Humans are social beings and travelling is one of the most important parts of our social interaction. Whether you’re travelling for business or for pleasure, what makes it an enjoyable trip is peace of mind, particularly if you’re travelling out of your home country for long periods at a time. So how do you get the peace of mind you desire? Travel Insurance.
How do you get Travel Insurance totravel from Nigeria to any part of the world? From either of an insurance company in Nigeriae.g. Leadway, Cornerstone, AXA Mansard or any of the other big names insurancecompanies you have probably heard of… OR through an insurance brokerage firm(these are companies that have specialized knowledge of the industry andpartnerships with several insurance companies and help to manage businessrelationship between insurance companies and you, the insurance policy holder)
But if you’re reading this, myguess is that you’re not looking for as simplistic an answer as the one above;this is why we have taken the time to write this article to provide all theinformation you’ll need as a traveler from Nigeria, looking to protect his orherself as you travel
We aren’t just going to tell youwhere to get it from, No. At the end of this, you would have learned whattravel insurance really is, what types of travel insurance are available inNigeria? Why you need travel insurance at all, what the average costs andbenefits of travel insurance are, as well as any other relevantinformation you require to decide whether or not this is something you want toinvest in as you globe-trot round the world.
TRAVEL INSURANCE IN NIGERIA
To put it simply, Travel Insurance or Travel Health Insurance as some insurance companies like to call it is a type of insurance policy that protects you during your travels from several different types of risks and losses (ranging from baggage loss and damage to illness and death). This means that you have a contingency plan in place that covers all the expenses if things go wrong when you are outside the country.
Travel insuranceis typically purchased from your country of residence and from insurance policyproviders local to that country. In other words, Travel Insurance in Nigeria isa product for residents and non-residents of Nigeria travelling from Nigeriato another country, for a specified period of time
TYPES OF TRAVEL INSURANCE
Depending on your destination,Travel Insurance is basically categorized by insurance service providers intothree types. We are going to quickly take a look at the three different typesand help you determine which one works best for you
LOCAL TRAVEL INSURANCE
Like the name implies, this is apolicy that covers a traveler on any journey within the borders of Nigeria(Locally). Whether you’re travelling by road on Godisgood Motors and lose a bagor your flight is unduly delayed on Air Peace or even on the newly constructedAbuja to Kaduna rail tracks, this product ensures that you are covered andreimbursed.
Although, Local Travel Insurance isa relatively new provider in the market and is not offered by all insuranceservice providers, it is still available from some service providers. (Talk toyour broker to help you find them)
TRAVEL INSURANCE – NIGERIA TO EUROPEAN COUNTRIES/COUNTRIES COVERED BY YOUR SCHENGEN VISA
If you’re travelling from Nigeriato any of the countries in Europe within the designated coverage of theSchengen Visa, this is the product you’re probably looking for. It is popularlyreferred to as the Schengen Travel Insurance. This is an older product with thehighest level of popularity in the market and as a result of all theinternational parties involved (the European Union and her constituents), it ismore standardized in terms of benefits accruable to you. It is also readilyavailable.
TRAVEL INSURANCE – NIGERIA TO THE REST OF THE WORLD
If you’re not travelling locally orto a Schengen/European Country, the worldwide travel insurance policy isprobably the best fit for you; this gives you coverage for trips from Nigeriato the USA, Australia, the Middle East, China as well as every other regionoutside of Europe. However, unlike the Schengen Travel Insurance, this productis not standardized as there is no central body deciding what the benchmarksshould be in terms of benefits. This means that, depending on your country ofdestination, the limit of benefits accruable to you varies. The next sectionexplains this better
WHAT ARE THE BENEFITS OF TRAVEL INSURANCE IN NIGERIA AND WHY YOU SHOULDN’T TRAVEL WITHOUT IT?
Now that you understand what the policy is and the typesthat are available, let’s talk about what your travel insurance policy protectsyou against and why you need it. Generally the travel insurance policy coveragehas three categories of benefit. They are as follows:
- Medical Expenses: When we travel abroad, we never plan to fall ill but the reality is sometimes we do, and sometimes the illness is a little more than the common cold. If this happens, your travel insurance policy has your back. But medical expenses coverage is pretty broad so we have unpacked it so you can get a full picture as follows: Hospitalization Abroad: If you fall ill and your illness require that you are placed o admission abroad, your policy pays for it (Up to €30,000 for a Schengen Policy and between $10,000 for $40,000 for a Worldwide policy depending on destination country). Emergency Medical Evacuation: This means if the treatment you need isn’t available in the country where you are, you can be evacuated to the nearest point of available treatment (Up to €30,000 for a Schengen Policy and between $10,000 for $40,000 for a Worldwide policy depending on destination country) Repatriation of Family Member: This covers the cost of having a family member flown over to the country where you are getting treatment to come be with you (Up to €2000) Emergency Dental Care: If you’re having issues with your teeth, you can also get that sorted out (Up to €1000) Emergency Return Home Following Loss Of Close Relative: If you lose a loved one while you’re abroad and need to return home, your policy pays for that too (Up to €2000) Repatriation Of Mortal Remains: In the event of death and a body needs to be sent home back to the home country for burial, your travel insurance policy pays for that as well (Up to €5000)
- Loss of Luggage & Delays: In the event that during your travels, your airlines or cruise ship loses your luggage, your travel insurance policy covers the cost as well as the hassles of locating the lost luggage and forwarding it to you from wherever it is found
- Cancellation or Curtailment: if you miss or have to cancel your already booked trip for whatever unforeseen circ*mstances, your policy compensates you of the cost of your plane ticket as well as any reservations made> You could also be compensated for delayed or cancellations by the airline (Up to €1000 )
However, it is worthy to note that you would be required tocover a fractional percentage of the cost for any loss suffered as a sign ofresponsibility on your part, this cost is usually referred to as an excess andtypically doesn’t exceed €100.
