The prospect of travel excites globetrotters greatly. However, after the outbreak of the infamous COVID-19 pandemic that brought the world to a standstill, there is a lot of uncertainty afflicting the global travel landscape.
Travelers now have to keep themselves updated with new travel rules, leave room for possible flight cancellations, and foresee other potential risks such as health-related emergencies.
While all these aspects have always been an important concern, securing oneself against these problems has gained a revived meaning in this post-pandemic world. Considering the current scenario, overseas travel insurance has become as important a travel document like the passport.
Before understanding the importance of an overseas travel insurance policy, let us first understand what it means.
What is Travel Insurance?
Travel insurance is a type of insurance cover that protects the policyholder against the liabilities associated with traveling. It is useful financial protection whether you are traveling domestically or internationally.
There are several coverages offered under insurance for foreign travel that differ based on the insurance provider. The inclusions and exclusions under the foreign travel insurance need to be checked by the insurance seeker beforehand to avoid unpleasant surprises in the future.
The main categories against which the insured member is protected commonly include trip cancellation, damages to baggage and personal belongings, cover for medical expenses, and accidental death or flight accident coverage. In the light of recent events, several overseas travel insurance policies cover the COVID-19 claims of the insured travelers.
If you are moving overseas for a job prospect and are unaware of how long you will be gone, you can opt for one-way travel insurance when moving overseas. An important thing to remember when shopping for travel insurance when moving overseas is not buying an unnecessary cover and checking with your employer if they will be providing you with insurance.
To save time, insurance seekers can get their overseas travel insurance online. This will also help them compare travel insurance plans to find a suitable cover for a reasonable price.
Importance of Overseas Travel Insurance
With the rising travel uncertainties, adequate travel insurance has become indispensable. This is especially true for individuals who have to travel frequently. Here are five reasons why travel insurance is a must-have: –
#1 Medical Cover:
A common misconception when getting insurance is that you need not invest in one if you are healthy. However, medical emergencies can arise out of nowhere, and without comprehensive overseas travel insurance, paying for the cost of treatment can burn a significant hole in your pocket.
Moreover, the cost of hospitalization is very high in foreign countries. With a foreign travel insurance policy, you need not worry about paying for a medical crisis as the insurance company will take care of the expenses.
It includes diagnostic tests, in- and out-patient treatment, medical evacuation, and also fly you back home all in a cashless form. If you fall sick abroad, then you must inform your insurance provider without any delay.
#2 Non-Medical Cover:
There are several possibilities of emergency situations when you travel. These might include loss of passport, damages to baggage and personal belongings, flight cancellations or changes in the flight schedule if you miss one, etc.
All these possibilities can bring down the hopes of an exciting trip and stress you out. However, your insurance for foreign travel covers you against most of these exigencies.
For example, if you misplace your passport, not only will your insurance provider help you secure a duplicate passport but also compensate for the associated expenses.
#3 Personal Liability:
If somehow your trip gets out of hand and you end up damaging a third-party property, paying for the damages can become an expensive affair. To secure your pocket against such a scenario, travel insurance comes in handy.
Under overseas travel insurance, the insurance provider takes care of the expenses associated with damages to the third-party property.
#4 Mandatory Requirement in Some Countries:
Acknowledging the several concerns that travelers might face, Schengen nations have made travel insurance a mandatory document. Not having a foreign travel insurance policy might result in the rejection of your visa.
Therefore, before you make your visa appointment, check whether the country you are traveling to needs you to have travel insurance.
#5 Round-the-clock Support:
You would not like being stranded in a foreign country in an unpleasant situation when you don’t know the language. If such an event occurs, you can reach out to your insurance provider, who can help you get out of the uncomfortable situation.
Considering the aforementioned, having overseas travel insurance can greatly benefit the traveler by mitigating unpleasant scenarios. It prevents financial vulnerability in an unknown country.
To save time and money, it is recommended that potential travelers get their overseas travel insurance online. This will help them compare travel insurance plans by different insurance providers and adequately secure themselves when traveling abroad.
Whether you are traveling for business or leisure, travel insurance ensures that your trip is safe, memorable, and free from any possible financial stress.
It protects you against unforeseen medical emergencies and other travel-related crises that can ruin your trip. It is important to read the inclusions and exclusions of your travel insurance to steer clear of unpleasant surprises in an unknown place.
Finally, remember to pack your foreign travel insurance when you leave, as certain countries have mandated having travel insurance when visiting them.