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UNIVERSITY OF MUMBAI
PROJECT ON
“TRAVEL INSURANCE” BACHELOR OF COMMERCE
(BANKING & INSURANCE) SEMESTER VI (2011-2012) SUBMITTED BY BHAIRAVI A. DANDEKAR ROLL NO. -07 PROJECT GUIDE
Prof. NANDINI JAGANNARAYAN
HINDI VIDYA PRACHAR SAMITI’S
RAMNIRANJAN JHUNJHUNWALA COLLEGE, GHATKOPAR (WEST), MUMBAI-400 086.
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BACHELOR OF COMMERCE BANKING & INSURANCE
SEMESTER VI
SUBMITTED
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF BACHELOR OF
COMMERCE- BANKING & INSURANCE
BY
BHAIRAVI A. DANDEKAR ROLL NO. - 07
HINDI VIDYA PRACHAR SAMITI’S RAMNIRANJAN JHUNJHUNWALA COLLEG
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HINDI VIDYA PRACHAR SAMITI”S
RAMNIRANJAN JHUNJHUNWALA COLLEGE GHATKOPAR (W), MUMBAI-400086
CERTIFICATE
THIS IS TO CERTIFY THAT Miss BHAIRAVI A. DANDEKAR OF B.COM. BANKING & INSURANCE SEMESTER V (2011-12) HAS
SUCCESSFULLY COMPLETED THE PROJECT ON “TRAVEL
INSURANCE” UNDER THE GUIDANCE OF Prof. NANDINI JAGANNARAYAN)
PRINCIPAL.
(DR. USHA MUKUNDAN)
PROJECT GUIDE/ INTERNAL EXAMINER
(Prof. NANDINI JAGANNARAYAN)
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DECLARATION
I, Miss BHAIRAVI A. DANDEKAR THE STUDENT OF B.COM. BANKING & INSURANCE SEMESTER V (2011-12) HEREBY DECLARES
THAT I HAVE COMPLETED THE PROJECT ON “TRAVEL
INSURANCE”.
THE INFORMATION SUBMITTED IS TRUE AND ORIGINAL TO THE BEST OF MY KNOWLEDGE.
SIGNATURE OF STUDENT
NAME OF THE STUDENT
BHAIRAVI A. DANDEKAR
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ACKNOWLEDGEMENT
I would like to express my sincere gratitude to the almighty that has showered her blessing on me without which this project would have not been possible.
I would also like to express my heartfelt gratitude to our principal Dr .USHA
MUKUNDAN, who has given me opportunity to conduct this study.
My guide Mrs. NANDINI JAGANNARAYAN also deserves sincere thanks that has given me her guidance throughout the project and made it a success.
I would also like to thank our madam Mrs. LAKSHMI CHANDRASEKRAN who has cleared some of my doubts.
My parents have been a backbone to me in completing this project and my
friends who extended their constant support during my study also deserve heartfelt thanks.
6 INDEX SR. NO. CHAPTER PAGE NO EXECUTIVE SUMMARY 7
1 INTRODUCTION TO INSURANCE INDUSTRY 9
2 INTRODUCTION TO TRAVEL INSURANCE 16
3 NEED’S, ADVANTAGES &DISADVANTAGES OF
TRAVEL INSURANCE 18
4 COVERAGE & NATURE OF CLAIM’S OF TRAVEL
INSURANCE 25
5 DIRECTION’S FOR SELECTING COVERAGE BASED
ON NEED’S OF TRAVELER 32
6 TRAVEL INSURANCE CAN BE TAKEN FROM 35
7 TYPE OF TRAVEL INSURANCE 45
8 TWO COMPANIES WHICH PROVIDES VARIOUS
INSURANCE COVER 67
9 IMPORTANT STEPS TO TAKE AFTER YOU
PURCHASE TRAVEL INSURANCE 79
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CONCLUSION 84
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CHAPTER.1. INTRODUCTION TO INSURANCE INDUSTRY:-
Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium. Insurance allows individuals, businesses and other
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entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. Insurance is appropriate when you want to protect against a significant monetary loss.
Take life insurance as an example. If you are the primary breadwinner in your home, the loss of income that your family would experience as a result of our premature death is considered a significant loss and hardship that you should protect them against. It would be very difficult for your family to replace your income, so the monthly premiums ensure that if you die, your income will be replaced by the insured amount. The same principle applies to many other forms of insurance. If the potential loss will have a detrimental effect on the person or entity, insurance makes sense. Everyone that wants to protect themselves or someone else against financial hardship should consider insurance. This may include:
1. Protecting family after one's death from loss of income. 2. Ensuring debt repayment after death.
3. Covering contingent liabilities.
4. Protecting against the death of a key employee or person in your business.
5. Buying out a partner or co-shareholder after his or her death.
6. Protecting your business from business interruption and loss of income. 7. Protecting you against unforeseeable health expenses.
8. Protecting your home against theft, fire, flood and other hazards. 9. Protecting you against lawsuits.
10. Protecting you in the event of disability.
11. Protecting your car against theft or losses incurred because of accidents. etc.
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1. LIFE INSURANCE CORPORATION OF INDIA:-
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilize people’s savings for nation-building activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K. The total new business of the Corporation during 1998-99 was Rs 75,316 crore of sum assured under 148.43 lakh policies. LIC’s group insurance business up to 31 March 1999 was Rs 66,085 crore (provisional) providing cover to 219 lakh people. Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. The coverage period for life insurance is usually more than a
TYPE OF INSURANCE GENERAL INSURANCE CORPORATION OF INDIA FIRE INSURANCE MEDICAL INSURANCE PERSONAL ACCIDENT INSURANCE MOTOR INSURANCE TRAVEL INSURANCE LIFE INSURANCE CORPORATION OF INDIA
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year. So this requires periodic premium payments, either monthly, quarterly or annually.
2. GENERAL INSURANCE CORPORATION OF INDIA:-
General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis.
General insurance industry in India was nationalised and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalisation, were grouped into four operating companies, namely,
(i) National Insurance Company Limited;
(ii) New India Assurance Company Limited;
(iii) Oriental Insurance Company Limited; and (iv) United India Insurance Company Limited.
