There is an undeniable thrill of visiting a brand new destination. Unfamiliar cultures, sights and sounds can make for a memorable travel experience, but it is also important to consider the risks associated. In today’s environment, the risk that an individual may be a victim of terrorism, international conflict, health hazard or natural disaster is very considerable. Every destination has a unique set of risk factors, which are critically important to know before departure. But ensuring safety is a prerequisite and the minimum for the basic operations of a successful and memorable trip.
Safety when travelling is something that should always be a priority and, for the majority of tourists, pre-trip vaccinations, well-stocked first-aid kits, and most importantly a travel insurance, should be precursors to most holiday plans.
Common Risks Involved
Some major risks associated with tourism are terrorism, war and political instability, health, crime, loss of baggage, flight/trip cancellation and delay, and natural disaster. All these risks are of growing importance in global tourism and present great threats to tourists. The tourism industry is dependent on safety and security, and perceptions of safety greatly influence tourists’ decisions to travel to nations.
Some of the common risks involved with popular international travel destinations like Indonesia, Australia, Philippines and Japan are volcanic eruptions and earthquakes. One volcano erupts every week somewhere in the world, due to which incidents related to trip cancellation and personal accident see a significant hike. However, this must not restrict you from taking a holiday in any of these destinations as you can insure your trip and stay adequately covered by taking insurance for as low as Rs 45 per day.
Moreover, reports say international airlines collectively lost 18 million bags in the year 2017. As per IATA, 99.57 per cent bags transported by airlines reach their owners while the remaining are lost during transfers. But, if you have travel insurance which covers you against loss of baggage, you needn’t worry about anything.
Medical emergencies are also a major risk while travelling to a foreign land and it is important that you stay covered under a comprehensive travel insurance policy. The average cost of a single emergency room visit in the US is $100, while the average cost of a single emergency room visit in Singapore is SGD 300. Both these amounts are quite huge when calculated in rupees. To avoid a financial crisis due to a sudden medical emergency, you must buy a travel cover. Travel insurance for USA can be bought for Rs 70 per day, and travel insurance for Singapore can be bought at Rs 45 per day.
You could also face theft while travelling, and the loss of passport and personal belongings. With travel insurance, you can take advantage of the Emergency Cash and Loss of Passport feature in case of theft.
Choice of Prominent Insurers
Most insurers include all these features in their comprehensive travel plan and it is best to compare the policies online to get maximum benefits at a minimum premium.
Religare, Reliance General insurance, Bharti Axa are popular brands that offers travel insurance with great coverage. Other insurers like GoDigit, Apollo Munich, Tata AIG, SBI, Royal Sundaram, Bajaj Allianz and HDFC also offer comprehensive travel insurance products at affordable prices.
The author is the Chief Business Officer- General Insurance, Policybazaar.com. The article has been published in collaboration with Policybazaar. Opinions expressed are that of the author.