To get insurance in your life is one of the important tasks of the life, and one should not be careless about it. “Travel Insurance” is also one of the types of insurances. Another name for travel insurance is holiday insurance; this product is designed so that whenever you travel, you stay insured. Like for instance, you get ill or get through an accident while you’re traveling, but it’s not just the medical expenses, but also other risks such as, theft or any other losses, Travel insurance works on both whether you are traveling in your own country or internationally.
Many of the people buy travel insurance policies, but a less number of percentages understand it correctly. There are hundreds of travel insurance policies available in the market, from which you can select the proper or suitable plan for you. Travel insurances can be purchased from Insurance companies. Below is the list of events that travel insurance covers.
– Medical Expenses
– Personal Money (theft, etc)
– Cancellation of the trip (If you have to cancel the trip, the travel insurance would pay an amount for the cost of cancellation)
Temporary travel insurances can be bought instantly from the insurance companies and they are often bought when one is going for a trip or any other reasons to stay away from their residency for a short period of time. Long-term travel insurances can also be bought by the insurance companies and they are mostly bought by people who tend to live far away from their residencies for a long period of time.
Student Travel Insurance Policies: This type of insurance is a must for students who happen to study or take admission in any institute that is far from their residence. Students in their college/universities years can also face financial problems as well as Medical problems and many more. Student travel insurances are specially designed for those students who tend to study far away from their residencies for better/quality education or some other reasons. This type of travel insurance can also be used when the students are going to travel for spending their holidays in some far away picnic spot (This service is not available in every student travel insurance).
Types of Travel Insurances
Most commonly purchased travel insurances are discussed below.
- Single Trip: This type of travel insurance is designed for the people who tend to go away for a single trip. The time-period for this type of Insurance is often 12 months (can be extended). You may have some restrictions to visit some places such as water spots, abs-sailing, etc.
- Group Trip: This type of travel insurance is designed for a group of people travelling to a destination at the same time. For instance, a business trip, school trip or even a large group of friends.
- Multi Trip: This type of travel insurance is also known as “Annual Travel Insurance”. It is often two and a half times more costly than the Single trip (discussed above). Once you have bought this insurance, a period of 12 months will probably be given to you. In this type of Insurance you can have more than one trip in those 12 months (Generally there is no limit for the number of trips you can have). Each holiday or a trip is given a duration, that varies through each travel company (Commonly 90 days).