All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business. From 799 offices in 1973, the network grew to 4,208 offices as on 31 March 1998. Besides the domestic market, the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies. The wholly-owned subsidiary of GIC known as India International Insurance Private Limited set up in 1988 in Singapore has grown into a leading company in the Singapore market. The gross premium income of the general insurance industry in India during 1997-98 was Rs 7,736 crore as against Rs 7,021 crore during 1996- 97 representing a
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growth of 10.2 per cent over the premium income of 1996- 97. The net premium income of the general insurance industry in India during 1997-98 was Rs 6,725 crore as against Rs 6,041 crore during 1996- 97 representing a growth of 11.3 per cent over the net premium income of 1996-97. The gross profit of the industry during 1997-98 were Rs 1,623 crore as against Rs 1,084 crore in 1996-97 recording a growth of 49.7 per cent over the previous year. The net profits of the industry during 1997-98 were Rs 1,255 crore as against Rs 719 crore in 1996-97 representing a growth of 74.5 per cent over the previous year.
TYPE OF GENERAL INSURANCE:-
1. FIRE INSURANCE:-
It is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire. Some standard property insurance policies include fire insurance in their coverage, while in other cases, fire insurance may need to be purchased separately. Property owners should check with their insurance companies if they are not sure whether or not fire insurance is part of their policies, and if fire insurance is not included, it should be purchased. Depending on the terms of the policy, fire insurance may pay out the actual value of the property after the fire, or it may pay out the replacement value. In a replacement value policy, the structure will be replaced in the event of a fire, whether it has depreciated or appreciated: in other words, if homeowners purchase a home and the value increases, as long as it is covered by a replacement value policy, the insurance company will replace it. Anactual cash value policy covers the structure, less depreciation. Most accounts come with coverage limits which may need to be adjusted as property values rise and fall.
13 2. MEDICAL INSURANCE:-
Life is full of uncertainties: an untoward event can strike an individual anytime, anyplace. It is for such a reason that individuals need to be prepared and plan their finances better. This is where a Mediclaim policy comes to an individual's rescue and helps him not only tide over a potential crisis but also protects him from a disproportionate and/or unplanned outflow of his personal finances. Simply put, a Mediclaim policy is a non-life insurance policy, which covers the expenses incurred by an individual in case of an injury/hospitalisation. Mediclaim covers not only the expenses incurred during hospitalisation but also the pre and post-hospitalisation expenses (subject to conditions).Individuals have to pay a minimal premium for buying medical insurance. An illustration will help in understanding this better.
3. PERSONAL ACCIDENT INSURANCE:-
Sometimes even a small accident or mishap can throw your financials out of gear. Get insured to be prepared for those trying times. Accident Insurance is specially designed to protect you from the following unforeseen events - Death, Total Disability and Permanent Partial Disability. This comprehensive policy will help your family meet its financial commitments in the hour of need. This is available for the age band between 5 to 70 years. The proposer’s age should be between 18 to 70 years.
4. MOTOR INSURANCE:-
It is an insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance
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vary with legal regulations in each region. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company, in accordance with a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverage’s than on mandatory liability coverage’s. The premium can vary depending on many factors that are believed to have an impact on the expected cost of future claims. Those factors can include the car characteristics, the coverage selected (deductible, limit, covered perils), the profile of the driver (age, gender, driving history) and the usage of the car.
5. TRAVEL INSURANCE:-
It is an insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as "winter sports".
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CH APTER.2. INTRODUCTION TO TRAVEL INSURANCE:-
Travel insurance is insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance
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can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as "winter sports".
THE MOST COMMON RISKS THAT ARE COVERED BY TRAVEL
INSURANCE ARE:
Medical/dental expenses
Emergency evacuation/Medical Air Evacuation/repatriation of
remains
Return of a minor child
Trip cancellation/interruption
Accidental death, injury or disablement benefit
Overseas funeral expenses
Curtailment
Delayed departure, missed connection
Lost, stolen or damaged baggage, personal effects or travel documents
Delayed baggage (and emergency replacement of essential items)
Legal assistance
Trip Cancellation
Flight Connection was missed due to airline schedule
Travel Delays due to weather
Medical Emergency and hospital care (Accident or Sickness) INDIAN TRAVEL INSURANCE OVERVIEW
Travelling is one of the more pleasurable experiences for one and all. In the travel insurance context, travel to exotic destinations can be divided as domestic
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and overseas travel. Travelling within India is called as domestic travel and once you are out of India its overseas travel. Travel insurance is very essential
when you travel, be it domestic or International travel.
Calamities and pandemics across the globe are also common these days. Travelers, despite of their age have to be careful about their health particularly when they are outside their familiar surroundings. They need proper medical insurance coverage as falling ill or getting injured is not predictable. There are several travel insurance plans to suit your requirements; it can be purchased to safeguard you and your family respectively. Shop around online to learn more about the distinctions between different travel insurance plans before buying.
Travelling overseas has become common nowadays with people travelling abroad either to visit their close ones or simply for recreation or through business. The United States and Canada are two nations in North America that are frequented by Indians. While it is exciting to visit America, visiting an American hospital as a patient is not as exciting. The health care costs are exorbitant, and even though, insurance is not mandatory to travel to these countries, it is highly recommended.
CHAPTER.3. NEED, ADVANTAGES & DISADVANTAGES OF TRAVEL INSURANCE:-
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Most of these policies cover cancellations due to weather, sudden illness, death
and emergencies whilst at home or abroad.
It is for medical emergencies. This is particularly useful if you plan on traveling to underdeveloped countries, or for individuals with an ongoing illness that might require medical attention at some point during the trip. These policies will reimburse you for the cost of doctor visits, medication, and sometimes even medical evacuation out of the country.
For longer trips, or for frequent travelers, a comprehensive insurance package is probably the best value. These usually provide a wide variety of coverage, and some even allow you to choose what kinds of coverage to be included. Since it's impossible to know what problems might arise during your trip, these policies cover all the bases so that you have protection against monetary loss in the event of nearly any emergency.
