Why Skipping Travel Insurance Could Cost You More: A Deep Dive with InsuranceMarket.ae

The recent incident on Singapore Airlines where a man passed away and dozens were injured due to turbulence on May 20 as well as another May 26 incident on Qatar Airways flights from Doha to Dublin where the crew and passengers were injured, underscores the significance of travel insurance. Unplanned events like flight cancellations, medical emergencies, and lost luggage can occur, leading to unexpected costs.

As global travel increases, the importance of travel insurance has grown with it. In the UAE, one such company is making strides with key coverage for its clients as well as awareness campaigns that go a long way to ensure peace and security in their minds. InsuranceMarket.ae COO Mahesh Balani speaks exclusively to OneArabia.me on understanding the importance of this category while busting few misconceptions.

Understanding Coverage

Mahesh Balani, COO of InsuranceMarket.ae, emphasises the importance of obtaining travel insurance before embarking on a trip. He insists, "All travelers should consider buying insurance before their trip starts. With the coverage being very affordable, it's an easy decision." He added that the affordable coverage provides compensation for various scenarios. "For instance, if a flight is delayed due to weather, the insurer covers additional expenses such as food and hotel stays."

Travel insurance policies also cover delays caused by technical issues or major incidents at departure points. However, travelers often misunderstand the extent of coverage, Balani states. "Policies typically have sub-limits for individual items that are damaged or stolen, rather than covering the full sum insured. Travel insurance is not a substitute for comprehensive health insurance, covering only emergencies and excluding pre-existing conditions."

He adds: "It is crucial to understand that it only addresses emergencies and does not cover pre-existing conditions. This is why InsuranceMarket.ae has dedicated advisors to help customers understand policy details. The industry has seen a rise in claims due to recent weather events, especially from those stranded while waiting for flights to resume. At InsuranceMarket.ae, we have a dedicated team of travel insurance advisors that help customers understand what's covered and what's not."

With regards to the growing unpredictability of weather patterns and its impact on the travel insurance industry, particularly in the UAE and GCC concerning flight-related coverage, Balani adds that, "Currently, there are no significant changes expected in policy wording or pricing. However, there may be an increased uptake of travel insurance, especially among segments that previously had low adoption rates, such as South Asians travelling home for holidays. As awareness grows about potential challenges, more people are likely to opt for travel insurance."

Additional Coverage Options

With its plethora of offerings in this segment, InsuranceMarket.ae continues to add value for its customers. Balani reveals that recently, the brand has partnered with key players to offer Inbound Adventure Sports coverage for visitors to the UAE engaging in high-risk activities like skydiving and skiing. It also provides options for travellers with pets, ensuring that furry companions are covered. The company plans to introduce more valuable add-ons to meet customer travel needs. "We will soon be launching some very valuable add ons to supplement travel needs of our customers so watch this space closely," Balani quips.

Avinash Babur, Founder & CEO, InsuranceMarket.ae, adds to this important aspect of insurance. "Travel insurance has never been more essential. In today's unpredictable world, it offers peace of mind and financial protection against unforeseen events. Whether it's a medical emergency, trip cancellation, or lost luggage, travel insurance ensures that you can focus on enjoying your journey, knowing you're covered."

As the world is on the move more than ever, the uptake of travel insurance is expected to rise, providing comprehensive coverage and support during unforeseen events. The importance of travel insurance cannot be overstated as pointed out by InsuranceMarket.ae. It provides a vital layer of protection against the unexpected, ensuring that travelers can navigate their journeys with greater peace of mind.