Travel Insurance

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Cuprins

Insurance Basics 3

Tips when purchasing insurance 4

Allianz Tiriac 5

Grupama Asigurari 8

Generali 12

Comparision-general aspects of the companies 18

Comparision – risks 19

Comparision – exclusions 20

Conclusions 21

References 22

Annex 25

Extras din document

Insurance basics

Living in an insecure world, there are so many risks at which you are exposed to. Risk is defined, as uncertainty concerning the occurrence of a loss (Rejda, 2008). Taking into account that people do not like to assume big risks, especially, when it comes to their own life or goods, they choose to transfer the risk to another party, which is called insurer.

Travelling for pleasure or business became popular in Romania, after 1989, when everybody was allowed to travel easier without visa, this is the main reason why travel insurance became common among people who know that there are unpredictable situations that may occur that could cancel the trip or they can be in the situation to seek for medical help.

Travel insurance is a temporary short-term insurance used when a person wants to travel abroad for a limited period of time. This kind of insurance covers the unforeseen risks for only one trip or for two or more trips (called “multi-trip”) and it doesn’t cover the foreseeable events that occur during that period of time. (Anderson, 2013)

Under the name of “travel insurance” we can include the trip cancellation insurance, international health insurance, evacuation-only plans and flight insurance (such as baggage delay insurance).

This kind of insurance is bought from the insurance company that has the headquarters in the country of origin of the insured. The insured has the possibility to buy the insurance in the moment in which he books the travel, before the departure or even shortly after the departure, depending on the insurance conditions (Anon., 2014). Moreover, it is important to mention that the insured will be reimbursed only for non-refundable expenses (Anderson, 2013).

The premium of the insurance varies, because it depends on the age of the insured, pre-existing conditions (Jacobs, 2013) and type of coverage, the length of the trip and its cost (Anderson, 2013). Most policies require you to pay between 5 and 7% of the cost of the trip (Money Adviser, 2012).

Travel insurance covers a wide range of risks that differ from one company to another. The most common ones are cancellation, delayed departure, loss, theft or damage to personal possessions and money, personal liability. Some insurance companies cover even the risk of death in that period (Badea, 2003).

Tips when purchasing insurance

Whenever you as an insured sign the insurance contract, you should pay attention to the special part dedicated to excluded events, which has already been mentioned are different from one company to another, such as: war at any nature, drug or medicine consumption if not prescribed by an authorized doctor, consumption of alcohol, suicide attempts and their consequences, participation of the insured to sport events of any kind, participation of the insured in demonstrations, rebellions, public events that are against the law (Badea, 2003).

If you have health insurance through your job do not ask questions about your other insurance. This can be a real plus if you want to avoid out-of-pocket expenses (Rick, 2010).

For extensive coverage, go with a big-name company and avoid buying insurance from a no-name company you found online (Rick, 2010). Analyze more than one insurance company in order to make a comparison upon insurance policies and costs and choose the one that fits your needs.

According to Wall Street journal, all of the insurances offered by the above mentioned companies are in top 10: Allianz Tiriac on the 7th, Groupama on the 6th, and, last but not least, Generali on the 2nd place, by taking into consideration the most important factors that determine people to choose an insurance, such as price or covered risks (Alexandrescu, 2010).

The fundamentals of current business foundation of Allianz-Tiriac Insurance were made in 1994, in the same time with the establishment of insurance company “Ion Tiriac” SA (ASIT). Starting from scratch, the company quickly installed in top of hierarchy of the private insurance operators. Accelerated growth of the volume of business conducted, brought ASIT, in just six years of existence, to the second position among the insurance leaders in Romania.

Allianz-Tiriac currently offers a full range of products and services, in all segments of the insurance - auto, property, liability, life, health - but also in the management of private pensions. Progressive diversification of the product range in line with customer needs and their permanent adaptation to continuously demand trends, were the strategy elements which influenced the development of Allianz-Tiriac balanced business. On medium and long term period, the priority of Allianz-Tiriac is to become the number one in the preferences of its customers, through products and protection and planning services that it offers.

Currently, Allianz brand is represented in more than 70 countries worldwide. On each of the business segments in which it operates, supplies and liability insurance, life and health insurance, namely asset management. Allianz Group has gained international recognition for both the professionalism and expertise of their representatives, and the soundness of business conducted.

Allianz-Tiriac provides two types of travel insurance: MULTITRAVEL insurance and Voyage insurance.