YOU NEED TO CANCEL:-
1. You’ve planned to go skiing for ages, and you’ve finally got the trip
scheduled. Just before you are due to leave, the kids get sick with the flu. You’ll be taking care of them for days and it will be a miracle if you don’t get sick yourself. Will you be able to recover your non refundable fees – even the lift tickets?
2. You’ve been planning an anniversary trip, but the week before you are
scheduled to leave, your boss calls to tell you that you are required to work for a week of emergency meetings. Will you be able to reschedule your trip and recover the money you put down?
3. You are taking the family on a cruise before school starts. Days before
your scheduled departure, severe rain causes flood damage to your home. With only a week to dry out and make the repairs before returning to work, you’ve got more immediate – and more expensive – things on your
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mind. Will you be able to get your money back? With trip cancellation coverage, you’ll be able to recover your out-of-pocket expenses for these covered reasons and more.
4. You’ve planned a cruise with your girlfriends, but you discover the
connecting flight to get to the ship is delayed. The customer service agents apologize for the missed connection, but it looks like you will miss your cruise departure. How will you catch up to the ship? With missed connection coverage, you can take another flight to catch the ship at the next port-of-call. You’ll also have assistance services to help you arrange and pay for those travel changes.
5. After attending the family reunion, you arrive at the airport to return
home and are told tornadoes have canceled all flights through Dallas. Who will help you find a new flight to return home? With trip interruption coverage, you’ll have the money you need to get a new return ticket or wait out the delay in a comfortable hotel.
6. You saved all year for a summer vacation to Aruba, but as the vacation
draws closer, so does a hurricane that destroys the hotel, shatters the pool, and litters the beach with debris. As you watch the television in horror, your dream vacation is washed away. Will you lose all the money you worked so hard to save? With travel insurance protection for weather damage, you’ll be able to recover your pre-paid costs.
7. You’ve planned an excursion to Egypt for years, but weeks before
leaving a terrorist attack occurs. The airports are closed and Egypt is in chaos. It would be unwise to travel now, but will you lose all your non refundable fees? With terrorism coverage, you can cancel your trip without losing all the money you’ve spent.
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8. You and your friends have planned a hiking trip to climb Machu
Picchu since college. After your first night in Lima, you wake with severe stomach pains and a high fever. You cannot start your hike. Instead, you need emergency medical care – and quick. With travel medical coverage, you won’t be paying a huge medical bill. You’ll also have assistance services – in your own language – to locate a suitable medical facility and arrange transportation.
9. Your special day has finally arrived – a wedding at a beach side resort.
Unfortunately, the airline made a mistake and your baggage will be delayed. Luckily you’ve got the dress and the rings, but what about your other clothes, shoes, toothpaste, and personal items? With coverage for delayed bags, you can relax. The service hot-line will help you recover your bags. You’ll also be reimbursed for the essential items you need to start enjoying your trip.
10. You are required to speak at a business conference in Las Vegas, but
somewhere in transit, your baggage is lost. Your presentation is tomorrow, how will you get ready in time? With coverage for luggage that is lost, stolen, or damaged, you’ll have the money you need to get new clothes and personal items. You’ll even have coverage for a suitcase so you can take your new stuff home.
11. You are at a conference in London, and you realize you left your
passport at a local restaurant. With coverage for lost passports, you’ll have help expediting the process of replacing and paying for a new passport.
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12. You and your daughter have planned a summer tour of Mont-Blanc,
but high in the mountains your daughter is overcome with dizziness and a dangerously high fever. She needs immediate medical attention. How will you get her to safety? With medical evacuation coverage, you can arrange safe transportation to a medical facility. Medical evacuations typically cost tens of thousands of dollars, but with trip insurance you won’t break the bank to save your daughter.
13. You’ve planned a two-week honeymoon cruise to Alaska, but a week
before the trip you see on the news that your cruise is canceled due to financial default of the cruise company. How will you recover your money?
With trip insurance that covers financial default, you’ll be able to recoup your expenses. With the help of assistance services, you’ll be able to reschedule your cruise as well.
14. You and your parents have planned a trip to their home country, but
on your way, the train is canceled for mechanical repairs. You don’t speak the language. Who can help you locate alternative transportation? With trip insurance you’ll have emergency assistance services. The service agents will recover your non refundable fees, then locate and pay for transportation to get you where you want to be.
ADVANTAGES OF TRAVEL INSURANCE:-
Travel insurance is usually the last thing on people's mind when they are booking a trip, but can turn out to be the most important thing to have when you are in a crisis situation. Here are some advantages of booking travel insurance:
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1. Medical Care: The most obvious advantage is that if you fall sick on your trip, you will be covered for any medical care you need. Make sure you understand the limitations in your policy, as some have upper limits for the amount they will pay.
2. Medical Transport: Most insurance policies will pay for you to be transported to a medical establishment, such as by road or air ambulance.
3. Repatriation: Insurance will also pay for the cost to be returned to your home country after your medical treatment, along with a medical professional. This also covers the transport of your remains if you die while abroad.
4. Medical Evacuation: In the event of you being extremely sick and there not being a good hospital where you are, you will be evacuated to the nearest good hospital for treatment, even if this means taking you to another country.
5. Hospital Incidentals: This covers incidental costs while you are a patient in a hospital. This is only given after a minimum length of stay and also has an upper limit on the amount you can claim.
6. Cancellation or trip interruption: This covers any costs of you having to change the duration of your trip, such as flight changes etc. This includes a death in the family, or something happening to your home, such as fire.
7. Missed Flights: This covers all added costs if you miss your flight back home. This will help you get the first possible flight back, as well as cover any extra costs of changing flights or hotel stays.
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8. Personal Liability: This gives you cover in case you hurt a third party or damage any property.
9. Legal Expenses: There is usually some sort of cover provided if you have to get involved in litigation while on your visit.
10. Personal Accident: This means that if you get hurt or die during your trip, you will be given some amount of money.
11. Personal Baggage: This covers your belongings while on the trip. If you lose a bag, a laptop or any other belongings, you can claim compensation for it. This is usually accompanied with information on the maximum amounts you can claim, for instance on jewelry.
