Top 5 things you must know before buying a travel insurance and why: There was a time when people often overlooked the importance of travel insurance. People laughed at those who bought it. Many people used to think that travel insurance is a complete waste of money. But now times have changed.
Confusion about Travel Insurance
With the advent of the coronavirus pandemic, people have started to feel the necessity of travel insurance. Now people know that travel insurance can be a life saviour. But some people still have confusion about this. If you are one of those confused people, this guide will help you know everything you need to know before buying travel insurance.
These are the top 5 things you must know before buying a travel insurance. Some of these points might seem very obvious, but they’re often ignored. Read on to find out more about what you need to keep in mind when looking for an affordable. Also, if you don’t know how & which travel insurance best for you read our How to Buy The Best Travel Insurance: A beginners’ guide here
Why do you need travel insurance?
There are many reasons why you might be needing travel insurance. The need for travel insurance generally depends on five factors. These five things are crucial for you to know if you are thinking about buying travel insurance.
Moreover, there are some countries where having travel insurance is mandatory. In these countries, it was compulsory even before the coronavirus pandemic. It might not be compulsory in some of our neighbouring countries, but having it is always a good option.
The 5 Things To Know Before Buying A Travel Insurance
1. Duration of Travel
The price of travel insurance depends on the duration of your vacation. If you plan a one-week vacation, the travel insurance will cost less compared to that of one month. This cost also depends on the duration of your flight. Moreover, if you miss your flight for some reason, you will have full coverage of the accommodation if you have insurance.
2. Location and Activities
If you live in Bangladesh and plan to travel to a European country, travel insurance will be costly. But if you are travelling to any neighbouring country, the cost will be less.
A lot of travellers love trying out adventurous activities. Almost every country has many sorts of risky, adventurous activities like canoeing, hiking, trekking, bungee jumping, etc.
The cost of insurance will be higher in such cases as the possibility of getting injured is higher.
3. Unexpected emergencies
Are you a very forgetful person? If yes, then you must buy travel insurance as you might come across some unexpected emergency. Unexpected emergencies include loss of passport, theft, loss of bag, missing a flight, etc. You never know when you might face such an emergency.
No matter how careful and conscious you are, you never know when someone might steal your money. Thus, never overlook the importance of travel insurance.
4. Health condition and medical emergencies
If you are a person who loves travelling but doesn’t do it often because of your health condition, travel insurance might be your saviour.
Some travel insurance policies come with medical evacuation coverage. It covers any medical emergency that you face on your journey. The greater the medical emergency, the higher the price of insurance.
Most insurances fail to cover the costs of severe medical emergencies. But there is always good medical evacuation insurance for any of your pre-existing illnesses. If anything happens to you during the vacation period, they will send you home safely.
Not every company provides overseas mediclaim insurance. So, search for the ones that do. Moreover, some insurance policies don’t offer complete coverage. For example, if you get injured, they might send you to the hospital, but you have to manage the cost of coming back home. Whatever the case is, don’t stop yourself from travelling because of some health problem.
5. Types of Insurances
There are different types of travel insurance. Some insurances come as package deals, and some are standalone. The types of travel insurance are also based on the factors mentioned above. The most common types of travel insurance are medical insurance, baggage loss, evacuation insurance, and life insurance.
Some companies provide all these insurances as a package. Yet, if you think you don’t need them all, you can buy your selected ones based on your budget. You need to talk to your insurance provider about that.
Travel Insurance Companies In Bangladesh
Green Delta Insurance
Green Delta is a renowned insurance company in Bangladesh. It provides motor insurance, life insurance, health insurance, fire insurance, and travel insurance. Founded in 1985, this company gives a hassle-free and quick travel insurance policy for travellers.
United Insurance Company Limited
United Insurance Company Limited commenced in 1985 provides travel insurance as well as other insurances. If you have any pre-existing medical problem, this company will give you Overseas mediclaim insurance. You will find all the necessary information on their website.
Bimafy
Bimafy is another famous insurance company in Bangladesh. The Overseas Mediclaim Insurance provided by this company lasts up to 180 days with a coverage of $50,000.
Eastern Insurance Company Ltd.
Founded in 1986, Eastern Insurance Company Ltd. has played a significant role in the insurance industry of Bangladesh. This company has 25 Branches all over the country. It provides various kinds of insurances, including travel insurance and overseas mediclaim insurance.
Tata AIG
Tata AIG is a joint venture between Tata Group and the American International Group (AIG). It is an India-based company which provides travel insurance to tourists worldwide.
Phoenix Insurance
This insurance company provides overseas Mediclaim Insurance to Bangladeshi nationals visiting abroad, such as SCHENGEN countries.
If you are looking for the best travel insurance for covid, these companies can help you.
Now, the question that might have come to your mind is, who needs travel insurance? The answer is simple, everyone who travels needs travel insurance. It doesn’t matter whether you are going overseas for a vacation or employment, buying travel insurance will always keep you on the safe side.
Travel insurance ensures a safe journey for you. If you buy it, you would be able to escape many external costs in case of emergencies. If you have to cancel your trip last minute, having travel insurance can save you money.
Moreover, if you are someone who often travels, buying it is a must. If you love to make last-minute vacation plans, renew your travel insurance from time to time. Choosing the right travel insurance for your journey will provide you with a stress-free and fun-filled vacation.