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Thursday, April 22, 2010

All about Travel Insurance

Travel insurance has matured as a product in the competitive landscape of travel. Millions across the globe board flights each day with valid travel insurance contracts. Travel insurance has been able to provide competitive premium solutions to travelers who fly domestically or internationally. In fact some of the best in breed car rentals and rail services are planning to implement travel insurance solutions in their system. The primary premise of a travel insurance solution is that it provides coverage to the passenger in case of any in-flight or landing accidents. He or she may file claim depending upon their travel insurance policy coverage.

One can get to buy travel insurance product while trying to book air tickets online or at the counter. Alternatively, one need not rely upon the partner insurance services providers of an airliner all the time. Smart travelers pre-book their travel insurance with the best in class and competitive insurance services provider well in advance. Chances of negotiation while booking over the Internet are pretty less. Only discounts on the travel insurance product that one might avail circles around bulk deal discounts. In case more than 3 or 5 passengers are booked for at the same time, travel insurance service providers may provide discounts to one and all.

Terms and conditions of travel insurance providers are a must read. In case of any unforeseen damages to the aircraft or in-flight accidents, their policies might cause mental torture to the insurers. Smart clauses might be parked at times or not even disclosed to the insurers. In all such cases, insurers must file case against the insurance service provider or may reach ombudsman for getting their claims cleared. Alternatively, onus of selecting reliable travel insurance partner largely lies on the passenger.

Travel insurance is a must product in the precarious times and increasing aircraft accidents. It can provide best in class facilities and risk coverage to the passengers. Most of the times, travel insurance premium is not very expensive either. However, it is imperative to understand about the risk factors which are covered under such low travel insurance premium products.

However, in some countries travel insurance is still looked up as a good to have product which can be easily neglected. Service providers should pitch-in travel insurance products more lucratively to the passengers in an attempt to promote these. In fact a lot of untapped market potential lies in travel insurance space.

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