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Travel insurance
07 April 2021
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Travel insurance

In many countries, due to the pandemic, it is not possible to travel yet. However, the list of those who will gladly accept tourists with certain requirements (tests, certificates of previous illness for COVID-19) or without them is expanding daily. Ukrainians who have missed new experiences are increasingly looking for tour packages or independent travel routes.

Журнал «Народний банкір» №16/2021

Turkey, Nepal, Pakistan, Afghanistan, Slovenia, Croatia, Bulgaria, Cyprus, many African countries are already open for tourists. The list is constantly changing, so it is worth monitoring the situation on the Ministry of Foreign Affairs website.

Insured – armed

If you have already chosen a destination for travel, then do not forget that to travel abroad, following the Law of Ukraine "On Tourism," an insurance policy is mandatory. If necessary, the insurance company will cover the costs of providing emergency medical care and save the tourist from unforeseen financial expenses.

And we are talking specifically about emergency medical care – a situation of a sharp deterioration in health caused by an accident (injury), a certain disease (for example, of an infectious nature), and an exacerbation of a disease that was not previously known.

Cases are different

Considering that the policy is an extra expense if you have planned a trip without much extreme is a big mistake. In addition to the dangers in the form of an accident or poor health, insurers talk about the most incredible cases. For example, very often, animals become "co-authors" of problems. It is not uncommon for travelers to suffer from dog or monkey bites. Insurers also recall incredible domestic injuries caused by household appliances, such as a blender or toaster.  

Payment amounts

In any case, the provision of medical care is limited to the amount of insurance coverage. Usually, there are such options: 30 thousand (the minimum obligatory insured amount), 50 thousand, 60 thousand, 75 thousand, or 100 thousand USD/EUR. The currency of the sum insured is determined depending on the selected country.

As a rule, in addition to medical care, the insurance agreement also compensates for:

  • Medical evacuation (transportation from abroad).
  • Repatriation of the body from abroad.
  • Assistance services (legal assistance abroad).
  • Visit of a close relative to visit the insured person who is in hospital.
  • Telecommunication services: the cost of a telephone informing of the assistance company about the insured case.
  • Compensation for the cost of tickets in case of flight cancellation.
  • Compensation for lost baggage.
  • Travel cancellation compensation (due to force majeure caused by the coronavirus epidemic).

Travel activities

Before purchasing a travel insurance policy, you must definitely decide what you plan to do abroad:

  • Do you plan beach holidays and city walks? Then the simplest policy at the lowest price will suit you.
  • Do you plan active sports recreation (riding a buggy, jet skis, diving up to 18 meters, hiking in the mountains)? You need insurance to cover these risks.
  • A completely different policy is needed for extreme tourism (skiing, parachute jumping, etc.).

Depending on your "purpose of travel," insurance companies determine the degree of risk of an insured case and, depending on this, adjust the cost of the policy. Do not save if you know that you are really at risk because the insurance company has the right to refuse to provide medical care if the policy did not provide compensation for this type of activity.

Pay special attention!

  1. Often, the insurance provides for the so-called "sub-limits" (funds within the insured amount, which limits the amount of insurance compensation for a particular insured case); for example, a small insured amount usually applies to the provision of dental care – 150-300 USD/EUR.
  2. Whether the insurance policy includes the provision of medical assistance in the event of COVID-19 disease, and there are any restrictions (sub-limits).

Non-insured cases

The most expensive thing is to look for troubles on a drunken head – such cases are always uninsured. And an attempt to cure a certain chronic disease abroad at the expense of an insurance company will be considered a fraud on the part of the customer. Such cases have even received a special name – "medical tourism," that is when customers travel abroad under the guise of a tourist, and upon arrival, they turn to local doctors to receive complex medical interventions.

Журнал «Народний банкір» №16/2021

A policy with a franchise

One of the ways to save on insurance is by choosing a policy with a franchise. A franchise is a portion of the amount of damage that the insurance company does not reimburse. You should be prepared that having saved 70-100 UAH, you will have to pay the franchise yourself if you go to a doctor abroad (as a rule, it is 50-100 USD/EUR).

It is worth understanding! Medical assistance is organized by international assistance companies (their contacts are indicated in the agreement), which work on behalf of the insurance company. It only provides a guarantee of the payment of medical expenses in accordance with the insurance agreement. When there are no partner medical institutions in a tourist place, you will be offered to pay medical expenses yourself, and upon arrival in Ukraine, the insurance company will compensate it.

Taking out an insurance policy

An insurance policy can be obtained directly from an insurance company or a bank. So, at PUMB, it can be done in a branch or online. To do this, you only need a passport and an identification code (TIN). The policy can be issued both for a single trip and several. The bank carefully checks insurers, choosing only reliable partners. Details on https://retail.pumb.ua/service/travel

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