All of these are advantages of carrying travel insurance, however, the covers given to you under different policies vary, and so make sure you read the fine print before you sign any documents or pay for your cover. Depending on where you are going, and how long you are going for, you will be required to pay different amounts. So, it may be more expensive to buy travel insurance for a dangerous country, as compared to a country with low crime rate.
DISADVANTAGES ABOUT TRAVEL INSURANCE INDIA:-
1. The interesting info locating travel insurance India greatly provides more benefits than some disadvantages. Still, a few might would like to appreciably reduce your flip aspect your well. So, most certainly don’t disadvantage mounted on client get a insurance.
2. Solution to your idea that a lot of the truth is sometime comes to pass in your direction understanding traveling. So, the majority of buy items travel insurance, an individual could convey more your money inside pocket.
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3. They certainly efforts contrary to insurance if you happen to junior and after that in good health they will not constantly fall sick. In which performing yourself, reasons why I would select insurance as soon as easily, and one motives have provides gain therefore the risk because of will surely which you can me is most probably longer than those risk which often can one thing happening.
4. Relocating a widespread tourist and therefore little or nothing does have by chance happened, chronochraph watches or just minimal desire to buying insurance now.
5. Take part in terribly skeptical may are convinced finding travel insurance is often a waste debris regarding money.
6. Awful crops during the careless or sometimes ready to occupy the fact jeopardize and still not must splash out on travel insurance of a any kind of kind.
7. Once there is the meticulously away to the end of the different eliminating hair by waxing on top of that cons, achievable evaluate the public in the buy goods travel insurance India or it may be not. It includes opposite viewing what we liked and yet cons. A lot of stuff on when travelers travel plus so what purpose. So, makeup the mind and make sure to travel safe. Bon voyage!
CHAPTER.4.COVERAGE & NATURE OF CLAIMS OF TRAVELL INSURANCE:-
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The intent of travel insurance is to provide financial protection against large unexpected financial losses due to listed unforeseen events that occur while you are traveling. Unforeseen events are those situations that result from sudden, unpredicted, and unknown conditions. Travel insurance covers you, and those insured with your policy, for unforeseen events such as:
Unexpected medical emergencies or death
Medical emergencies, including sudden illnesses or injuries (and pre-existing medical conditions if the insured purchases a pre-pre-existing condition waiver with their plan)
The need for emergency medical transportation or evacuation (some plans also provide coverage for non medical evacuations in certain situations)
The repatriation of an insured’s remains in case of death
The need to cancel or interrupt your trip for a covered reason (the plan will list covered reasons for trip cancellations and interruptions)
Unexpected loss of a job at which you have worked for less than 3 years (most policies provide coverage if you’ve worked in a position for at least three years, although some require a minimum of five)
A travel supplier suddenly and unexpectedly ceasing operations
Delays due to severe weather such as hurricanes, tornadoes, earthquakes and more
Lost, stolen or destroyed belongings packed in checked bags
Trip delays due to unexpected and unannounced labor strikes
Trip interruptions and cancellations due to terrorist acts at your destination
Traffic accidents or damage to a rental car, or the loss of a rental car due to theft
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Loss of life or functioning limbs
Flight accidents
A non medical evacuation because you are declared a persona non grata by a country you are visiting on your trip and you are asked to leave.
Because medicines and medical treatments are given different names around the globe, this coverage gives a traveler access to a drug translation guide. It also includes access to a medical phrase and terms translation guide.
Some plans offer the traveler their choice of hospital or medical facility in the event of an emergency medical evacuation.
This one’s great for grandparents and expectant fathers who are traveling. A covered reason for trip cancellation and trip interruption includes needing to attend the birth of an immediate family member’s child.
This coverage provides medical evacuations and covers medical expenses due to complications from medical treatment scheduled in a foreign country (also called medical tourism).
A covered reason for trip cancellation that includes canceling because the school year is extended.
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A. RETURNING EARLY TO YOUR COUNTRY OF RESIDENCE:-
If you have to return to your country of residence under Section A (Cancellation & Curtailment) or B (Emergency Medical and Treatment Expenses), the 24 hour medical emergency service must authorize this. If they do not, this could mean that we will not provide cover or we may reduce the amount we pay for your return to your country of residence. The 24 hour medical emergency service reserve the right to repatriate you should our medical advisors view you as being fit to travel, if you refuse to be repatriated then all cover under this policy will cease. The 24 hour medical emergency service may be contacted from anywhere in the world to provide assistance to you.
B. WHEN YOU RETURN HOME – MAKING A CLAIM:-
If you need to make a claim, please complete and return the relevant claims form below no later than 31 days after the event:
1. Policy cancellation, trip interruption in travel insurance:-
Travel insurance can be cancelled conveniently online. If the insured prefers to get his/her travel insurance policy cancelled before the policy start date then he/she should intimate the E India Insurance by sending an email. The insured should furnish policy number or schedule number in the email. If the cancellation request is after the start date of the policy then Photo copy or Scan copy of all the pages of the passport should be sent to Insurance Company as a proof that he/she has not travelled overseas. In both the cases there will be a 250/- cancellation charges. Covers any financial loss, unrecoverable by other means, such as lost deposits or non-refundable transport costs, you suffer as a result of having to cancel or cut short your trip or having to return home suddenly.
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The efficiency of an insurance company is best determined considering the history of claims settlement. Cashless settlement in travel insurance for out-patients can be availed by walking in to the hospitals directly. If the insured is an inpatient, then he/she is expected to inform the service provider by calling the toll free number specified on the policy document. Signed claim form, policy copy and other documents as specified by the insurer is required to apply for a claim. Common reasons for claiming under this section would be the sudden and unexpected serious illness or death of a close relative, or something happening to your home such as fire or flood. What is considered a valid reason to claim under this section varies from policy to policy so as usual you must read the small print.
