Travel insurance is the insurance that you buy to cover financial as well as medical expenses while you are traveling overseas or within the country. Travel insurance is beneficial for people belonging to different walks of life and for different purpose. It may include the following –

• Student travel
• Adventure travel
• Leisure travel
• Business travel
• Cruise travel
• International travel etc.

There are different types of travel insurance coverage and some of the prominent ones are as follows –

1. Medical evacuation or medevac

This is not a very frequently required travel insurance coverage and is needed only if you need evacuation with the help of an air ambulance. However, adventure sports and similar events are not covered by this plan.

2. Comprehensive travel medical insurance

While you are traveling, you may require sudden medical attention. So, you need to have adequate coverage. This coverage is meant for individuals who don’t have any medical insurance in their home country. If you are planning to go on a long vacation, this type of insurance coverage may meet your requirement.

3. Trip cancellation and interruption insurance

In case you have to cancel your trip due to medical or political reasons that are beyond your control, the trip cancellation and interruption insurance can be of immense help to you. If you have coverage under this policy, you will get back the amount you spend as per terms and conditions mentioned in your plan. Incidents like terrorism, war etc is not included in this type of insurance coverage.

4. Emergency travel medical insurance

The Emergency travel medical insurance will come into effect only in case of emergency situations. This insurance coverage will remain valid as long as you are traveling. The moment you come back home, the insurance coverage will cease to be effective. Normally such insurance coverage is applicable if you go for trips that are of less than 30 days duration.

5. Supplier default insurance

This type of insurance coverage will provide compensation for financial loss you incur if a cruise line, a tour operator, airline or any other travel service provider files bankruptcy. However, it has become less common after September 11, 2001. Some of the travel insurance carriers have stopped offering this coverage.

In case you don’t have adequate coverage, you can buy a travel insurance policy prior to embarking upon a journey. If you have adequate coverage, it will not only save your hard earned cash but will also give you peace of mind.

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