Travel Insurance is a kind of agreement in which an Insurance Company agrees to cover a traveller when he embarks on a journey. In this context, cover means that the Insurer agrees to pay for whatever loss may occur to the Traveler. This may be Loss of Life- in which case the insurer will pay a specified amount of money to those who the Traveler lists as his beneficiaries. It may be a Travel Healthcare plan- in which case the Insurer agrees to cover whatever medical bills the Traveller may incur. Another common of Travel Insurance is the Travel Baggage Insurance- in which case the Insurance Company undertakes to insure the baggage, that means they agree to pay the cost of the baggage if they should get lost, misplaced, or stolen.
Generally speaking, airlines see Travel Insurance as a necessary thing, but travelers see it as a bottleneck a nuisance that they are saddled with, and forced to bear. For this reason, some travelers look for most affordable travel Insurance that they can possibly get. We will get to that later in this post.
Travel insurance is not just another expensive requirement in order to be eligible for a Schengen visa. Either you are heading to Europe, Southeast Asia, Africa, or traveling within your continent, or just going to any other part of the world, you should have some kind of travel insurance. When you are on the road or in the air, things are more unpredictable. The people around you may act in a different way, or you may be exposed to environments, substances, or even microbes that are harmful to you, whether you knew it or not. Having travel insurance will help you be more relaxed, knowing that if anything happens, you are covered, and will be cared for. It is also a mature and responsible thing to do. When you have travel insurance and something happens, even your family will be more relaxed, knowing that their loved one will be alright.
Schengen Travel Insurance Requirements
The European Union has made a very clear and also strict set of guidelines for the acceptable travel insurance that an applicant for a Schengen Visa should have. Keep in mind that this is a major part of getting your Schengen Visa approved. Below is information about the coverage that your insurance should offer:
1. Coverage of costs as a result of any medical repatriation, or emergency and hospital treatment.
2. Life Insurance: Compensation to nominated family members in the case of death of Policy Holder (Traveler)
3. The EU insists that coverage must be valid in the entire territory of the Schengen area. This does not usually mean that your insurer must have a presence in each of the Schengen states, but that your Insurer must acknowledge that it will pay whether or not you claim to be going to one country, or to all Schengen countries.
4. The Travel Insurance must not expire until after the period stipulated in your Visa application. It must cover the entire period you intend to stay in the Schengen area.
REMEMBER: For those applicants who want to apply for the Schengen Visa multiple times, you only need to prove that you have travel insurance on the first trip. When you apply on the second occasion, you will only be required to show travel insurance.
How much is a fair amount to pay for travel insurance for Schengen visa?
The cost for the Schengen visa travel insurance varies greatly, and depends mainly on the age of the traveler coupled with the duration of coverage required. That means that the older the traveler the higher the cost is likely to be. The longer the duration of travel insurance required, the greater will be the cost charged for the travel insurance for the Schengen visa.
What you Should Do
You first approach an Insurance provider and request a policy. You should go ahead and make the payment before approaching the Embassy to apply for a Schengen Visa. The Schengen Visa is one of the requirements that you need to fulfill in order to get your Visa Application approved. Some Insurers will refund your money if the Visa application is denied. But some pay charge a deductible fee.
That’s all about the Cheapest Travel Insurance for Schengen Visa.
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