Travelling is a necessary aspect of human life, whether for business, study, or to break free from monotony and avail a vacation. This means that most people travel at least once in their lives, with many often travelling several times in a year.
Travelling, however, brings forth certain risks which might otherwise not be present or as severe as it might when travelling. To counteract these risks and mitigate their impact, travellers often avail of insurance. Insurance is a tool armed with which you can reduce the effects of specific risks associated with travelling, whether internationally or domestically.
In this article, we will explore all you need to know about getting travel insurance in India.
What is domestic travel insurance?
Like any type of insurance, travel insuranceis a means to serve to an end. At the end of the day, it is to help ensure the safety and well-being of those covered under the policy. Domestic travel insurance extends to regular travel insurance that protects yourself and your family from risks associated with travelling domestically.
Any insurance is typically as good as its coverage options. However, there are also certain additional things like degree of coverage, claims settlement ratios, premium price, the quantum of the settlement, etc., which impact the viability of insurance.
What are the coverages offered under this?
In this section, let us explore the coverages offered by insurance providers for domestic insurance.
1. Trip Delay, Cancellations, Interruption
It often happens when a plan ultimately falls apart, or something else comes up, making us unable to go on the trip. This coverage can protect you from having to bear loss due to such a circumstance.
2. Personal accident
While some accidents happen due to not paying attention, others can occur due to unavoidable circumstances. Insurance in this situation helps protect you if such a thing happens.
3. Delay or loss of baggage
It often happens that someone misplaces or loses their baggage. Depending on specific circumstances, this can result in considerable loss. Having this coverage is beneficial in case something like this happens.
4. Medical Emergency
There are several degrees of medical emergencies which require a different level of care. When you are away from home, getting the right medical treatment is necessary to ensure proper recovery.
5. Personal liability
This coverage protects the policyholder from being legally liable for any accidental damage or injury caused during that trip.
What are the benefits of having insurance?
There are several benefits to having insurance when travelling. These benefits might differ depending on the coverage offered by the insurance provider, but these are some of the core benefits offered by opting for this insurance.
- To protect oneself from financial loss
- To ensure proper medical treatment
- To protect oneself from legal liability
- To ensure the well-being of your family in case of disability or death
Which is the best domestic travel insurance India?
There are several factors which can be used to assess the best insurance for your requirements. These factors can be used to compare two policies and even insurers to get the best policy for your needs.
- Coverages- This is a primary factor that must be assessed when choosing a policy, as these are the specific scenarios/risks you will be covered from.
- Exclusions- The exclusions are risks and scenarios which are not covered, and you will not receive a claim settlement if you are injured or suffer a loss due to taking part in them.
- Claim settlement ratio of the insurer- Availing any insurance is only beneficial when the insurer is reliable and approved for settlement when the claim is genuine. This ratio can help you choose the right insurer for your domestic insurance policy.
Conclusion
Having read the article, you must now understand that what health insurance, travel and domestic travel insurance does is more valuable than what it means. With a wide range of benefits, investing in insurance becomes of utmost significance. So wait no more; determine your requirements, assess your goals, and weigh the pros and cons before buying domestic travel insurance.
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