5 Affordable Travel Insurance Companies In Ghana

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Travel Insurance Companies In Ghana
Travel Insurance Companies In Ghana

Taking a trip, be it a weekend getaway or a multi-week excursion around the world, needs advance planning and can rack up significant expenses. 

Unanticipated events such as an injury, illness, travel delays, or natural disasters could cut a trip short, leaving you with additional expenses that you were not prepared for. 

There are a variety of insurance choices available to assist in keeping you financially safe. 

A product known as travel insurance is an insurance policy that compensates the policyholder for unforeseen financial losses sustained as a result of traveling either worldwide or inside their own country.

In most cases, only unexpected medical costs incurred while traveling abroad are covered by basic policies. 

Comprehensive policies, on the other hand, typically include protection against the costs of trip cancellation, lost luggage, flight delays, public liability, and other expenses.

What Does Travel Insurance Cover?

The majority of insurance policies for vacations cover unexpected medical expenses, the possibility of trip cancellation or interruption, delays, the cost of medical evacuation, and lost, damaged, or stolen luggage.

Rental-car damage, pre-existing conditions, and trip cancellation for any reason are some of the other things that can be covered by travel insurance, depending on which plan you select and when you get it.

Let’s break that down and look at how travel insurance can cover the three major concerns that you have when you go on vacation: yourself, the experiences you have, and the goods you bring with you (including where you stay on your trip).

Types of travel insurance: 

There are several types of categories of travel insurance including:

Trip cancellation

Your pre-paid travel expenses will be reimbursed in the event that you are unable to take your trip for a cause that is covered by your insurance policy. It is customarily incorporated into each and every all-inclusive policy.

Your trip will typically be refunded if it is canceled due to the following reasons: an unexpected illness or injury that renders you or a traveling companion unfit to travel; the hospitalization or death of a non-traveling family member; issues with the weather or the common carrier; an unforeseen natural disaster at either your home or the destination; a legal obligation such as being called for jury duty or serving as a witness in court; or an unexpected natural disaster at either the home or the destination.

Healthcare for travelers and major medical care. It protects you in the event that you become sick or wounded while you are traveling. Medical coverage for a limited amount of time is provided by travel insurance.

Emergency medical evacuation 

Offers protection for services like air evacuation and medical transportation to the nearest adequate medical facility and then back home, if those destinations are required by the circumstances. 

If you are going to be traveling to a more remote place that does not have easy access to medical services, you should consider purchasing this type of coverage.

In the unfortunate event that a person passes away while they are away from home, repatriation coverage will pay for the appropriate transportation arrangements to be made by the insurer.

Accidental death and dismemberment 

Coverage is provided to beneficiaries in the event that you pass away as a result of an accident while on the trip, and a monetary payment is made to you if the accident causes you to lose a hand, foot, limb, or your sight.

Some plans are applicable exclusively in the event of an accident that takes place on an aircraft.

Baggage loss 

Reimbursements in the event of the loss of personal property or baggage.

Policies known as “Cancel For Any Reason” (CFAR). These insurance are often more expensive and will only reimburse you for a certain proportion of your total travel expenses.

It makes no difference why the reservation was canceled.

You are required to purchase insurance for all of your pre-paid and non-refundable charges, and there is typically a window of opportunity within which cancellations can be made.

In most cases, CFAR plans are provided in addition to the trip cancellation coverage as an additional add-on option.

5 Affordable Travel Insurance Companies In Ghana

Below is a list of the five affordable travel insurance companies in Ghana.

#1. Allianz Insurance Company Ghana LTD

Allianz Insurance Company Ghana
Allianz Insurance Company Ghana

Address: Patrice Lumumba St, Accra, Ghana

Phone: +233 30 276 4893

In 2009, Allianz began offering non-life insurance policies in the Ghanaian market.

Motor, home, travel, injury, and disability insurance are just some of the many products and services they offer.

Allianz Insurance also provides coverage for small and medium-sized businesses through its insuring of public liability, assets, construction, transportation, and cyber crime.

Bancassurance arrangements between Allianz and Société Générale Ghana and Ecobank Ghana.

Allianz presently operates in 12 African nations and 49 African marketplaces to better serve its customers.

In 2020, the organization’s 1,167 workers generated 371 million euro in regional sales.

In Africa, Allianz insures 1.7 million low-income families and individuals through its micro-insurance program.

Life insurance operations by Allianz in Ghana began in December 2017, with an official launch on May 24, 2018.

Pure Life Insurance, Credit Life, Funeral, Education, Savings & Investments are just a few of the many services we provide to individuals, small businesses, and large corporations. Micro insurance is another product they provide for the underserved.

