Travel insurance, also known as visitor insurance covers the losses and costs associated with life threatening emergencies and mishaps that occur during traveling. It’s beneficial for travelers both traveling abroad and domestically. With growing internet use, purchasing travel insurance online has gained tremendous traction. Companies have started offering travel packages or selling traveling tickets that gives an option to buy travel insurance, also called as travelers insurance. Travel policies cover damage caused to rented equipment, such as rental cars and properties. Moreover, the best travel insurance policy protects an individual from numerous risks associated with travel that might not even be considered while planning the travel. The key categories of travel insurance include baggage and personal effects coverage, accidental death or flight accident coverage and interruption coverage.
buying a travel insurance policy, the deciding factors for best ones are Cost of travel Insurance, Flexibility, Customer Reviews, Individual’s Requirements, Limits on the duration, Destination Covered, Pre-existing Medical Conditions, Acknowledging Coverage and Claim Limits, Missed Flight Policy, Theft Policy and the Policy for Your Belongings.
The travel insurance market has thrived effortlessly with the increase in middle class income and enhanced infrastructure shared with technological advancement. Other aspects which have given rise to the travel insurance industry is increased disposable income, lower dependency ratio and an upsurge in aspirations evolved Gen S travelers. The noteworthy growth in the count of elderly person travelers, especially vacation travelers will have major significance at travel insurance market size.
are wide-ranging benefits from travel insurance such as trip cancellation because of loss of baggage or travel documents and evacuation due to the medical emergency or hijack. Moreover, growing terrorist attacks globally is further boosting demand for this market. However, a large pool of travelers count these expense as unrequired or futile. Lack of guidance and awareness along with negligence refrains travelers to head in the direction of travel insurance.
enlargement credits to the growing importance of travel in business, academic and personal lives. But to the other side, comes inescapable financial risks. Thus, emerges the demand for the travel insurance industry which is comprised of dedicated schemes of insurance, covering the losses incurred while traveling domestically as well internationally for airline delays, cancellations and medical emergency.
Based on distribution channels, insurance cover and geography, segmentation of the global travel insurance market is carried out. On the basis of insurance cover, the market has three categories of long-stay travel insurance, single trip travel insurance and annual multi-trip travel insurance. Selling out insurance policies has embraced different distribution channels, such as insurance brokers, insurance intermediaries, banks, insurance company, insurance aggregator and others. Generally, the users who enter upon the travel insurance policies are senior citizens, education traveler, backpackers, family travelers, fully independent traveler and business travelers. Nowadays it is very important for buying travel insurance. There are some reasons that are encouraging the customer to buy travel insurance:
- Expenses of Medical: Medical emergencies can occur anywhere or at any time. So buying proper travel insurance is helpful in such a situations. It can be very upsetting to get admitted to any hospital or fall sick during the travel. The medical expense may vary from country to country. In countries such as the USA, medical expense is very expensive. Traveling to the countries and being sick without travel insurance can be a tragedy in itself.
- Accident: During the period of travel it is possible that any member or the individual of group undergoes accident and such situation is taken care through travel insurance.
- Passport misplacement: Passport is a very essential document for every individual. It is the single document that validates which country an individual belongs to and is the evidence of citizenship for an individual. While traveling, if the passport is lost, it may result in being stuck in the visiting country with no option to exit. In such circumstances, travel insurance plays a major role.
- Delay in the trip: There are many examples where the trips get postponed due to a death in the family, or the problem occurring at last moment because of which it becomes very difficult to take the trip. In these situations, travel insurance can take care of such issues.
- Cancellation in the trip: There are many examples where a trip can get cancel because of the natural calamities in the country of visit. Trip cancellation can also be because of break out of any contagious disease or break out of the war in the visiting country.
- Loss of baggage: This is very essential for travel insurance. Baggage loss is a situation which no one likes to face. Baggage loss may occur because of many reasons. It can be the fault of airline staff, because of the break in a journey where baggage is not loaded in the stopover flight. The baggage may get misplaced at the airport or in another situation. It is very necessary to have travel insurance to tackle such situations during travel.
- Risks while traveling abroad: Many times, traveling may not be safe. There are several examples where traveling can really be frightening. It can be because of various reasons. If things go wrong during the trip after diligent planning, for various reasons that are above our reach. It is very hard to estimate what will happen after visiting a foreign land. The person can just do is protecting oneself in contrast to rising out of any unexpected situations that may be the reason for distress to the member or individual or family.