Importance of Travel Insurance for Indians Applying for Schengen Visa

The Schengen visa is one of the sought-after visas among Indians visiting Europe. For tourists looking to enjoy the scenic beauty of Europe, knowing everything about this visa is compulsory. You must understand that there are several eligibility criteria that you must fulfil first to get the Schengen visa.

One such criterion is having travel insurance that provides adequate coverage for your entire journey. In this blog, we will cover all you need to know about the importance of travel insurance and the requirements for the Schengen visa.  

Do You Need Travel Insurance for a Schengen Visa?

Yes, it is compulsory to have travel insurance for a Schengen visa. It will cover the cost of medical care, emergency transfers, flight delays or cancellations, theft of passports, and more. Your visa application will be rejected if you do not have a valid insurance policy. The travel insurance ensures that you are financially protected during your Europe trip. 

What is the Minimum Amount of Coverage for Schengen Visa Travel Insurance?

The minimum coverage amount for travel insurance to get the Schengen Visa is €30,000. At current rates, this amount is close to Rs. 32 lakh. You must check the latest exchange rates to know how much this amount is in Rupees.

Which Factors Affect the Cost of Schengen Visa Travel Insurance?

The cost of international travel insurance for a Schengen visa depends on several factors. We have listed some of them below:

⦁    Your Age: Age is one of the most critical factors for determining the premium for travel insurance. If your age is higher, it will also lead to a higher premium. The insurance companies will evaluate your health profile as riskier, leading to a higher premium.

⦁    Duration of the Trip: The insurance premium for travel insurance is calculated based on the duration of your trip. The longer your stay, the more expensive the insurance will be. This is because a longer stay increases the chances of something going wrong, thus adding to the costs the insurer will have to cover.

⦁    Medical History: Your medical history has a powerful influence on the cost of your Schengen visa travel insurance. If you have never suffered any serious medical illness in the past, you will pay a lower premium. On the other hand, if you have suffered serious medical illnesses in the past, it will lead to an increased premium. 

What is the Importance of Travel Insurance?

International travel insurance protects you against a lot of unpredictable situations. So, here is how travel insurance is an essential component for your Schengen visa:

⦁    Coverage for Medical Emergencies: Medical expenditure costs are high in most Schengen countries. From hospitalisation to medicines, you need to be prepared for several expenses. You could burn a hole through your pocket if you had to pay for these. Thankfully, your travel insurance will cover your medical expenses so you can enjoy your trip smoothly.

⦁    Travel Insurance Provides Assistance: From finding a nearby hospital to filing claims correctly, a travel insurance provider can help whenever you need assistance. When you have valid travel insurance, the insurer must help you whenever you need assistance. 

⦁    Coverage for Trip Cancellation or Trip Interruption: Unforeseeable incidents such as illness, family emergencies, or bad weather may arise that lead to trip cancellations or interruptions. Since flight tickets, hotel bookings, and tour packages are non-refundable, travel insurance covers a portion of expenses lost by assuming non-refundable expenses.

⦁    Lost Baggage or Theft of Personal Belongings: Travel plans may be jeopardised if the airlines misplace your baggage. Travel insurance pays for lost or delayed baggage and covers essential items such as passports or travel documents.

⦁    Personal Liability Coverage: If a traveller accidentally causes property damage or injures another person, travel insurance covers legal expenses and compensation claims, protecting against financial liabilities. However, you need to have appropriate coverage in your policy to claim loss in such situations.

⦁    Covering Adventure Sports and Activities: If you plan to engage in activities like skiing, scuba diving, or trekking, you can also get coverage for injuries or accidents related to high-risk sports. Some policies also include search and rescue expenses.

⦁    Flight Delays and Missed Connections: Travel insurance compensates for the additional costs incurred because of flight delays, cancellations, or missed connections.

Bottom Line

Travel insurance is a potential lifesaver when travelling to any Schengen country. From medical emergencies to travel hazards such as losing vital documents, it will protect you in difficult situations. With travel insurance, you will have peace of mind and enjoy your trip peacefully.