Student Travel Insurance

Student Travel Insurance Policies are really important for the students studying abroad. Travelling and staying in a foreign country entails a lot of risk. Hence, student travel insurance offers coverage to students to minimize some risk.

Student Travel Insurance

Following are the benefits of getting a student travel insurance policy.

  • It can cover flight expenses if students have to travel back home due to some family emergency
  • It can assist in sponsoring a close relative’s airfare tickets to and fro if you fall sick and get hospitalized
  • It can cover emergency passport replacement fees if your passport, cash and wallet get pick-pocketed
  • It can cover emergency medical evacuations and provides medical coverage for accidental sickness and for dental expenses too.
  • Some plans can also offer additional benefits for trip delays, cancellation or interruption.

Thus, buying student travel insurance is ideal for you in case you fall in any of the following categories:

  • Students who plan to go abroad for studies
  • Students who are US citizens/residents who are going on a trip, either domestic or international
  • Students going for study abroad programs
  • Students going for conferences

Popular Student Travel Insurance Plans

  1. Round Trip Economy

This plan offers basic travel protection coverage to students at an economical cost. Major benefits provided under this plan are listed below:

  • In case of sudden illness that prevents you from travelling, the maximum payable under this benefit is the lesser of a) total cost of the Insured’s Covered Trip; or b) the total amount of coverage the Insured purchased.
  • It also offers coverage for medical charges up to $10,000 incurred while travelling.
  • Additional benefits include coverage for loss, theft or damage to baggage or personal effects.
  • 24×7 multilingual assistance is also available for travel assistance including the search for doctor in case of emergency medical evacuation.
  • By insuring your non-refundable trip costs, you are protected against unforeseen events that would cause your trip to be cancelled. Trip cancellation benefits are available up to a maximum of $20,000. If the trip is interrupted due to reasons covered in the policy you are covered up to 150% or tour cost maximum.
  • Coverage for trip delay, accidental death or dismemberment, dental expenses, lost/stolen/damaged baggage and baggage delay is also covered up to the amount specified in plan.

However, this plan does not include protection for pre-existing conditions.

  1. Travel Guard Savvy Traveler

This plan offers the coverage for expenses similar to the ones covered in the Economy plan above but the amount of coverage is different in both the plans.

  • For trip cancellation and interruption, the coverage is100% of trip cost but the trip cancellation or delay must be on account of the reasons covered in the policy schedule.
  • Travel Delay benefits are available to a maximum of $500 with a per day maximum of $100.
  • Medical benefits are available for $10,000 while for emergency evacuation and repatriation of remains, the maximum coverage is $100,000.
  • Baggage delay, airline delay and loss of baggage benefits are also available for a maximum limit of $100, $250 and $500 respectively.
  1. iTravelInsured

iTravelInsured plans are of 3 types and students can choose the best plan as per his/her requirements. The benefits of 3 categories are described as under:

  • Travel Lite

This plan offers only a secondary coverage to students i.e. benefits are available after the primary policy benefits only. Maximum insurance coverage for trip cancellation is 100% of the trip cost but subject to $25000 while trip interruption expenses are covered for a maximum of 125% of trip cost. For travel delay benefits, the coverage offered is $125 per day subject to a maximum of $500. However the initial trip delay should be 12 hours to avail this benefit. For lost baggage and personal effects, maximum benefit available is $750 while for baggage delays arising after 12 hours, the coverage is up to a maximum of $150. In addition, the plan offers insurance coverage for accidental medical expenses up to $100,000 whereas for emergency medical evacuation, benefit can be availed for maximum $250,000. Apart from these, no other benefits are available under this plan.

  • Travel SE

This plan offers only a primary coverage to students. Maximum insurance coverage for trip cancellation is 100% of the trip cost but subject to $50,000 while trip interruption expenses are covered for a maximum of 150% of trip cost. For trip delay benefits, the coverage offered is $125 per day subject to a maximum of $500. Initial trip delay should be 12 hours to avail this benefit. For lost baggage and personal effects, maximum benefit available is $1,500 while for baggage delays arising after 12 hours, the coverage is up to a maximum of $250. In addition, the plan offers insurance coverage for accidental medical expenses up to $150,000 whereas for emergency medical evacuation, benefit can be availed for maximum $500,000. Apart from these, other benefits are also available under this plan namely missed connection, change fee, cat or dog expenses and rental car damage. Pre-existing condition waiver is also available provided the plan is purchased within 20 days of initial trip payment.

