What do you do when you plan a trip? You make advance bookings of tickets, hotel rooms, plan your itinerary and, of course, shop for clothes. Does travel insurance plan feature anywhere in your travel checklist? Sadly, for most of you’ll, it doesn’t.
A travel insurance plan is largely ignored by individuals. There are millions of excuses for such ignorance. Some buy just for the heck of it while some feel it’s a total waste of money. Here are four popular excuses people give for not buying a travel insurance plan:
Excuse # 1 – I am healthy. I do not need a travel insurance plan because I would not face medical complications on the trip.
This is, by far, the most common excuse people give when they are told about the all-important medical coverage provided by a travel insurance plan. Is the excuse relevant? Take the case of my neighbors, Mr. and Mrs. Sharma. They went on a Singapore cruise to celebrate their first wedding anniversary. When I advised them to buy a travel insurance plan, they ignored it saying they were too young to face any medical contingencies. Unfortunately, Mrs. Sharma fractured her leg for which she was hospitalized in Singapore. The medical expenses were huge. Mr. Sharma, who had already stretched his budget thin on planning the cruise faced a severe financial strain and had to withdraw two of his Fixed Deposits to pay the hospital bills. Hadn’t a travel insurance plan proved helpful in taking care of such medical expenses?
Mr. Sharma paid the price of his ignorance. Why should you?
Excuse # 2 – I am going on a business conference confined to my hotel. What could possibly go wrong?
Though you might be going on a business trip, accidents and mishaps are uncertain. With the rising threat of terrorism, a travel insurance policy always makes sense. Take the case of my friend for instance.
My friend went to Paris last year for a 2-day business conference. Though his trip was short, he insured it under a travel insurance policy. Unfortunately, he was in the eye of the storm when the Paris attacks happened. His travel insurance policy came to his rescue. He suffered minor injuries in the attack and the insurance company arranged for an emergency evacuation. Any associated costs were paid by the travel insurance policy and my friend was spared the financial burden.
Excuse # 3 – I am going to visit my relatives abroad. They will help me in any crisis.
It is good when you have relatives overseas who can help you in a contingency. But, what if your relatives’ hands are tied due to a contingency which is beyond their help? Let’s see how Varun suffered when he avoided a travel insurance plan citing this excuse.
Varun went to visit his elder brother in USA. He thought his brother would back him up during any contingencies, sohe did not buy a travel insurance policy. Few days exploring the country, Varun lost his bag and, along with it, his passport. The loss of his passport was beyond the help of his brother. Without a travel insurance policy Varun suffered the brunt of this loss.
Excuse # 4 – Travel insurance policy is expensive
Another very common excuse is citing that a travel insurance policy is expensive. Many people, thus, avoid a travel insurance plan considering it to be an added expense. But is the excuse justified?
Of course not! The premiums of a travel insurance policy are very affordable and cheap. In fact, the coverage a travel insurance plan offers largely outweighs the premium that is charged. If you don’t believe me, look for yourself. Here are some popular travel insurance plans and their respective premium rates for a 10-day trip to Singapore for USD 50, 000 bought by an individual for himself and his wife both aged 30 years and 28 years respectively:
|Travel insurance plans||Premium payable (inclusive of taxes)|
|HDFC ERGO Family Floater Silver Plan*||Rs.1266|
|Apollo Munich Easy Travel Bronze Plan*||Rs.2360|
|Bajaj Allianz Travel Prime Standard Plan **||Rs.1621|
Are these premium rates unaffordable? When you are spending lakhs on your trip, a few thousands do not make a difference especially when the benefits bestowed by the travel insurance plan are so great.
- Excuse #5 – Travel insurance wouldn’t take care of my pre-existing diseases.
While it is true that complications arising out of pre-existing illnesses are usually excluded from the scope of coverage, there are some travel insurance plans which cover such illnesses in a life threatening situation. So, if you choose a plan looking for coverage of your pre-existing illnesses, you wouldn’t have to worry.
- Excuse#6 – I am going on a short trip and so travel insurance is not required
However short might be your trip, uncertainties might strike unannounced. You might lose your baggage or miss your connecting flight. You might also suffer sudden medical complications. To protect against all these contingencies, a travel insurance plan is essential.
- Excuse#7 – The process would be hectic to make a travel claim
Making a travel insurance claim is easy. Travel insurance companies have a 24*7 customer helpline number. You can use this number and intimate your claim. Moreover, companies also have international tie-ups which allow you easy claim facilities even when you are travelling abroad.
Which excuse do you cite when told to buy a travel insurance policy? Excuses let you avoid the insurance plan but, at what cost? Why spend tens of thousands on a contingency when you can insure yourself easily under a travel insurance plan and that too at minimal rates of premiums? So, let go of your excuses and insure yourself with a travel insurance plan every time you travel.