#2.Unique Insurance Company Limited, Head Office

Unique Insurance Company Limited
Unique Insurance Company Limited

Address: No. 86 N Ridge Cres St, Accra, Ghana

Phone: +233 30 224 8174

As a firm authorized to insure General Insurance by the Ghana National Insurance Commission, Unique Insurance (UIC) has been in operation since its incorporation in October 1999.

UIC is involved in other insurance groups as well, including the Ghana Insurers Association.

International Co-operative and Mutual Insurance Federation (ICMIF) member Unique Insurance Company Limited controls 30 percent of the world’s insurance market and has a presence in 72 countries through its 200 member insurance firms.

Only one other company in Ghana’s insurance association is called Unique Insurance Company Limited.

Their mission is to provide our customers with a comprehensive suite of cutting-edge insurance options at fair pricing, generate sustainable profits for their investors, and inspire their dedicated staff.

#3. Safety Insurance Brokers Limited (SIBL) – {Vanguard Foreign Travel Insurance}

Sibl logo email header

Address: 17 Ankobea Street, Kumasi, Ghana

Phone: +233 55 663 6110

Incorporated in 1999 as a Limited Liability Company, Safety Insurance Brokers Limited (SIBL) is wholly owned by Ghanaian citizens.

In addition to being fully licensed and regulated by the National Insurance Commission (NIC), SIBL is able to offer its vast variety of services to a broad range of local and international business and individual clients in the insurance markets. When you hire them, you’ll get these particular services:

Insurance for Risk Management Services Services in Health Care Insurance Claims Brokerage, Management, and Advice.

SIBL operates under a business units’ model due to their capacity to build agreements with consortiums of insurers to provide specialized policies to companies, trade groups, and other significant organizations in the insurance industry.

Currently, SIBL is divided into eight (8) departments:

  • Hotelier Insurance Business Unit
  • Foreign Travel Insurance Business Unit
  • Life Insurance Business Unit
  • Traditional Insurance Business Unit
  • Motor Insurance Business Unit
  • Energy Insurance Business Unit
  • Marine Insurance Business Unit
  • Health Insurance Division

This setup allows them to run these departments efficiently, with the end objective of providing first-rate customer care to each and every one of their valued customers.

#4.Vanguard Assurance Company Limited

1554305596546849948684945645

Address: 25 Independence Ave, Accra, Ghana

Phone: +233 55 662 0111

Vanguard Assurance is a leader in the industry not just because of its dedication to providing excellent service but also because of how quickly it pays out claims.

Vanguard Assurance has earned widespread goodwill thanks to its history of promptly paying legitimate claims. Over Forty Million Ghana Cedis were paid out in claims by Vanguard Assurance in 2015 alone (GHC 40,000,000).

Several prestigious organizations, like the Chartered Institute of Marketing Ghana, The Ghana Club 100, and the Insurance Brokers Association of Ghana, have recognized them for their outstanding claims payout and customer service.

As of right now, Vanguard Assurance is a Vanguard Group company that writes only non-life insurance policies.

Vanguard Assurance was a pioneer in the insurance industry, and its influence can be seen in the proliferation of the businesses that followed in its wake.

  • Vanguard Life Assurance Company Limited
  • Ghana Leasing Company
  • CAL Bank
  • Vanguard Properties Development Company Limited
  • Juaben Rural Bank

#5. Enterprise Insurance Company Limited – Airport Branch

Enterprise Insurance Company Limited
Enterprise Insurance Company Limited

Address: 47 Patrice Lumumba St, Accra, Ghana

Phone: +233 59 307 1638

Fire, marine, auto, general accident, and specialized insurance are just a few of the specializations of Enterprise Insurance Company Limited (EIC),  a top-tier insurance provider.

The GCR of South Africa has given the company an AA rating for its stability and claims-paying capabilities.

The EIC was founded in 1924 and is the longest continuously operating Ghanaian insurance company. It operates as an affiliate of Enterprise Group PLC.

It is intended for use by anyone going abroad from Ghana.

It provides the following benefits:

  • Medical expenses arising from an illness(es), bodily injury and or hospitalization costs up to 30,000 Euros,
  • Repatriation to Ghana after treatment
  • Repatriation of policyholder’s corpse or ashes to Ghana
  • Repatriation of child(ren) of policyholder under 16years insured under the same policy
  • Baggage loss/delay
  • Personal Accident

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Conclusion

These insurance organizations in Ghana are, to a significant part, reasonably priced, and as a result, you would not be required to pay some additional money to acquire a travel insurance policy.

It is highly recommended that you purchase travel insurance before departing from Ghana for any destination, as this will allow you to travel worry-free.