  • Travel LX

This plan offers maximum benefits as compared to other two plans in the iTravelInsured category. This plan offers only a primary coverage to students. Maximum insurance coverage for trip cancellation is 100% of the trip cost but subject to $100,000 while trip interruption expenses are covered for a maximum of 150% of trip cost. For trip delay benefits, the coverage offered is $250 per day subject to a maximum of $1000. Initial trip delay should be 6 hours to avail this benefit. For lost baggage and personal effects, maximum benefit available is $2500 while for baggage delays arising after 12 hours, the coverage is up to a maximum of $500. In addition, the plan offers insurance coverage for accidental medical expenses up to $500,000 whereas for emergency medical evacuation, benefit can be availed for maximum $1,000,000. Apart from these, other benefits are also available under this plan namely missed connection, change fee, cat or dog expenses, search and rescue, sports equipment rental and rental car damage. Pre-existing condition waiver is also available provided the plan is purchased within 24 hours of final trip payment. The policy also offers cancel for any reason coverage up to 75% of the trip cost provided the policy is purchased within 20 days of the initial trip deposit and 100% of the prepaid trip cost has been insured. Trip interruption for any reason expenses are covered for a maximum of 75% of the trip cost.

Steps to buy Student travel Insurance

One can buy Student travel insurance by any of the following methods:

  • Purchasing your travel insurance directly from a third-party company.

Purchasing the policy from a third party company is good as it offers the students a complete range of benefits. The coverage provided by third party extends benefits beyond travelling also like one can get better travel arrangements or benefits like trip cancellation or interruptions also.

  • Purchase from a third-party company using a comparison tool

One can also use a comparison engine to buy travel insurance as this helps in comparison of benefits, features and policy cost. Confirmation of purchase is available immediately after submitting the application.

  • Through a travel agent

Students can also buy travel insurance from travel agents but the major disadvantage is that agents offer only such plans that make them earn a high commission. Moreover, the plans offered by such agents may or may not be underwritten by a legitimate company.

  • Quote and buy direct

This is the best method to buy travel insurance. First of all, review the travel insurance companies online and see which plan suits you best as per your requirements. Then, purchase directly from the company by filling an online application form that contains general information questions regarding the student buyers.

While purchasing through any of the aforesaid methods except the last one may take time but if you quote and buy direct, then, you get the purchase confirmation shortly after online purchase.

For making payment for the policy purchase, the students can either use credit cards or pay through check also.

Appropriate time to buy Student Travel Insurance

The best time to buy Student Travel Policy is right after making your first trip payment as this can give students the additional benefits like pre-existing medical condition waivers, ‘cancel for any reason’, and ‘cancel for work reasons’. While some plans offer coverage for pre-existing conditions, others may not. So, it is best to check policy benefits thoroughly before making the decision regarding the purchase.

Main organizations involved in Student Travel Insurance

Administrators

Administrators of the travel insurance policy primarily design the plan, its benefits, premium and exclusions. These include the following organizations namely:

  • Seven Corners
  • IMG
  • Travelex
  • Travel Guard

Underwriters

Underwriters are the insurance companies that are responsible to pay the claims. Major companies underwriting travel insurance plans include the following:

  • United States Fire Insurance Company
  • National Union Fire Ins. Co. of Pittsburgh,
  • PA Delos Ins. Co

To check reliability of above companies, it is important to know the A.M. Best rating of these companies as this reflects the soundness of financial position of the company. In case of underwriting companies, one can check the financial rating also.

Making the best use of Student Travel Policy

When you want to use your Travel Insurance Policy during travelling, follow the under-mentioned procedure:

  • contact the insurance company’s helpline number
  • Arrange for medical assistance
  • Arrange for evacuation and repatriation services
  • Co-ordinate with local providers
  • Register a claim with TPA who will provide you with further guidance

Exclusions from Student Travel Insurance

Following are not specifically covered in the policy

  • Any pre-existing medical conditions as per the policy guidelines
  • If you travel against the advice of your treating Physician
  • Injury done due to adventurous sports or dangerous activities
  • Intentionally done any injury to self or suicide or attempted suicide
  • Stress, depression and anxiety related disorders
  • Civil commotion, attempted crime or actual participation
  • HIV or AIDS
  • Any costs arising due to abortion, childbirth, pregnancy and miscarriage

Important concepts related to Student Travel Insurance

  • To be sure if the policy is adequate or not, students must check that it is accepted by the overseas university where the student is going for studies.
  • One should be aged between 16 to 30 years for being eligible to buy student travel insurance.
  • Minimum duration for which policy can be bought is 1 day while maximum is 2 years.
  • Single trip travel insurance provides coverage for a specific single trip while annual trip covers multiple trips in a year. Hence, choosing the ideal one for a student depends purely upon his study course schedule.