3. Medical expenses:-
The likelihood of person suffering from an ailment or disease is very high especially in these days of swine flu epidemic etc. Hence hospitalization will be needed in most cases for a person who is suffering from such ailments. The plan should pay for in-patient and out-patient hospitalization. It should provide a daily allowance in case of hospitalization.
a. Emergency Medical Treatment: - Covers the cost of emergency
medical treatment, this usually involves being treated at a hospital but not necessarily. Prior authorization by the insurer is normally required if the expected cost of treatment is likely to be above a fixed amount set out in the policy wording, this is often quite low, in the hundreds of pounds.
b. Emergency Medical Assistance: - Covers the cost of emergency
medical assistance, mainly getting someone to hospital, whether that is the costs of a road ambulance or where necessary an air
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ambulance or sea rescue, although you must check that you are covered for the activity in which you were participating when injured or becoming ill.
c. Medical Evacuation: - In the event of there being no hospital capable
of treating you locally, this section of the policy covers the costs of transporting you to the nearest hospital that can treat you, even if it is in another country.
d. Hospital Benefit: - It is a small daily amount to cover incidental costs
of being a hospital in-patient abroad. Usually a minimum length of stay requirement and a maximum limit on the total benefit paid.
e. Personal Possession Contingencies:- One of the most common
grouses of a traveler in a foreign country is the loss of passport or baggage while travelling. The policy should provide coverage against loss of passport or baggage by reimbursing the cost of obtaining a fresh or duplicate passport.
f. Time Based Contingencies:-So also with the heavy density of air
travel, there are high chances of flight delays etc. especially during the snowfall or rainfall seasons. The Travel Policy should reimburse towards additional expenses incurred if trip is delayed. In case of the trip being cancelled or interrupted, compensation for any non-refundable payments or additional expenses incurred should be paid.
g. Other Contingencies:- In a foreign country, there are many chances of
personal accidents happening wherein one might involuntarily damage another person. Hence, a travel policy should also cover you against liability to a third person caused involuntarily by you or your family. Also theft of foreign currency in a foreign country should also be covered.
h. Personal Liability:-It provides cover in the event that you injure a
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for liability arising from the use of a vehicle or by an animal under your control, such as a horse or dog.
4. Strikes & hijacks:-
This provides a daily allowance if your travel is delayed for more than 12 hours from reaching your scheduled destination due to organized industrial action, strike or hijack.
5. Missed departure:-
It covers additional costs if you miss your scheduled means of transport for departing your home country and the first international means of transport on the return journey. Cover under this section is usually restricted to incidents out of your control such as failure of public transport or your own vehicle breaking down, although you may be required to prove that it had been maintained regularly. Missed connections in a third country that is not your home country or the final destination country are often excluded.
6. Legal expenses:-
In the event of you becoming involved in litigation there is some cover for legal costs.
7. Personal belongings / baggage:-
It covers for your personal belongings and money that you take with you. There is usually an overall limit that is the maximum for any claim as well as limits for individual types of property. These are the single item, pair or set of items limit, for instance a set of golf clubs is considered to be one item and you cannot claim for each club separately. The valuables limit, valuables usually referring to jewelry and electronic devices. There will be an individual item
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limit as well as a total valuables limit being the maximum cover in any one claim for all items considered to be a valuable. There will also be a limit on the amount of cash covered in a claim. In the event of theft there will also be restrictions on valid claims with regard to where the item was, if it was secure, and a requirement to report the theft to the police.
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CHAPTER.5.DIRECTIONS FOR SELECTING COVERAGE BASED ON NEED’S OF TRAVELER:-
HOW TO SELECT THE RIGHT COVERAGE BASED ON YOUR
NEEDS:-
Each plan from each company can have very different coverage’s. Some will have certain coverage while another plan might not. Also, the amount of coverage will vary between the different plans ($25,000 medical expense coverage vs. $50,000) Identify the coverage that is most important. When you start comparing plans, you will need some criteria to help you prioritize and narrow down your choices. The criterion you’ll use is a list of coverage’s that you think are the most important for your trip. You might also factor in minimum coverage amounts on certain coverage’s like medical expenses.
For example: -
A family taking a Disney cruise in September might have the following coverage criteria:
1. Hurricane & Weather coverage for cancellations is a must
2. Medical Evacuation coverage of at least $100,000 is necessary as well 3. Missed Connection coverage would be nice since there is a connecting
flight
This list of coverage criteria will help the family choose a plan that meets their needs. They will be able to filter out plans that do not have these minimum criteria, making the choice easier.
1. Most popular coverage criteria:-
a. Emergency Medical (at least $50,000) b. Medical Evacuation (at least $100,000) c. Pre-existing Medical Conditions
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e. Hazardous Sports f. Hurricanes & Weather g. Terrorism
h. Employment Layoffs i. Missed Connections j. Rental Car Coverage
2. Cancellations:-
a. Trip Interruption b. Hurricane & Weather c. Terrorism
d. Financial Default e. Employment Layoff f. Cancel For Work Reasons g. Cancel For Any Reason
3. Medical related:- a. Primary Medical b. Emergency Medical c. Pre-existing Medical d. Medical Deductible 4. Evacuations:- a. Medical Evacuation b. Non-Medical Evacuation 5. Loss or delays:- a. Travel Delay b. Baggage Delay c. Baggage Loss
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d. Missed Connection
6. Life insurance:-
a. Accidental Death b. Air Flight Accident c. Common Carrier
7. Sports:-
a. Hazardous Sports
8. Other benefits:-
a. Rental Car
b. Money Back Guarantee c. 24 Hour Assistance Service d. Identity Theft
e. Renewable Policy f. All Events Upgrade
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CHAPTER.6. TRAVEL INSURANCE CAN BE TAKEN FROM:-
1. Buying travel insurance from third party company vs. through a travel agent:-
Many travelers like the idea of purchasing their travel and travel protection as a single purchase with one company; however, this convenience and perceived cost savings may come at a price.
Reasons to be wary of purchasing travel insurance from your travel agent:- a. Travel agents earn extra money by selling travel insurance, but they
may only offer the travel insurance plans that earn the best commissions
b. Travel agents may have only a few plans to offer from a limited number of travel insurance providers
c. While some travel agencies have at least one agent that is licensed to sell travel insurance, many travel agents are not licensed insurance agents
d. A travel agent’s protection plans may or may not be backed by a legitimate underwriter
Differences between purchasing from a 3rd party company vs. a travel agent
Travel Insurance Plans Travel Agent Protection
In the event of a claim, how are you paid?
