How to choose travel insurance?
In order to get comprehensive coverage and maximum benefits out of your travel insurance policy, you need to understand what the ideal plan for yourself would be and buy a policy accordingly. Unfortunately, there is no formula that tells you how to choose the right travel insurance, and blindly purchasing a policy that your friend purchased while travelling abroad is not the right way of buying one either.
If you are in two minds about how to choose travel insurance, go through the article below to reduce your struggle of buying an insurance.
Things to consider before you choose travel insurance:
Your travel destination and the purpose of travel feature right on top of the checklist. Travel insurance for a person, who is a frequent flyer to an international destination and wants a comprehensive policy, will not be the same as an insurance policy for someone who is on a domestic trip. Similarly, if you are travelling abroad and have to change multiple flights, the chances of facing an unforeseen event are significantly higher. For such trips, you are better off with a policy that provides you significant coverage for loss or theft of baggage and hospitalisation expenses, etc. In contrast, if you are traveling to a nearby destination on a weekend, getting travel insurance that provides coverage for delayed or lost baggage may be sufficient.
The medical history of the policyholder and the beneficiaries of the travel insurance play an essential role in deciding which travel insurance you should choose. After all, you don’t want any compromise when it comes to the safety of your loved ones in an unknown destination. Before signing the policy documents, make sure that the policy covers pre-existing diseases. A travel insurance policy that doesn’t cover such diseases may not count for anything when you have to rush to the hospital while you are travelling.
- Choose travel insurance smartly by paying close attention to the coverage limits of each item. Even if the total sum insured is Rs. 10 lakh, the baggage claim may be capped at Rs. 5 lakh. So, if you are carrying something extremely valuable in your luggage, make sure to ask your insurer to increase the cover for baggage.
Knowing the exclusions is as important as knowing the coverage. For example, you may have planned for a scuba diving session during your trip. If your travel insurance policy has a specific exclusion for adventure sports, then you may not be able to raise any claim in case you meet with an accident during such an activity.
Make sure that you have read and understood the specific terms of the insurer regarding the cancellation coverage of your travel insurance plan. Cancellation coverage is useful when you may need to suddenly cancel your trip for various reasons, such as a pandemic outbreak that makes travelling impossible or any medical emergency in your family.
Once you know how much you are willing to pay as the premium, it is time to compare the policies. Look at the coverage, benefits, and insured amount carefully to get the best deal for your money. Make use of insurance aggregator websites to filter out the best policies that suit your requirements.
How to choose the right travel insurance is a question that bothers every traveller as soon as they think of getting a travel insurance to protect them from unforeseen emergencies in an unknown place. Using these above pointers can help you select the right travel insurance policy. Have a great time on your vacation.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.