TRAVEL INSURANCE: Before Whilst, and After The Trip (BWAT)!

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  TRAVEL INSURANCE

Before, Whilst, and, After The Trip (BWAT)!



The various reasons we take on a travel trip; for business, leisure, search for a new life, and so on, boils to one pertinent point exposure to risk. Risk is the chance something harmful or unexpected could happen. This might involve the loss, theft, or damage to valuable property and belongings, or it may involve someone being injured, (Understanding Insurance, n.d.).

The compulsory travel ban was issued to us all in the course of 2020, thanks to the influence of the COVID-19. A very bad business year for insurers mostly those who specialize in the travel business covers also, what can be considered at the worst business year for travel institutions. As we get into our normal lives once again do not forget to transfer your risk to a risk specialist (insurer).       


Purchasing Travel Insurance


Travel insurance will vary by the provider on cost, exclusions, and coverage. The buyer should be aware of reading all disclosure statements before they purchase the insurance. Coverage is available for single, multiple, and yearly travel. Per-trip coverage protects a single trip and is ideal for people who travel occasionally. Multi-trip coverage protects numerous trips occurring in one year, but none of the excursions can exceed 30 days. Annual coverage is for frequent travelers. It protects for a full year.


In addition to the duration of travelers' insurance coverage, premiums are based on the type of coverage provided, a traveler's age, the destination, and the cost of your trip. Standard per-trip policies cost between 5% to 7% of the trip’s cost. Specialized policy riders focus on the needs of business travelers, athletes, and expatriates, Julia, (2020).


Should You Buy Travel Insurance?


Yes of course, if you can not afford to lose the amount you have invested in your trip, then you should probably consider travel insurance. If you’re traveling far, maybe around the world, or to a remote area where the nearest hospital is many miles away, then a travel protection plan could help save the day. It’s impossible to know what might happen to you or a traveling companion that could throw a wrench in your travel plans, especially if travelers include children or the elderly, who might be more vulnerable, travel insurance may help you rest easier before and during your trip, Geneali, (n.d.). 


What Does Travel Insurance Cover?


The coverage that most people are aware of is a trip cancellation, but the travel plan goes further to cover; sickness, job loss, flight cancellations, and more. Similarly, cover for trip interruption, reimbursement for additional transportation costs to return home or rejoin your group, baggage delay, medical and dental coverage, rental car damage (optional add-on coverage). Educate yourself about all the options and choose the plan that best fits the purpose of your travel, Geneali, (n.d.). 


Where to Purchase a Travel Insurance?


Purchase directly from the travel insurance company online, tour guide agent, companies selling travel packages (example banks). It should be noted that the EU Package Travel Regulations in 1992 imposes strict liability on travel agents/tour operators. Travel agents are liable to their clients for disrupted holiday or travel arrangements because of mistakes in arrangements with tour operators or flight companies, (MITC, 2017). 


How to Claim?


Nowadays with the help of Insurtech, most insurers provide claims portals on their websites 24/7 to facilitate and render the best of customer service. The claim procedure period depends on the case basis and the insurer. The claimant will require supporting documentation in order to prove her/his loss, depending upon the event(s) that resulted in the loss. In the scenario, the onus of proof lies on the claimant. 


Helpful Hints Whilst you Travel


According to Burke, & Stevens,(2013) be on the guard and.

-Make sure your travel agent is licensed to sell travel insurance.

-Check if your airline or tour operator is covered.

-Is medical coverage secondary or Primary.

-Label in the inside and outside of your luggage with your name and the destination address and telephone number.

-Sign your passport and fill in the emergency information. Keep in clean' if it's illegible, you can be prevented from traveling.

-Leave copies of your itinerary, passports, and credit cards with family and friends so you gave a backup of our documents and be reached in case of emergency

-Take precautions to avoid being a target of crime. you are going on a vacation, not a to utopia

-Check your destination official website if you need a travel visa

-Make sure you have all the needed immunizations for your destination.

Check tsa.gov for local civil unrest in your destinations.


Key  Takeaways 


According to Julia, (2020).

-Many companies selling travel packages also offer travel insurance.

-Some travel policies cover damage to personal property, rented equipment, such as rental cars, and even ransom requests.

-The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, medical coverage, and accidental death or flight accident coverage.

-Coverage often includes 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking and canceled flights.



Newton Bezeng

Founder BeNew Insurance

Email: newtonbezeng@outlook.com

Website: https://benew.business.site

Blog: benewinsurance.blogspot.com

Facebook: https://web.facebook.com/Benewinsurance

LinkedIn: https://www.linkedin.com/company/benew-insurance

Twitter: @newtonbezeng




References 

Burke, S., & Stevens, P. (2013). Do You Really Need Travel Insurance? GPSolo, 30(3), 26-29. Retrieved January 16, 2021, from http://www.jstor.org/stable/23630853

-Julia, K. (2020). Travel Insurance Defined.

https://www.investopedia.com/terms/t/travel-insurance.asp

-Generali. (n.d.). Travel Insurance 101, What is Travel Insurance and How Does it Work?

https://www.generalitravelinsurance.com/travel-resources/what-is-travel-insurance.html

-Malta International Training Center, (MITC). (2017). Liability Insurance for Commercial Enterprises. Module 4 coursebook.

-Understanding Insurance, (n.d.). Understanding Risk.

https://understandinsurance.com.au/understanding-risk

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