Okay, so the benefits have now been made abundantly clear but it might come to you as a surprise to learn that everything you’ve read in this section so far (protection from risk and losses) is actually the secondary reason why you should be considering travel insurance.
The primary reason is because it is required of you bylaw. Most countries that we visit asNigerians either have a social program that covers the health needs of hercitizens or a robust health insurance framework that ensures that everyone hasaccess to healthcare. As a foreigner in a country, you are not covered by thesystem the government of that country has put in place for its people.Therefore you are required to have travel insurance so as to make sure you areable to adequately cater for yourself medically and otherwise, should the needarise. There have been several cases, particularly in Europe, where Nigeriantravelers have had their visas denied at the point of entry and this is why youshouldn’t travel without an appropriate travel insurance policy
TYPICAL COST OF TRAVEL INSURANCE IN NIGERIA (2019)
The cost of travel insurance from Nigeria varies and generally depends on two factors. The first is the duration of travel and the second in the country of destination. See below:
TRAVEL INSURANCE CLAIMS
Travel insurance claims are requests made to the insurance policy provider in the event that you have encountered a situation or suffered a loss covered by your travel insurance policy. For example, if your flight was unduly delayed, or your baggage was damaged/stolen in transit or you fell ill while travelling outside Nigeria. In any of these circ*mstances (as in many others), you will be entitled to make a claim so you can be adequately compensated/reimbursed for any expenses suffered as a result of the aforementioned situation.
Because of the international nature of travel insurance, most travel insurance policy providers in Nigeria have partnerships with insurance service providers abroad so that no matter where you travel to, you are able to make and process and get paid on a claim in due time. However, it is important that you should ask and find out the medium by which you would be able to reach out to either your policy provider back home or to their international partners in the case the need arises.
For most policy providers, channelssuch as emails and their website integrated chat systems would suffice to beginthe process, for others you would be required to contact your insurer, fill aclaims form that explains the circ*mstances of the make available your travelinsurance policy certificate
TRAVEL INSURANCE CLAIMS GUIDELINES
In situations like this, mostpeople tend to find the use of an insurance broker extremely helpful becausehaving a broker means you don’t have to worry about the technicalities of theprocess to making a claim and getting it fulfilled.
However, if you’re going to behandling the process yourself, it is important that you comply with thefollowing general rules as well as you can:
- Reportthe claim as quickly as possible: Most insurance policies have a stipulatedtime period within which your report has to be made. Be sure you know what thisperiod is and do not exceed it.
- Filland submit the claims form: It is important that you provide your insurer withall the necessary information they require to process your claims. The earlierthey get these information and any other supporting documents (where applicablelike a receipt in the case of stolen items or a Dr’s note in the case of anillness), the better.
- Donot admit any liability to a third party: This simply means not to takeresponsibility for a y loss where a third party is involved. For example, donot take responsibility for the damage of your baggage with an airline. Doingsomething like this or its equivalent would make it difficult for your insurerto hold the airline or any other third party liable.
- Donot exaggerate the claim: Claiming you lost more than you actually didinvalidates the entire claim if you’re found out. As tempting as this might be,do not attempt it and lastly …
- Givefull disclosure of the issues surrounding your claim: When you’re giving youraccount of the loss you suffered, try to give as comprehensive a narration asyou can, leaving out no details. This will help to provide the insurer with afull picture of the event and adds credibility to your claim
Local claims are typically resolvedwithin 48 hours after notification while international travel resolution timesvary from one insurance company to the other (depending on how good theirservice delivery is)
WHAT TO DO IF YOUR CLAIM IS DENIED?
Again, this is another reason whyinsurance brokers are advisable as they can advise appropriately and help toresolve all claims denial issues but if you do not have one, your best courseof action is to reach out to the customer care unit of the insurance companywhich usually an arm of the business that is independent of the claims processingunit and your case can be reviewed to make sure all parties involved aresatisfied
