You are prepared to travel to this highly anticipated location for the holiday. You’ve made all the necessary preparations, including packing, making reservations, purchasing tickets, and getting travel insurance. Then an emergency arises! That, too, as you are about to depart for your anticipated vacation. Unexpected circumstances could force you to either postpone or cancel the trip. This might end up being a significant setback, both financially and emotionally.
What happens to your travel insurance cover if you are forced to cancel your trip in this situation? The majority of insurance companies, subject to certain restrictions, make significant changes to travel plans for both cancellations and interruptions.
Before making a purchase, it is expected that all insurance buyers be aware of the “ifs” and “buts” associated with travel insurance.
Know your policy inside and out
Know all of the different inclusions and exclusions of online travel insurance. In this manner, you would be prepared in the event of a cancellation. As soon as you purchase your policy, you must read the policy document. A policy document details the specific cancellation procedures, fees, and conditions in addition to outlining what the policy covers and does not cover. Your awareness would aid you in comprehending the processing of the policy.
Benefits of trip interruption and cancellation
The types of domestic travel insurance each insurer offers vary. You must read your policy document to understand what benefits are provided.
Cancellations of trips
These advantages apply to cancellations made prior to the specified departure date. These benefits are consistent with the policy’s specified sum insured. Among the benefits offered to offset monetary losses brought on by unanticipated cancellations are:
- Costs associated with cancelled flights
- Advance hotel reservations
- Reservation costs for travel packages, etc.
Please keep in mind that only if your policy specifically offers these coverages are they applicable. There is no coverage for any commissions given to travel agents.
Travel interrupted
Your journey has started when suddenly there is an emergency. A flight insurance policy could come in handy if you need to change your travel or vacation plans after you’ve already left. Any financial obligations that may develop as a result of trip interruption are compensated up to the sum insured by your policy. Emergency situations consist of:
- A family member’s untimely passing
- Unexpected critical illness or disease of the insured severe enough to warrant a disruption or cancellation
- Extreme weather conditions that force the trip’s cancellation
- A catastrophe caused by nature or an act of god where you intended to go
- A terrorist attack or political unrest in a city or location covered by the insurance
What to anticipate
The insurance could cover the cost of travel back home. If the trip’s departure date was delayed due to an unpleasant event, it could also cover any additional transportation costs needed to get to the original destination. Do read the features of the policy before you buy travel insurance online.
Procedure for cancelling a travel insurance policy
Provided you have taken a vacation, insurance companies permit a complete cancellation of a travel insurance policy. To emphasise that the trip was not taken, proof of passport must be deposited. The policy schedule may specify that a request for cancellation must be made at least 14 days after the policy’s start date in order to be considered. Charges may apply.
That is why you should always get travel insurance as soon as your tickets are booked. Most policies are genuine, and you should not face any hassles, which is why it is important to choose an insurer with an established history of honouring claims in a timely manner.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.
