Travelling abroad? Read THIS first

Insurance is a dubious prospect and despite its proven necessity and utility, there is still a large section of individuals who think several times before investing even a penny of their hard earned money into insurance. It would not be an exaggeration if we say that has insurance not had tax benefits, the number of insurance patrons in this country would have been drastically low.

Admittedly, consumer awareness has increased in this regard in past several years and insurance has increasingly been recognised as a necessity rather than a liability. However, add travel behind insurance and we have consumers clamouring all over again.

Travel insurance continues to be an alien territory for the consumers, willfully sacrificed at the altar of frugality. Even when consumers do opt for travel insurance out of compulsion, they still fail to recognise the importance of this form of insurance and the things they must keep in mind while opting for it.

We bring you a lowdown on some crucial 'whys' and 'hows' of travel insurance...

Travelling overseas? You need travel insurance

You need it not just because it is something needed to be done. You need it because it is your cushion against a whole lot of very real issues that one may face overseas including medical expenses, evacuation and repatriation, loss of checked-in baggage, delay in baggage, personal accident, loss of passport, trip delay and even hijack/other terrorist activities.

An overseas travel insurance is your safety net in a foreign land and hence, you must be extra careful when opting for a policy. Do not make the choice mechanically. Be cautious and aware.

Choose your insurer wisely

Getting travel insurance these days is extremely easy with insurers having convenient tie-ups with ticketing platforms where the insurance policy is issued along with the ticket. But in this ease lies the trap.

Don't sacrifice your insurance to a safe travel for the sake of convenience. Be vigilant and make a lot of enquiries. Make sure your insurer is a established and trusted brand with a good track record.

Do background research yourself on the Internet and read the reviews/complaints of the people who have had an experience with that insurer.

Their perspective may not be entirely objective but reading enough user reviews is bound to give you a fair idea of any recurring concerns or red flags with respect to the insurer.

Choose your policy carefully

This is an extension of the previous point. In addition to a good insurer, you also need to opt for a policy that suits your individual needs. If you are a kind of a traveller who travels with bare minimum luggage, a policy that focuses on personal safety and insurance would be a better choice than one that puts a lot of emphasis on insurance of the baggage.

Also, always compare the premiums and benefits before settling for a policy. The policy your travel agent is offering may not be the best deal around. Always look into the comparative pricing and coverage of all the policies and then make a decision.

While we hope that none of our readers ever be in a situation where they need to avail their travel insurance, we always intend to give you the best pragmatic advice, which in this case is to always get a travel insurance when travelling abroad. It is an investment that shall hold you in good stead.