By a check in U.S. dollars.
Payment depends on the reason you have a claim - some payments may be in the form of future travel credits
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Travel Insurance Plans Travel Agent Protection
with expiration dates.
Are independent
travel arrangements covered?
Yes, all non refundable pre-paid travel costs are covered, including third-party airline tickets, side
trips, tours, and
excursions.
No, only the arrangements made and purchased through the travel agent are covered.
Is bankruptcy or
financial default
covered?
Yes, as long as you've purchased a plan with that coverage and met the plan rules.
No coverage
Are cancellations for reasons of terrorism or political unrest covered?
Yes, depending on the plan.
May or may not be covered
Does it include
emergency medical
coverage?
Yes, depending on the
plan you choose;
coverage limits as high
as $1,000,000 are
available.
Often, but coverage limits are usually quite limited ($10,000 - $25,000).
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Travel Insurance Plans Travel Agent Protection
Is there 'cancel for any reason' coverage?
Yes, depending on the plan.
No coverage
Is trip cancellation for schedule conflicts
(jury duty, work,
school year
extensions) covered?
Yes, depending on the plan.
May or may not be covered
Does trip cancellation
extend to my
departure?
Yes, trip cancellations are covered until the moment you leave home.
No, cancellation coverage often ends 1-3 days prior to your scheduled departure.
Is there coverage for pre-existing medical conditions?
Yes, depending on the plan.
May or may not be covered
Is there an official body regulating the plans?
Yes, travel insurance plans are regulated by each state's Insurance Licensing Department.
No, if you have a dispute, your only recourse is to file legal action which will likely cost additional money.
Some plans offered by travel agents may not be 100% travel insurance and those plans don’t provide the same level of coverage
3rd party travel insurance companies have a number of plans that can be compared side-by-side with a comparison engine
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2. Why buying travel insurance from a 3rd party company is better than buying from a cruise line:-
Cruise travelers are usually offered a host of protection plans and waiver plans by the cruise line operator when they schedule and pay for their cruise travel. Travelers may feel tempted to purchase these plans as a ‘quick fix’ to their travel insurance needs.
Differences between cruise line protection and travel insurance
Travel Insurance
Plans
Cruise Line Waiver Plans
In the event of a claim, how are you paid?
By a check in U.S. dollars.
Usually in non transferable partial credits that expire and have a number of limiting rules.
Are independent
travel arrangements covered?
Yes, all non
refundable pre-paid
travel costs are
covered, including
third-party airline
tickets, side trips, tours, and excursions.
No, only the arrangements made and purchased through the cruise line operator are covered.
Is bankruptcy or
financial default
covered?
Yes, as long as you've purchased a plan with that coverage and met the plan rules.
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Travel Insurance
Plans
Cruise Line Waiver Plans
Are cancellations
for reasons of
terrorism or
political unrest
covered?
Yes, depending on the plan.
May or may not be covered
Does it include
emergency medical coverage?
Yes, depending on the
plan you choose;
coverage limits as high
as $1,000,000 are
available.
Often, but coverage limits are usually quite limited ($10,000 - $25,000), plus you may be forced to evacuate the ship if the on-board medical facility cannot
treat you, thus incurring
additional expenses.
Is there 'cancel for
any reason'
coverage?
Yes, depending on the plan.
No coverage
Is trip cancellation
for schedule
conflicts (jury duty, work, school year extensions)
covered?
Yes, depending on the plan.
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Travel Insurance
Plans
Cruise Line Waiver Plans
Does trip
cancellation extend to my departure?
Yes, trip cancellations are covered until the
moment you leave
home.
No, cancellation coverage often ends 1-3 days prior to your scheduled departure.
Is there coverage
for pre-existing
medical conditions?
Yes, depending on the plan.
May or may not be covered
Is there an official body regulating the plans?
Yes, travel insurance plans are regulated by each state's Insurance Licensing Department.
No, if you have a dispute, your only recourse is to file legal action which will likely cost additional money.
Reasons to buy travel insurance from a 3rd party company (and NOT the cruise line)
a. Your trip insurance will extend beyond the cruise line and provide coverage from the time you leave home until the time you return. b. Your trip insurance will extend to independent travel arrangements
before, during, and after your cruise, including flights and hotels at end, tours and excursions and more.
c. Your travel insurance can be much more complete and include coverage for trip cancellation, cancellations for work reasons, flight delays, financial default, bad weather, pre-existing medical conditions,
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medical evacuations, and more. See a complete explanation of travel insurance coverage.
d. You will be reimbursed in cash as opposed to future cruise line credit vouchers.
e. Purchasing through a state-licensed travel insurance agent means you’ll have real travel insurance backed by regulated underwriters. Cruise line protection plans are not 100% travel insurance and come with
significant limitations
Cruise line plans protect only the cruise portion of your trip
Purchasing your travel insurance through a 3rd party travel insurance provider yields better coverage
3. Buying travel insurance directly from the company vs. Using a comparison site:-
Travel insurance companies offer their products for purchase on their own websites to make it easy for travelers to purchase their plans. While each website is designed a little differently, they all ask for a few up-front details about your travel plans: when you’re going, how much it will cost, and where you’re going, before displaying a list of travel insurance plans to fit your needs. Whether buying directly from a travel insurance company or purchasing through a comparison site, you can get immediate quotes, pay with a credit card, and receive an e-mail with your purchase confirmation and travel insurance plan documents. No price difference when using a comparison site.
