The question about travelers insurance remains one of the various questions prospective Policyholders ask pertaining Traveler’s Insurance. And this is in a bid to find out what travelers insurance means, the desirability of travelers insurance, its scope/coverage etc.
WHAT TRAVELR’S INSURANCE MEANS
Travel insurance is used to describe an insurance policy that covers risks connected with movement from one place to another.
Travel insurance coverage operate to provide indemnity against risks associated with travelling such as trip cancellation, loss of luggage, medical emergencies, and lots more.
Travelling has become an inseparable aspect of human existence, be it business trips, tours, etc. And as enjoyable travelling can be, misfortunes can befall you in the course of travelling and it is at this point of misfortune or eventualities that travelers insurance steps into provide indemnity to mitigate these calamities. Travelers insurance is good as it affords us protection from unexpected circumstances.
DETERMINANTS OF TRAVELER’S INSURANCE:
Regular traveler:
so many persons travel very frequently. And the higher the frequency of your travel, the higher the risk associated with travelling. Therefore it is advised that you buy travel insurance. It could be coverage for single trip, monthly or even annually depending on the agreement and terms of the insurance policy between you and your insurance company.
Age factor on traveler’s insurance
the age of the prospective traveler is one of the major determinants of travel insurance terms especially as it relates to the amount of premium chargeable by the insurance company. Insurers charge higher premium for older travelers as a result of health risk associated with old age e.g. The amount of premium chargeable for a 70 year old person will be higher than that chargeable on a 30-40 year old traveler
Jurisdictional factor on travel insurance
- thecountryyou are traveling to equally determines the necessity or otherwise of travelers insurance. Some countries have made travel insurance mandatory for its visitors. For instance, Schengen countries generally will not approve visa grants if certain travel insurance requirements are not fulfilled.
Another reason for mandatory use of travelers insurance is due to diplomatic relations between countries. For instance, as a result of the bad relationship between countries like USA and Cuba, when both countries agree to allow travels for certain reason, Cuba government mandates that travel insurance with inclusion of medical coverage as requirements for US travelers.
COVID-19 IMPACTON TRAVELER’S INSURANCE
And recently, as a result of Covid-19 pandemic most countries now require that travelers travel with specific travel medical insurance that covers Covid19. Countries that require travel insurance includes but not limited to Antarctica, Anguilla Bahamas, Bermuda, Brazil, and British Virgin Island Cambodia, Chile, Costa Rica etc. In Cuba for instance, travel from Cuba to USA and vice versa is highly monitored by both government. It is mandatory for Travelers to provide proper documentation. Together with their application to travel to the United States of America. And on the other hand, the Cuba government must be put on notice of their travel plan. And further provide that the traveler’s visa information and proof of travel insurance with medical coverage as a precondition for travelling into the country.
Purpose of travel effect on travel insurance:
if you are travelling for the purpose of undertaking some dangerous/ risky activities like mountain climbing, then traveler’s insurance is necessary for you because of the risks associated with such purpose.
WHY TRAVELER’S INSURANCE:
The reasons below are why you need traveler insurance
- Lost, stole or delayed baggage
- Flight accidents coverage
- Accidental death coverage
- Medical coverage
- Cancelled trips in traveler’s insurance
Lost, stolen or delayed baggage:
most often, personal luggage get loss or sustain damages in the course of travel. However, with a traveler’s insurance policy in place, the transporter under fault of theirs is liable to indemnify you. And covers the cost of replacing the lost or damage luggage and other personal effects. It equally provides coverage against baggage delay to enable the insured have access to money to replace essential things affected by the delay pending when the delayed luggage arrive. And as well as provision of coverage for additional expenses like cost of meals and accommodation occasioned by travel delays.
Flight accidents coverage:
this is the protection available against accidents in the course of your flights and covers medical emergence.
Accidental death coverage in traveler’s insurance
Accidental death equally occurs during flights made by commercial as lines. If accidents result in death of the traveler who has bought insurance policy or coverage, the insurance company will pay the benefits accruable to the policy to the dependents or beneficiaries of the policy holder.
Medical Coverage
medical coverage to travelers entails coverage in the event of injuries or emergency medical evacuation and covers medical expenses.
Cancelled trips
The incidences of cancellation of trips represent one of the major reasons for subscribing to travel insurance. And this is to enable you in the event you have to make fresh travel air arrangement
Personal liability coverage
Travel insurance policy can as well cover damages caused by the policy holder to a third party. During travelling, you cause injury or damage to a third party who will be compensated or offered medical attention. This class of travel insurance will cover such compensation or medical expenses.
It covers against changes in travel arrangements:
At any point in time, charges in travel arrangements may occur as a result of unexpected circumstance. These may include, health problem, cancellation of trips or even bankruptcy of the travel company. In any event, a travel insurance policy compensates against the losses that arises before the trip finally takes place
Conclusion
Flowing from the above, it is deducible that traveler insurance is one of the most important decision to make in the course of planning a journey or trip. It provides coverage against risks associated with travelling. And also important is the fact that it make provision for medical coverage against medical treatment that may arise during travel. Travel insurance is highly beneficial to travelers.
