After almost two years of pandemic-led restrictions and millions of cancelled trips, many homebound people worldwide are finally executing their held-up travel plans. There has been a significant uptick in the travel demand as evidenced by packed airlines and hotels, as the world got back to normal after a series of COVID-19 lockdowns and restrictions.
However, travel has undergone a great deal of change ever since the pandemic. There is a larger awareness of the uncertainties that can strike out of nowhere, and there is an increased tendency to better prepare for this. Understandably, more people are now taking into account the risks associated with travel and want to secure their trip. Since every trip differs in nature and size, so does travel insurance. While there are individual plans for single and multiple trips, there are also specifically designed multi-member plans for those who are travelling with their families.
Here’s all you need to know about them:
What is multi-member travel insurance?
As the name suggests, multi-member travel insurance, often called family travel insurance, is a policy that covers the entire family when they travel to locations abroad or domestic. Such policies are great to cover a family with small children as well as elderly citizens. Buying this plan makes sense when you travel with your family because it costs much less than buying individual plans for each member. These policies also come with additional discounts which make them even more affordable.
While travelling with family is always more fun, it also comes with a lot more responsibility than travelling solo or with friends. This is especially true if one is travelling with children. Small changes in weather or cuisine can lead to bigger medical emergencies. Moreover, medical bills in foreign countries can cost a bomb. On the other hand, a missed flight or lost baggage can land the family in trouble and cause a lot of anxiety. It would also put a lot of financial pressure to make alternate arrangements. A family travel insurance policy can come in handy in all such situations.
Multi-member Vs Floater policies
Travellers are presented with two options for insuring more than one person – multi-individual and floater policies. While they both cover multiple travellers against travel risks, the key difference is that of sum assured that can be used by each individual. For instance, if you opt for a sum assured of $100,000 for a family of 4 under floater plans, the entire sum assured can be used up by 1 person, or divided among 4, depending on the need. However, under multi-individual plans, the specific sum assured is allocated to each member which is their individual limit. So, every person in the case above will be eligible for a cover of $100,000 individually. Multi-member plans cost a little more than floater plans but provide higher coverage.
Benefits of multi-member travel insurance cover
Cover against medical emergencies: Any medical emergency arising during the course of the travel is covered by the travel insurance policy. This includes any sickness among the family members or even any accidents that they may, unfortunately, get into. Most travel insurance plans extend the accident and sickness cover for up to 30-60 days from the date of hospitalisation as long as it starts during the course of the trip. Some policies even cover the cost of emergency transportation and evacuation services if the patient needs to be transported to another medical facility.
Cover against trip delay, cancellation and curtailment: Traveling with family always comes with some uncertainties. The trip may have to be cancelled or cut short due to a medical emergency. You may have to find accommodation at a hotel due to a delayed flight as you may not want to spend the night at the airport with your family. Costs arising due to such events are covered by a family travel insurance policy. If the trip is to be cancelled due to a death in the family, or a sudden climate-related calamity in your destination, you need not worry about the bookings you have already made. The insurance policy would cover such costs. In case of a trip is cut short, you need not worry about booking a return flight at exorbitant prices either.
Cover against loss of belongings: A comprehensive family travel insurance policy protects you against loss of checked-in baggage. So if you arrive at your destination and your luggage is lost, you would need to buy new clothing and personal care items which may have been lost. The insurance policy would pay you a lump-sum amount to cover such costs. If the baggage is delayed for some reason, you are covered against that too and you would be compensated for your expenses for the duration you need to survive till your luggage arrives. In a foreign country, your passport is your most valuable possession. Losing the same can lead to a lot of harassment and mental trauma, especially if you are travelling with family. Even if the passport of a single family member is misplaced, the entire travel plan may be jeopardised. Having a family travel insurance policy covers you in such instances. Moreover, it also covers the cost of arranging for a duplicate copy of the passport.
Choice of single and multi-trip insurance: Like individual travel insurance plans, many insurers offer the option to opt for multi-trip or single-trip family travel insurance. So, families who like to travel multiple times a year, need not worry about buying a policy every single time. Multi-trip insurance is not only more convenient, it also turns out to be more economical than buying a policy for every trip. Moreover, as already explained, a multi-member policy is always more economical than buying an individual policy for every family member.
Having travel insurance is mandatory for travelling to many countries. However, that should not be the only reason to get yourself and your family covered. Travel insurance should be bought to ensure your family is protected when they need help in an unfamiliar location. A family travel insurance plan takes care of your family in such situations, just as you do.