Benefits of buying through a comparison site:-
A comparison site gives you access to many plans offered by a number of different travel insurance providers (see How to Compare Quotes with a Travel Insurance Comparison Site). Some of the features that make using a comparison engine attractive include:
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a. Side-by-side comparisons of individual plans and coverage’s b. Send quotes to other travelers by e-mail
c. Review travel insurance company and plan ratings
d. Make plan upgrade selections and see real-time price adjustments e. Instant access to review plan certificates
f. Purchase immediately and receive an e-mail confirmation and plan
documents
Benefits of buying directly from the travel insurance company:-
Buying directly from the travel insurance company’s website gives you access to all of the company’s plans at once. Some of the features that make purchasing this way attractive include:
a. Access to the company’s guarantees and customer support
b. Many, but not all, company websites offer plan comparison
capabilities
c. Review plan descriptions and exclusions
d. Access to the company’s travel alerts e. Instant access to review plan certificates
f. Purchase immediately and receive an e-mail confirmation and plan
documents
4. Do not shop for travel insurance based on price alone:-
Every traveler is looking for the best deal and no one likes to feel they’ve paid more than they should have, but when it comes to insurance it’s hard to judge what an insurance benefit in hand is worth until you need it. Shopping for travel insurance based solely on price may leave you wishing you’d spent a little more.
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What happens if ...
even worse ... Why Travel Insurance is priceless
You are badly
injured while
traveling abroad and hospitalized
You brought the kids along
With emergency evacuation coverage you'll have coverage for expensive evacuations and some plans return your children home and/or bring someone to your bedside.
Your luggage
has been lost by the airline
Your tuxedo was in it and the wedding is tomorrow
The airline has limited responsibilities for missing luggage, but travel insurance baggage coverage provides
reimbursement for replacement
clothing and other necessities (like a tuxedo rental).
Your tour
operator goes out of business
You pre-paid by
check and their doors are locked tight
With travel insurance protection for
financial default, your pre-paid
money can be refunded to you.
Your parents call with bad news while babysitting the kids
Your child has been in an accident and you need to get home now
With trip interruption protection, you can leave your trip and be refunded your un-used pre-paid travel costs and have additional funds to make emergency flight arrangements to get home.
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What happens if ...
even worse ... Why Travel Insurance is priceless
Your connecting flight is delayed due to an ice storm
Your wife and kids are very tired and the
airline cannot
reschedule your
flight until tomorrow at the earliest
With travel delay protection, you can be reimbursed for a hotel room and transportation, so everyone can get some dinner and a good night's rest while the storm blows over.
Your honeymoon destination is hit by a hurricane
The resort you
pre-paid for is
completely destroyed
With travel insurance protection that provides 'cancel for any reason' coverage, you'll receive all your pre-paid non refundable trip costs and can reschedule your honeymoon.
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CHAPTER.7.TYPES OF TRAVEL INSURANCE:-
1. PACKAGE PLAN TRAVEL INSURANCE:-
When most people think of travel insurance, they are thinking of a package plan, which combines a lot of coverage into a single, comprehensive plan suitable for most travelers. This is the most common type of travel insurance plan. As opposed to a travel medical or medical evacuation plan, which covers only a certain set of travel risks, travel insurance package plans are the most common type of travel insurance purchased, and for a good reason: they are comprehensive travel protections combined into a single, easy-to-understand package. Much coverage combined in a single plan. Travel insurance companies combine a comprehensive set of coverage’s for each package plan for targeted traveler types. For example, you can find travel insurance plans for golf trips, that include cancellation, interruption, medical and evacuation and provides coverage for your checked sports equipment as well. It protects many kinds of travelers. Because you can choose a package plan with the coverage’s you need, you won’t be paying for coverage that’s not useful to you. Optional coverage’s ensure that travelers with special needs like pre-existing medical conditions or plans for adventure activities have coverage ‒ even for things that are typically excluded from coverage. It covers many types of trips. It’s important to note that there are package plans for just about any kind of trip, from a family vacation, to a honeymoon, to a missionary trip, and more. The great thing about package plans is that they are designed specifically to cover the common types of trips people take. You can even get a package plan for multiple trips. Some package plans cover kids free too, which means a better price value for parents and grandparents traveling with kids.
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The following coverage is typically found in a Package Plan travel
insurance plan:-
Coverage for trip cancellations for covered reasons like illnesses, injuries, hurricanes, job loss, revoked leave, military duty, traffic accidents and more.
Coverage for trip interruptions for many of the same reasons as trip cancellation plus extra dollars for the unexpected airfare, lodging, and transportation.
Coverage for medical and dental expenses due to emergency illnesses and injuries.
Coordination and coverage for emergency medical evacuations (some
plans also have security or political evacuation coverage) when you cannot obtain proper medical care where you are.
Travel assistance services and reimbursement for unexpected lodging, meals and transportation due to travel delays.
Coverage for lost, stolen, destroyed baggage and even delayed baggage means you can be reimbursed for unexpected losses due to missing luggage.
Assistance, coordination, and reimbursement for return of minor children and emergency bedside visits if you are hospitalized.
Optional ‘cancel for any reason’ lets you cancel your trip for reasons not covered under standard trip cancellation; optional ‘cancel for work reasons’ lets you cancel your trip for a number of covered work-related reasons.
Coverage and coordination assistance for your body to be returned home.
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Experienced travel assistance services representatives to help you locate medical help, arrange for an evacuation, deliver pre-trip planning assistance and much more.
Some package plans also provide coverage for:
Adventure activities
Sports equipment
Pre-existing medical conditions
Rental car collision coverage
Roadside assistance
Identity theft assistance
Business services
Concierge services
Passport and credit card services
Pet care
Travelers like these should purchase travel insurance package plan:-
Families or couples taking an expensive cruise. You may have waited and saved a long time for this trip, so it’s important to protect your financial investment. If the trip costs more than you can afford to lose, you should purchase adequate travel insurance coverage.
Sports enthusiasts traveling to a once-in-a-lifetime event. The cancellation coverage will cover all your non refundable trip costs – even the tickets to the event if you have to cancel or abort your trip.
Newlyweds on their honeymoon. The last thing you want to come home with you from your honeymoon is a fat medical bill. Be sure you have the coverage for medical accidents and illnesses just in case.
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Adventurers planning to scale mountains, hang-glide off peaks, ski unknown terrain and more. Because these activities are typically excluded from travel insurance plans, it’s important to purchase a package plan customized for adventure travel or add the optional adventure coverage to ensure you will be safe if you are injured on your trip.
