Travelling to a new country, exploring its culture, and getting soaked in the natural marvels is a thrilling experience. When you plan a trip abroad, you consider many factors to ensure that there are no setbacks and you experience a trip of a lifetime. However, no matter how accurately you plan your trip, things may still go haywire. This is why buying travel insurance before travelling is always a wise decision.
Travelling to some countries requires travel insurance to make you eligible to enter mandatorily. If it is not a mandate, it is indeed essential. For example, while applying for a Canada visa for Indians, it is not mandatory to have travel insurance. Still, it will help you secure against unexpected medical and travel-related expenses.
In the below article, we shall try to decipher if there is any ideal level of medical insurance that you must opt for.
What is International Travel Insurance and What Does It Cover?
A travel insurance plan is an insurance product that gives protection against unforeseen medical or travel-related expenses during travelling. This plan benefits individuals travelling within the country and planning a trip abroad. Typically, travel medical insurance covers the following:
- Loss or theft of baggage or personal belongings
- Loss of passport
- Trip cancellations or delayed flights
- Medical emergencies requiring hospitalisation
- Death or disability of the insured person
- Emergency or medical evacuation
- COVID-19 cover
- Travel assistance
How Much Travel Insurance Do You Need?
Since we know travel insurance and what it covers, the main question arises — ‘how much travel insurance is enough?’ Although, there is no one answer to this question since it depends on multiple factors. Let us try and demystify this vital query.
Some countries have made it mandatory for all travellers to have international travel insurance before entering. Even if some countries offer visas on arrival or are visa-free for Indian nationals, overseas travel insurance is still a requirement. Some nations also outline the minimum travel insurance requirement to be eligible to visit the country.
For example, travelling to Schengen countries requires a minimum of EUR 30,000 travel insurance health coverage. Likewise, if you are travelling to Israel, you must have COVID-19 covered under your travel insurance medical coverage.
List of countries where travel insurance is mandatory:
|Countries With Mandatory Travel Insurance|
|The United States of America||Russia|
|The United Arab of Emirates||Turkey|
|Schengen countries||New Zealand|
|Ecuador, including the Galapagos Islands.||Nepal|
However, if you travel to a country where travel health insurance is not mandatory, having one for your safety is still highly recommended.
The first aspect of understanding the ideal travel insurance medical coverage is to review the coverage offered, whether it is sufficient, and what you need. For example, many insurance providers offer trip cancellation, disruption, and interruption coverage. This coverage becomes necessary if planning a rather expensive trip, and cancellation can burn a big hole in your pocket.
Similarly, travelling to a place where medical costs are exorbitant, you may not want to miss picking up travel insurance before leaving.
Moreover, if you are travelling with your expensive belongings or luggage, it is wise to have adequate travel insurance cover.
The cost may also increase since travel insurance has earned immense importance during and post-COVID times. The travel insurance premium, however, depends on the country you plan to visit and the coverage opted for. While choosing the insurance plan, you must ensure that the premium amount does not deter you from opting for the correct sum insured.
A policy with a high premium need not necessarily mean that it offers better and more reliable coverage. You must try and strike the right balance between needs and cost to get the best travel health insurance at affordable rates.
The best way is to compare travel insurance plans and buy online. Online purchases from a trusted insurance provider like Tata AIG can help you compare the policies, buy and renew them and initiate claims easily, enjoy offers and discounts etc.
The need and extent of travel insurance coverage may vary based on the type of coverage you opt for, whether you are looking for a more comprehensive and customised plan, the exclusion the policy has, and on whom the coverage is being taken (individuals, groups, senior citizens). Since there is no one-size-fits-all approach when buying a travel insurance plan, it is recommended to consider the above factors before choosing the coverage level.