What are the Benefits of Buying Region-specific Travel Insurance Plans?

Travelling to different regions opens up great opportunities to explore the world in many dimensions. However, specific personal and financial risks are involved in travelling to various destinations based on their geopolitical conditions. For all such dangers, international travel insurance is the ideal way to cover your financial expenses.

But here’s something new to know— Even in the case of international travel insurance, the policies are further categorised into countries and regions they cover. 

Hence, some plans cover specific countries or regions, while others cover all global destinations. Plans that cover particular destinations are called Region-specific Travel Insurance plans.

This article will shed some light on region-specific travel insurance plans and their benefits over international travel insurance plans.

Why Should You Buy Region-specific Travel Insurance?

There’s a saying—“Penny wise, pound foolish.” Spending hefty on comprehensive travel insurance doesn’t make sense if your trip involves a particular region or continent. You will have to pay more for international travel insurance, covering all the global destinations. 

Hence, buying a region-specific travel insurance policy is more feasible if travelling to a specific zone or region. 

What are the Benefits of Region-Specific Travel Insurance Policy?

A region-specific travel insurance policy has many benefits over a travel insurance plan with global coverage.

Cost Benefit 

As discussed above, the most apparent advantage of buying regional travel insurance is that it helps you save a lot of money and mitigates your financial burden. The premium for region-specific travel insurance is much lower than international travel insurance. So, if you’re travelling to a specific region, buying a travel insurance policy for that particular region is wiser. 

Region-specific Coverage

Region-specific travel insurance is designed to meet the specific requirements of the destination. Travelling to a certain region with the region-specific travel insurance plan ensures that you get immediate financial assistance in case of a medical emergency, accident, or even a worst-case scenario of fatality, where you get cover for the repatriation of mortal remains. 

A travel insurance policy provides coverage for the duration of your trip. Hence, with a region-specific travel insurance policy, you can get comprehensive coverage against the premium of a relatively smaller coverage zone.

Instant Assistance

Insurers generally provide instant assistance to their customers regardless of the type of policy they opt for; however, choosing region-specific travel insurance can ensure easy and quicker assistance in an emergency. Suppose you travel to Japan with region-specific travel insurance; you may get faster access to the local network hospitals when you need them the most.

Ideal for Regions Where Travel Insurance is Compulsory

Some countries compulsorily require travel insurance before approving your travel visa. Buying a region-specific travel insurance policy is a much more affordable and feasible option in destinations with mandatory requirements for travel insurance, such as the Schengen region and Australia. New Zealand doesn’t have such a mandatory requirement, but they would recommend having one. So, buying travel insurance for the ANZ region is ideal if you’re travelling to Australia and/or New Zealand. This will cover your trip to both destinations.

Things to Know Before Buying a Region-specific Travel Insurance Policy

Here are some very crucial things to know before you select a region-specific travel insurance policy for your trip abroad:

Know the Law of the Land:

Before embarking on a journey abroad, it is important to know the legal terms of the destination country regarding foreign visitors. Based on these rules and regulations, visitors should carefully look for features and benefits in their region-specific travel insurance policy.

Know about Personal Liabilities

Some personal liabilities might arise due to accidental violation of criminal law in the foreign. These liabilities are in the form of a legal prosecution with a penalty and/or imprisonment. Hence, you must properly research the code of conduct for tourists in your destination. Accordingly, make sure your regional travel insurance policy covers you against all possible emergencies due to a mistaken violation of the law.

Carefully Read Currency Denominations of Coverage

The amount of coverage available in the region-specific travel insurance policy is the denominations of a specific foreign currency. Accordingly, you may find a difference in the coverage based on the prevailing currency rate, apart from the medical costs, flight expenses, etc., in the destination country. You must be updated about all such changes.

Know the Geopolitical Scenario

Some travel insurance plans are comprehensive based on the geopolitical scenario of a particular region. For instance, the risk in a war-torn country like Ukraine or Israel will be higher than in a country popular as a tourist destination like Thailand. Accordingly, the premiums may vary. 

Besides, some countries have stringent laws for travellers. This may result in additional clauses or coverages, implying extra premiums with changes in the terms and conditions of the policy.

Cross-check your Travel Policy with the Country’s Specifications 

As we discussed above, travel insurance is mandatory in some countries. Before travelling to such countries, you must check whether your travel insurance policy meets the specifications of the travel insurance in those nations.

These are some of the crucial things to look at before buying a region-specific travel insurance policy.

>> Also Read: 4 Things to Consider While Buying Travel Insurance

Disclaimer: Plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.