Are you thinking of how much travel insurance costs in Nigeria? Travel insurance on average can cost between 3.2% to 15.8% of the total trip cost.
However, travel insurance plans can be tricky as you have to know how to get it, what it covers and also consider your budget. At the same time, review a policy that protects you from as many risks as possible.
To ease this process, here is all you need to know about travel insurance and how much it costs.
What is Travel Insurance?
Travel insurance is a policy that covers the financial risks or other losses associated with traveling. It provides indemnity against minor risks such as loss of luggage, a delayed flight, and even major risks like medical emergencies and trip cancellation.
How to Get Travel Insurance in Nigeria
- Use the google search engine to compare plans. There are several insurance companies selling travel insurance in Nigeria
- Compare plans side-by-side including the cost to find the best insurance plan for your trip.
- Select an insurance plan.
- Pick up an application form to enter traveller details and trip information. Please note that you will need the ages of all travellers
- Study the terms and conditions of the insurance plan carefully before making a commitment.
- You can make payments either through cash or credit card payment details.
- A confirmation will be sent with the policy certificate for your attention and safekeeping.
How Much is Travel Insurance?
To ascertain how much is travel insurance in Nigeria, you need to consider so many factors like length of trip, age of traveller, duration of coverage desired and destination.
On average, it can cost about 3.2% to 15.8% of the total trip cost.
What Does Travel Insurance Cover?
1. Cancelled trip
Cancelled trips are one of the most important reasons to purchase a travel insurance plan alongside your ticket.
However, the reasons for cancellation must be legitimate, and they include health reasons, weather conditions, the bankruptcy of the travel agency and sickness or death in the family.
2. Lost, stolen, or delayed baggage
The possibility of personal effects and luggage being lost is a travel problem that occurs often. However, if you have a good travel insurance plan, the transport system is liable to cover the cost as long as the error is from their side.
Also, the personal travel insurance covers baggage delay by providing money to buy essential things before your delayed bags arrive and delay which covers additional expenses incurred such as hotel rooms or meals as a result of delay.
3. Medical Coverage
Under medical coverage, there are two types of policies. The first is short term and covers trips ranging from five days to a year, depending on the type of insurance plan purchased.
The second is for long trips ranging from six months to a year. From helping you locate health facilities to covering medical expenses, this particular benefit of the insurance plan is beneficial for medical emergencies.
4. Flight Accident or Accidental Death Coverage
Flight accidents and Accidental death insurance cover accidents that occur during flights made by a licensed commercial airline. If these accidents result in serious injury, disability, or death to the traveler, the policy pays the benefit to the beneficiaries.
However, deaths occurring as a result of sickness or overdose of drugs are exempted.
Other additional benefits of purchasing a plan include having access to a 24-hour hotline service to assist you and also a collision damage waiver (in case you get into an accident with a rented car).
What Travel Insurance Does Not Cover
Not every situation is coverable. Travel insurance doesn’t cover reasonably foreseeable risks or occurrences that emanate from traveling contrary to medical advice.
So, it won’t cover:
- Known storms
- Epidemics
- Acts of war
- Issues from travel restrictions imposed by government authorities.
- Security scams
- Ticket delays
- Lost lodging reservations
- Last minute changes on travel Itinerary
- Pre-existing illnesses
- Routine dental treatment
- Damage due to mental disorder or suicide
- Complications due to pregnancy
- Adventurous sports activities
How to Know if You Need Travel Insurance
Simply put, it is highly recommended and mandatory in some visa applications. Aside from the obvious nature that everybody needs travel insurance, a travel insurance policy is a compulsory policy for travelers. There are cases where visas have been denied at the point of entry because travelers failed to show any form of insurance protection.
You would know you need travel insurance if you are always on the move or like to tour or go on vacations. Travel insurance is highly recommended for travelers.
Is Travel Insurance Mandatory For Visa Application?
Travel Insurance is not mandatory for visa application but many visa applications to Europe or Schengen countries require travel insurance as a way to protect their visitors from unforeseen risks. Alongside travel insurance for visa application, you will also need:
- Proof of funds
- Travel itinerary and so many other documents.
So, even though it may not be mandatory, a travel insurance plan is highly recommended.
Conclusion
I believe this article has exposed you to all you need to know about travel insurance. Starting from the cost, why you need it, what it covers, how to get it, and if it is mandatory for visa application.
So while you’re planning your next voyage, ensure you do so with a travel insurance policy and enjoy that trip rest assured that you have a contingency plan in place should things go south. Bon Voyage!
You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through.