this request has a specific period (usually within ten days of purchasing the policy). After the specified period is over, you will not receive any refund. 3.Call Your Insurance Company for Help– If you do not understand a few terms and conditions in your policy, it is wise to seek help from your insurance provider. The team of experts will settle your doubts and help you through the claim process as well. Over to You When purchasing a travel insurance policy, it is essential that you also do a background check on the insurance provider. Many insurance companies are offering different travel insurance plans. Are you looking for travel insurance? In that case, get in touch with us at Finserv Markets. With Bajaj Allianz Travel Insurance at Finserv Markets, you can benefit from features like round the clock assistance, hassle-free settlements, fast online processing, and so much more. Then, why wait? Get Bajaj Allianz Travel Insurance at Finserv Markets, today! Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!