Broadly insurance means a contract to provide compensation for loss, damage or death of the insured individual or company. It can also be seen as a saving by way of paying premiums as a security against unforeseen circumstances with the help of an organized body called an insurance company or financial institution.

There is nothing constant than change itself. Future has always been unknown. Earlier we were advised to save for rainy days yet it was always insufficient in the face of contingency. This saving lacked the methodical approach which is in accordance to future resources and requirements.

Travel Insurance is the contract to cover the probable loss, theft, damage or medical expense incurred while traveling within the country or internationally.

I personally would not have been convinced about purchasing travel insurance for europe whenever I went traveling if I would not have witnessed the benefits and consequences of it.

My cousin John and his best friend Mike decided to go to Amsterdam for the Christmas and New Year. They were having a gala time until both of them met with

an accident on the New Years Eve. They intended to board the flight next day early for London .So they decided to checkout of the hotel and hire a cab till it was required to drive to the airport. They kept their belongings in the cab and went out to party the whole night. They started for the airport in the early hours of the morning. On the way to the airport their vehicle collided with a truck. John suffered minor injuries and Mike broke his leg. In the confusion someone stole their belongings which also included their travel insurance for europe documents, camera, and money and hand phones. It was a horrid experience being stranded in the middle of an unknown place with no resources. Then with the help of local bodies there they somehow managed to reach back home. John was reimbursed seventy percent of his losses because he was covered by travel insurance whereas Mikes losses were irrevocable as he refused to buy a travel Insurance even after being repeatedly advised by John. Now even if it means an additional expense of 15 percent to my travel cost I still get my self appropriately insured for my travel needs.

There are travel insurance for europe that cover you for different travel needs. The trick is to buy the one which is tailor made for your travel. Some of the common risks that are covered by insurance agencies or banks are listed below.

1. Cancellations;

Emergencies always come without notice which makes you cancel your bookings at the last moment. Travel insurance covers you for these circumstances against cancellation charges. Terms and conditions differ for every insurance.

Reasons for cancellation can be serious illness, death of you or serious illness or death of the person traveling with you. Cancellations in the middle of your trip due to certain circumstances which needs you to return home in the middle of your trip like a theft or somebody is serious or business requirement.

2. Curtailment.

This is for Emergency medical assistance following an injury, serious illness or death of you. It requires the insured person or some assistant contact the emergency medical assistance services and inform them about the situation. Furnishing them with the required documents to claim for the additional costs incurred for an early return.

3. Emergency Hospitalization;

This insurance covers for Emergency medical attention following hospitalization or required to be treated as an out patient overseas. In this case insurance agencies directly deal with the hospital and arrange for the bills to be paid and arrange for airlift for repatriation.

4. Loss or theft of passport and travel documents.

This covers you up to the limit mentioned on the policy purchased. One has to provide receipts of the expenses incurred. This usually does not apply if one travels in United Kingdom

5. Theft, loss or damage of baggage and personal belongings;

Insured person is reimbursed up t he limit and after deducting the wear and tear cost or depreciating value.

6. Winter sports and adventure sports;

It covers you or anyone for whom you are buying the insurance participates in various sports and activities to limit mention. Some are covered under winter sports, adventure sports and aerial sports. It is mandatory to adhere to all the regular conditions formulated by different sports bodies.

General Instructions;

1. Insurance policies are predefined explaining exactly what that particular travel insurance would cover.

2. It summaries all the limits or extent one person will be reimbursed as per the policy purchased.

3. Insurance Policies can be classified into individual policy, family policies or group policies.

4. All policies are valid for a specific time frame such as one trip, half yearly or annual insurance policies.

5. Insurances also vary in regions like a worldwide policy, European policy or United States or Asian policies which covers you when you travel to these places.

6. All insurances agencies have different set of claiming procedures. It is important to understand and follow the instructions as stated.

7. Insurances vary in age groups like senior citizen insurance, adult or child insurance where age groups are clearly defined.

8. If a person is traveling in European Union countries he/she needs to have European health insurance card with out which he would get any medical aid.

9. Medical assistance in Australia will be provided only if you have yourself registered with Medicare Australia. For further information log on to www.medicareaustralia.gov.au.

10. Avoid carrying expensive articles with you and take utmost care of your belongings because even if you get reimbursed it will never be hundred percent recoveries. Contact the respective agency numbers immediately after the loss, theft, damage, accident or situation which requires medical attention.

One life is too short to travel the globe but what better way to travel there can be if you have your peace of mind insured.