Families on a budget. If you are already counting pennies (and even if you’re not!), you don’t need to lose all your non refundable trip costs back or have to pull out every credit card or call for emergency cash to pay a big emergency room bill while on vacation.
The cost of a package plan ranges depending on whether it’s a budget plan, a standard plan, or a premium plan and the options that are added. A general rule of thumb is that a package plan will cost between 5 and 7% of the total trip cost depending on the plan. The following factors affect the cost of a package plan:
The number of travelers
The age of each traveler
The type of trip
The total trip costs
The destination
The optional coverage
Travelers must take many factors into account when deciding which package plan to choose, but remember that you get what you pay for. Many travelers have purchased a cheap travel insurance plan only to find out later it doesn’t have coverage for their particular situation when they make a claim.
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2. TRAVEL ACCIDENT INSURANCE / FLIGHT TRAVEL INSURANCE:-
Travel accident insurance, or flight travel insurance, is extra term life and disability protection to cover a sudden and unexpected loss that occurs as a result of a travel accident or flight accident on a covered trip. Travel accident insurance plans – also called flight travel insurance plans – focus on term life and accidental death & dismemberment benefits for the insured and their families.
Travel accident insurance focuses on accidental death & dismemberment (AD & D) and term life insurance benefits that apply while the insured is traveling on an insured trip or during their annual coverage period. Some travel accident plans have flexible benefit options and let you choose the amount.
Flight accident 24-hour AD&D
Emergency travel assistance services
Some travel accident plans include a few package-like benefits and extra
options including:-
Baggage loss and delay
Pre-existing medical conditions
Security evacuations
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The following coverage is typically found in a flight accident insurance
plan:-
AD&D benefits if you are seriously injured on a covered trip and cannot work.
Term life benefits to your beneficiary if you die in a travel-related accident on a covered trip.
Flight accident benefits to your beneficiary if you die in an air flight accident.
Emergency medical evacuation benefits if you are injured and need to obtain medical care back home.
Repatriation benefits to return your body home if you are killed or die on a covered trip.
Some plans include coverage for medical and dental emergencies as well. Travelers like these should purchase flight accident insurance:-
Travelers concerned with having enough life insurance. Travelers who are perhaps between jobs or facing travel to risky parts of the globe may want a little extra accidental death & dismemberment and/or term life benefits.
Frequent travelers concerned about flight accidents. Travelers who put in a lot of miles on the road may want to be sure their family is protected in the event of an accident.
Overseas travelers who want to be sure their body is recovered. Travelers who die on their trip and want their body recovered and repatriated at no additional cost to their families will find this type of coverage helpful.
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The following factors affect the price of a travel accident plan:-
The age of the travelers
The length of the trip
Optional coverage’s
A single-trip travel accident plan will cost between $22 and $45 depending on the length of the trip and the traveler’s age. An annual plan will typically cost in the neighborhood of $220.
3. ANNUAL TRAVEL INSURANCE:-
Like a package plan, a worldwide annual travel insurance plan delivers comprehensive protection for all the trips you take ‒ all year long. Some annual trip insurance plans are renewable. Many travelers like the convenience and economy of a worldwide annual trip insurance plan, which is similar to a package plan but covers the traveler for a full year. It provides same worldwide coverage for 12 full months. The reason many travelers like an annual trip insurance plan is the convenience of having the same coverage for all their travel plans all year long. Most plans have a long per-trip length requirement (usually 70-90 days). Annual plans are relatively cost-effective because the coverage for cancellation is low or not included (some plans offer optional trip cancellation coverage on a per-trip basis for an extra fee). Age is taken into account, but most annual plans run a couple hundred dollars per year, per traveler. The amount of trip cancellation and interruption coverage needed is determined by the total pre-paid non refundable travel costs at risk for a particular trip. With an annual plan, however, each trip during the year will have a different trip cost and the traveler won’t likely know all those costs when they purchase their annual plan.
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This is why trip cancellation and interruption coverage is very limited in annual plans and may only be available for a flat trip cost amount (such as $1,000) and it may only apply to a single trip during the annual coverage period.
The following coverage is typically found in an annual trip insurance
plan:-
Coverage for emergency medical and dental care, including hospital visits, surgery, prescription drugs, doctor and dentist office visits, and more.
Emergency medical transportation so you can receive medical care for your illness or injury.
Reimbursement for unexpected lodging, meals, and transportation costs if your travel is delayed a certain number of hours (usually 6-12).
Reimbursement for lost, stolen, or destroyed baggage and personal effects (up to the policy limit) whether they are lost or destroyed by the airline, a taxi driver, a hotel employee, or anyone else.
Reimbursement (up to the policy limit) for personal essentials if your delayed certain number of hours (usually between 12 and 24).
The comfort of knowing your dependent children will be flown home (with a chaperone, if necessary) if you are hospitalized an unable to care for them. Arrangements must be made through the insurance provider’s travel assistance services.
A bedside visit benefit if you are hospitalized or in critical condition on your trip. Arrangements must be made through the insurance provider’s travel assistance services.
Some flight accident insurance as a term life benefit to your beneficiaries if you are killed in a flight accident on one of your trips.
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The convenience of 24/7 travel assistance services for help with medical emergencies, travel emergencies, business emergencies, pre-trip planning, and more.
And some annual plans include:
Car rental collision coverage
Trip cancellation coverage
Trip interruption coverage
Pre-existing medical condition coverage
Travelers like these should purchase annual travel insurance:-
Frequent travelers, such as business owners and academics. When much of your time is consumed by traveling for your work or study, it’s difficult to research travel insurance for each trip and much more economical to have one plan with consistent coverage you understand all year long.
Active, healthy, traveling retirees. You may have waited all your life for your retirement and want to put as many trips on the schedule as possible. Of course, you want the safety of travel insurance on each of those trips too.
Journalists and writers frequently sent on last-minute assignments. When you have to travel often at the last minute, there’s no time to understand, purchase, and review a single-trip policy. Plus, it’s useful to have the same coverage all year round so you know what to expect without having to sign up for new coverage every time.