Bibliografie

1. Jacobs, D., 2013, Play Hard, Forbes [pdf] Available at: <http://eds.b.ebscohost.com/eds/pdfviewer/pdfviewer?sid=f9917f91-164a-49c1-ad4b-e97b8cfa96f9%40sessionmgr198&vid=2&hid=109> [Accessed 25 March 2014]

2. Anderson, J., 2013, Vacantion Protection, Kiplinger's Personal Finance, 67(8), 51; Money Adviser, 2012, Do you need travel insurance?, Consumer Reports, [pdf] Available at: <http://eds.b.ebscohost.com/eds/detail?sid=182a379a-5816-448b-a9ef-c0a8890f94c3%40sessionmgr114&vid=1&hid=109&bdata=Jmxhbmc9cm8mc2l0ZT1lZHMtbGl2ZQ%3d%3d#db=bth&AN=76625763> [Accessed 25 March 2014]

3. Money Adviser, 2012, Do you need travel insurance?, Consumer Reports, [pdf] Available at: <http://eds.b.ebscohost.com/eds/detail?sid=182a379a-5816-448b-a9ef-c0a8890f94c3%40sessionmgr114&vid=1&hid=109&bdata=Jmxhbmc9cm8mc2l0ZT1lZHMtbGl2ZQ%3d%3d#db=bth&AN=76625763> [Accessed 25 March 2014]

4. Rejda, G. E., 2008. Principles of risk management and insurance. Boston: Addison-Wesley.

5. Badea, D. G., 2003. Insurance and reinsurance. Bucuresti: Editura economica.

6. Rick Steves, 2012, Do I need travel insurance?,Ricksteves.com [online] Available at: <http://www.ricksteves.com/travel-tips/trip-planning/travel-insurance> [Accessed 25 March 2014]

7. Alexandrescu, P., 2010, Top asigurari medicale de calatorie in strainatate, Wall-Street, [online] Available at: <http://www.wall-street.ro/top/Money/88115/Top-asigurari-medicale-de-calatorie-in-strainatate/4/Locul-6-Groupama-Asigurari.html> [Accessed 26 March 2014]

8. Anonymous, 2014, Travel insurance, Wikitravel [online] Available at: <http://wikitravel.org/en/Travel_insurance> [Accessed 26 March 2014]

9. Banca Transilvania, 2010, Conditii de asigurare Groupama, [pdf] Available at: http://www.bancatransilvania.ro/uploads/conditii_asigurare-Groupama-2010.pdf [Accessed 26 March 2014]

10. Groupama Asigurari, 2011, În caz de daună - Asigurarea medicală de călătorie în străinătate, [online] Available at: http://www.groupama.ro/servicii/in-caz-de-dauna-/asigurare-de-s-n-tate-pentru-c-l-torii-n-str-in-tate/-n-caz-de-daun-asigurare-de-s-n-tate-pentru-c-l-torii-n-str-in-tate-@/article.jspz?id=45776 [Accessed 26 March 2014]

11. Generali Asigurari, 2013, Conditii de asigurare privind polita de calatorie in strainatate “Turist”, [pdf] Available at: www.generali.ro/files/materiale/2013/07/12/Conditii_Turist.pdf [Accessed 24 March 2014]

12. Generali Asigurari, 2013, Conditii de asigurare privind polita de calatorie in strainatate “Turist”, [pdf] Available at: www.generalitravel.ro/_res/pdf/conditii_de_asigurare_turist_cheap_5.pdf?v=7 [Accessed 24 March 2014]

13. Generali Asigurari, 2013, Conditii de asigurare privind polita de calatorie in strainatate “Turist Plus Premium”, [pdf] available at: http://www.generali.ro/files/materiale/2013/07/12/Conditii_Turist_Plus_Premium.pdf [Accessed 24 March 2014]

14. Generali Asigurari, 2013, Conditii de asigurare privind polita pentru sporturi extreme “Xtreme Adventure”, [pdf] Available at: http://www.generali.ro/files/materiale/2013/07/12/Conditii_XTREME.pdf [Accessed 24 March 2014]

15. Generali Asigurari, 2013, Asigurari de calatorie, [pdf] Available at: http://www.generali.ro/files/materiale/2013/04/03/Fisa_th_Travel.pdf [Accessed 24 March 2014]

16. Allianz-Tiriac, 2011, Asigurare calatorii – Riscuri acoperite de asigurarea Multitravel, [online] Available at: http://www.allianztiriac.ro/asigurari-persoane-fizice/asigurare-calatorii

17. Allianz-Tiriac, 2011, Asigurare calatorii – Riscuri acoperite de asigurarea Voiaj, [online] Available at: http://www.allianztiriac.ro/asigurari-persoane-fizice/asigurare-calatorii

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