Buying a travel insurance policy or buy health insurance is one of the most beneficial steps you can take before leaving for a vacation. Such insurance policies are exceptional irrespective of whether you are going on a vacation, business travel, or for education purposes.
When is the right time to buy insurance?
The initial question that arises is when to buy a policy. The majority of travellers apply for insurance only a few days before they leave. Doing so can render the cover void in several cases.
The correct time to purchase a policy is before you settle on your travel itinerary. Opting for a travel cover in advance is beneficial especially if your vacation is non-reimbursable.
How many days in advance before you buy the insurance?
Usually, travel policy cover begins the day you purchase it. You must also consider their validity before doing so.
For example, Bajaj Finserv brings you domestic holiday cover pocket insurance policy that is valid for 10 days. This is enough for a normal vacation period.
What are the advantages of purchasing insurance in advance?
- Coverage against medical emergencies
Availing an insurance plan is necessary especially when you are suffering from an existing disease. You may face medical issues before your trip which may lead you to call off the trip causing you to lose a substantial sum of money.
Not only an existing medical condition, but a travel insurance also helps you out in case you fall ill unexpectedly while on trip. A standard insurance policy can provide coverage of up to Rs. 3 Lakh in these cases to help you meet the finances.
- Protection against trip cancellations
Purchasing travel policies online in advance keeps you protected in case of trip cancellations. Several scenarios can arise that can force you to cancel your travel bookings. In such cases, you end up with a significant financial loss involving flight tickets, hotel bookings, etc.
You can also avail up to Rs. 3 Lakh when you have to cancel the trip either before it begins or midway.
- Protection against bounced hotel bookings
Hotels can cancel your bookings for several reasons. Overbooking is one of the most common causes behind bounced hotel bookings. Most of the time, they will reimburse your bookings. Even if they do, you will have to go ahead with alternative accommodation, which may require additional expenses.
The best travel insurance plans are helpful precisely in these cases. You also receive coverage of up to Rs. 3 Lakh against cancelled bookings.
These were some of the advantages of availing an insurance policy in advance. Now, take a look at some of the other benefits of the same.
What are the other benefits of an insurance plan?
- Roadside assistance
Your trip might only include a car instead of flights or trains. Or, you may opt for sightseeing and hire one.
Now, you may come across a multitude of hassles such as a vehicle breakdown mid-trip. Such situations become more complicated if you are in the middle of an isolated location.
However, you can avoid those hassles with a travel cover. These policies provide roadside assistance at over 500 locations across India.
You can opt for Pocket Insurance plans like road trip travel insurance plans from Bajaj Finserv to stay protected especially during such journeys.
- Financial assistance
Many a time, several situations may leave you stranded without any cash. Buying travel insurance online provides a cover of up to Rs. 50,000 when in India and Rs. 1 Lakh when abroad.
- Home burglary
While on vacation, one of the constant worries is whether the place of residence left behind is safe. You can eliminate such worries when you have a travel policy by your side. Bajaj Finserv brings you Pocket Insurance schemes like the home protection insurance plan that provides a higher coverage of up to Rs. 5 Lakh.
Other benefits of domestic travel insurance include protection against loss of credit cards, debit cards, PAN, personal accidents, and loss of baggage. These policies usually stretch for 1 year and are available against a negligible fee in comparison.