Pickpocketing and thefts are crimes prevalent in all countries. When you are travelling to a foreign land, the country releases travel tips to help people avoid such incidents. However, if you become a victim of theft or robbery, the financial loss can be exponential, especially if your credit cards and/or traveller cheques are stolen.
Many people wonder if a travel insurance offers coverage for such losses. While it is impossible for the insurer to cover the exact loss of money, many insurers offer emergency cash advances – a fixed amount as per the policy that is paid to you in such cases.
When you buy travel insurance online, make sure that the policy includes this feature. In this article, we will talk about how you can get emergency cash through your international travel insurance policy.
Understanding Emergency Cash Advance
While medical cover, loss of baggage cover, and emergency medical evacuation are some of the benefits of an international travel insurance policy that are usually talked about, there are many lesser-known benefits offered by these policies. One such benefit is an emergency cash advance.
As per the terms of this feature, the insurer pays a fixed amount to the policyholder if he is a victim of burglary or theft of his money, wallet, and/or luggage. If you are travelling on business travel insurance, then make sure that you check with the insurer if this facility is available.
While many people buy travellers insurance full coverage policies, they are not aware of all the benefits offered by them. When you are in a foreign country, you are exposed to various risks, including common crimes like pickpocketing and theft. These incidents leave you without money in an unknown country. It can be overwhelming and highly stressful as you cannot get anywhere or do anything if you lose your wallet or cash. In such situations, the insurer ensures you receive emergency cash through its network.
Things to Remember Before Availing of the Emergency Cash Advance Service
- You can file a claim for loss of funds or wallet only while you are on the trip. Insurers will not accept a claim request filed after the trip is over.
- The first thing you need to do if you are a victim of theft is, report the incident to the local police.
- Ensure you get a written copy of your police complaint within 24 hours of the crime. The insurance provider will require this document to process your claim.
- If your credit cards have been stolen, make sure you call the issuing bank and get the blocked as soon as possible to avoid further losses.
- If your traveller cheques are stolen or lost, then make sure that you contact the issuing authorities for appropriate action immediately.
- It is important to note that this facility is only available if you lose your funds during your journey. Currency rate fluctuations, sudden price increases, and other factors that can lead to a shortage of funds on your trip are not covered under this feature.
High-density tourist places and crowded tourist destinations are often hotspots for pickpockets and thieves. While we are busy exploring and experiencing the place, our money or wallet could get stolen. This can be a harrowing experience, especially if you are in a country where English is not commonly spoken. Being stranded in a foreign country without cash can lead to panic and worsen the situation.
However, if you have a travel insurance plan with an emergency cash advance, you can be assured that the insurer has your back. It will ensure that you receive funds as soon as possible using its network. Ensure you look for this feature while buying an overseas travel insurance policy. Good Luck!