Feature

Travel Insurance – A momentum to continue in 2019

By Sikha Thakur

Travel is not just about taking a break but connecting loved ones and exploring ones dream, surprise, delight and the new challenges waiting while travelling. But with travelling the cost of itineraries are increasing and becoming more personalized to fit in individuals’ needs, hence travel insurance has become a component in travel planning.

‘Travel Insurance is a must travel product available in the past few years. Travel insurance is the cost effective tool for almost all types of travel. It not only brings peace in travelers’ mind but also assist in times of need when unexpected,’ asserted Stan Sandberg, Co-founder, Travel Insurance.com.

Travel insurance is designed considering all type of trips starting from backpacking, cruises and single trip hunting. For attracting travelers to avail travel insurance, the companies made it more convenient and travel friendly. Travel insurance includes trip cancellation, lost baggage, medical, dental and accidental death. The insurance generally charges 5 to 7 per cent of the total cost trip though most of the insurance companies include coverage for children without charging any money separately.

The travel insurance companies come up with benefits and circumstances for the travellers like –

  • Overseas benefit and help – Travel insurance insures that best medical treatment is provided if the traveler falls ill. Quality medical treatment is given and even helps travel back home if needed.
  • Medical cost protection while traveling – If a travel is not having travel insurance they are liable to the cost of treatment. In a study it was found that daily hospitalization cost in Southeast Asia exceed US$800 which is incredibly expensive for the visitors.
  • Cover Disruption – An emergency can occur which without travel insurance can lead to losses that are already paid. Hence travel insurance covers incident that are out of control and saves money.
  • Reimbursement for losses and expenses – Without travel insurance one is liable for the lost, damage or replacement of travel items. With proper travel insurance one will be reimbursed expenses or losses due to airline or hotel blunder.
  • Annual purchase of plans for millennial nomads – Gen Y and Gen Z are young travelers who love to travel remote islands. They are digital nomads exploring the digital world. These travelers undertake multiple trips per year hence annual plans provide them cost effective and convenient tour.

In 2019 nine new cruises will be launched adding cruise vacations to continue a top trend. Cruises will provide a wide range of travel categories from affordable to luxury promising something to everyone. New cruises are targeting young families and millennial leading to the growth of cruise industry translating travel insurance purchase. In 2019 travel insurance will come in unique sets of travel risk facilities which will include illness on board to missed ports of call.

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