The main aim of a student insurance policy is to provide peace of mind for the student studying abroad and to the family back home. Student travel insurance includes cover for the financial losses caused by any mishap. There are several reasons which make travel insurance plans useful for the students too. Here are the top 5 reasons for buying a student travel insurance plan.

Cover for medical expenses

When you send your child to study abroad, a lot of money is on the line already. In the case of a medical emergency, the whole situation may become catastrophic. Medical expenses can be massive on foreign land. Especially in countries like the US where medical care is among the most expensive, your whole budget and savings can drain out just on the medical bills. Thus, a comprehensive Student Travel Insurance Plan is necessary to provide cover for the major part of such expenses. Based on the type of policy, it can provide cover against accident, a visit to a physician, medicine costs, and more.

Visit from a family member a.k.a compassionate visit

There is a clause in the student travel insurance plan which provides cover for the cost of travel for a family member in specific circumstances. It is generally called a compassionate visit. There is also an option for a two-way compassionate visit that covers the travel cost of the student back home in case of an emergency. Situations like death or critical illness of a family member are among the reasons for a two-way compassionate visit cover.

Personal liability

Laws in foreign countries are different, and some may seem extreme too. There are chances that the student is not aware of the laws or rules which may cause damage to someone else. In such cases, the student is liable to pay compensation to the third party, especially if the student has caused any bodily harm to damage to the property. Paying for such damages and legal fees is expensive. Student travel insurance policies save students from such personal liabilities. It is essential to stay on the right side of the law to avoid any consequences.

Break or interruption in Studies

There can be several reasons, such as emergency back home or any medical emergency faced by the student, which may cause a break between studies. In such cases, the insurance company will cover the cost of the semester as per the policy terms and conditions.

Basic covers

Travel insurance policies for students also provide basic covers such as theft, loss of baggage, and so on. The travel insurance companies offer extensive support to their clients while they are overseas so that they can come out of the tricky situations and avoid any unwanted financial losses.

There are certain factors which you should consider while buying a travel insurance plan for student:

  • The policy should provide extensive cover at an affordable price
  • The insurer should have ties with the hospitals in the host country
  • The insurer should provide cashless claim facility
  • The insurer should have good reviews and fast claim process
  • Online policy purchase should be easily available

Please note that many foreign universities have made it mandatory for students to have a travel insurance plan. The main reason behind such a rule is that there are many reasons which may cause travel-related financial losses. The universities generally have tie-ups with the insurance companies of their country. You can either buy travel insurance from your home country, or you can choose one from the host country.

The insurance company in the host country charges more than the domestic insurance company mainly due to currency rates. Thus it is a good idea to go for the insurance plan from home country only. Always read the rules and regulations carefully before buying a travel insurance plan for students.

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