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Taking out travel insurance is important because it can help protect you if something goes wrong.
There are 5 main reasons why people take travel insurance:
You can get insurance coverage any time before you travel, but it's a good idea to buy it when you make your bookings. The sooner you take out travel insurance, the sooner you'll be protected from trip cancellations and other unforeseen events. Travel insurance doesn't just cover you while you're away. It can also cover you for things that might go wrong before you travel, such as:
Say you're trying to catch a connecting flight and a mechanical delay causes you to miss it. How frustrating! This sort of unexpected event can create a lot of stress, cost you money, and you can't always rely on the airline to reimburse you.
Most policies cover more than just acts of god, such as bad weather conditions. Those with delay cover will typically include:
Just make sure you check your policy to see what type of delay and disruption cover is included.
This is possibly the most valuable feature of any travel insurance policy. A medical emergency in another country can be very expensive.
According to the Centers for Medicare & Medicaid Services, a 3-day uninsured stay in a hospital in the US can cost around USD30,000[@why-health-insurance]. But medical bills can end up costing much more than this.
When taking out travel insurance, check what activities are covered as standard. If you're going skiing or taking part in extreme sports, you may need to pay for extra cover. Many policies will also not cover pre-existing medical conditions, such as diabetes, so do your research to make sure you get the coverage you need.
Rules can change quickly, so it's always best to check the government website for the most up-to-date information.
Having your suitcase go missing or your phone, cash or travel documents stolen can put a massive damper on your trip. With the right travel insurance, you'll have the peace of mind of knowing your belongings are covered.
Before buying a policy, check whether it covers all your gadgets and other important possessions. Most policies will cover you for theft, but not if you leave your belongings unattended. Also check what's covered under your home insurance policy if you have one.
Travel insurance can provide legal cover and advice to assist you. This could be particularly relevant if you're travelling to a country without a legal aid system. Keep in mind, however, that many policies will not cover you if you partake in a hazardous occupation, or engage in a criminal or illegal act.
It's recommended that you buy your insurance from a broker or corporate agent. They should be licensed by the Insurance Regulatory and Development Authority of India (IRDA) and governed by the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations.
You can also check whether your bank account or credit card comes with any coverage. For example, some HSBC credit cards come with insurance that covers you for lost cards, delayed flights and cash in transit.
If you'll be moving around while travelling, you could consider annual or 'multi-trip cover'. This policy covers two or more trips to different destinations overseas during the policy period. Naturally, this will depend on where you're travelling and for how long – so it pays to compare annual cover against the cost of buying a policy for each trip.
Aside from cost, the other good thing about buying an annual policy is convenience. Because if you end up taking a third trip within the course of a year, you'll already be covered.
Be sure to read your policy documents carefully before buying anything, to make sure you're comfortable with what's covered and what's not.
Some travel insurance is created especially for students studying and travelling outside India. This will usually cover you for a period of up to 365 days for medical and emergency dental expenses, baggage claims, loss of personal items, such as passport and laptop, and other benefits.
Your premiums will be based on the number of travel days and insurance policy terms. If you feel you may need extra coverage while you're abroad, you can also opt for add-ons like adventure activities or accident cover.
Are you a parent or student planning an international education? Read about the financial services and products we can offer you while studying abroad.
Travel insurance is not intended to take the place of your insurance should you end up living, working or studying overseas long term (or permanently). Local laws may require you to have medical insurance to get a visa or enter a country.
Depending on the immigration status you're applying for, the UK, for example, may require you to pay a healthcare surcharge as part of your visa application.
Whether you're moving outside India or just arriving, we offer exclusive travel benefits to HSBC Premier customers. These include:
Eligibility requirements apply. If you're an HSBC Premier customer in another country/region, you're already eligible to join HSBC Premier in India.
As with all insurance plans, please make sure you read and fully understand the policy terms and claims procedure before you travel.
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