It wouldn’t be much of a surprise if anybody says that he doesn’t like to travel. Traveling to new places not only broadens our mental horizons but also allows us to discover geographical areas more extensively, gaining wisdom with our moves. However, even traveling to new places calls for risk management. Hence, the concept of travel insurance was brought into existence.
- What is travel insurance?
The name ‘travel insurance’ says it all. It is a kind of insurance that pays for the expenses and losses related to travel. Both domestic and international travelers can benefit from this form of security. In short, if you want to travel outside of Canada, even for a day in the United States, You should purchase travel health insurance before you depart. Make sure you have travel interruption, lost luggage, and document replacement insurance if you are flying. Make sure you have driver and car coverage if you’re driving in case of an accident.
- Key Benefits Of Getting Travel Insurance:
Travel Insurance, although, might look like an expense, it is a real investment that can be very useful as it covers the following things:
1. HOSPITALIZATION EXPENSES:
This covers the costs incurred by the insured while hospitalized for receiving any necessary emergency medical care as a result of any disease or accident received while traveling overseas.
2. MEDICAL RESCUE OR REMAINS REPATRIATION
“Medical Evacuation” refers to the legitimately incurred costs for an ambulance or other emergency transportation and evacuation services due to a disease or injury picked up while traveling overseas.
The expense of returning the deceased insured’s remains to their country of residence or place of origin is covered by the “Repatriation of Remains” policy. It also includes up to an equivalent sum for a local burial or cremation at the scene of the death.
3. DENTIST TREATMENTS
This takes care of any medical costs related to a disease or injury to the insured’s natural tooth or teeth while they are traveling.
In the event that the insured has an accident during the term of the policy that results in his demise or complete and irreversible disability, a personal accident provides compensation.
5. LOSS OF CHECKED-IN BAGGAGE
In the event that the insured has lost the checked-in baggage during the term of the policy, the company provides compensation for the same.
6. CHECKED-IN BAGGAGE DELAY
In the event that the insured faces a checked-in baggage delay during the term of the policy, the company provides compensation if the insured misses the flight or faces any financial loss due to such delay.
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7. TRIP DELAY
Reimbursement for additional costs spent in the event that travel is delayed by more than eight hours due to terrorism, a common carrier flight is canceled or rescheduled, or a natural disaster.
8. LOSS OF PASSPORT
If the insured person’s passport is lost, the company will pay the insured for the actual, necessary, and reasonable costs associated with getting a replacement or new passport.
9. CANCELLATION & INTERRUPTION OF TRIP
If the trip is canceled or interrupted due to a natural disaster, the insured’s death, or an unexpected hospitalization of an insured or an insured’s immediate family member, this covers the official cancellation fees and the additional transportation costs incurred by the insured to return to the place of origin.
10. PERSONAL LIABILITY
When an accident occurs at any time during the trip or during the policy period, Personal Liability protects the insured from being held legally liable for any resulting property damage or bodily injury to third parties.