Travel is fun and exciting! You make arrangements for the necessary funds, apply for the visa, book your tickets, and wait for the fun part to begin. Your excitement level is at peak and you become a little impatient as you wait. Amidst all this, most of the people usually forget to buy travel insurance or they keep delaying it. When they realize that they are yet to buy the travel insurance, it is too late. In the hurry, they buy the first plan they come across as they are running short on time and can’t afford to research and compare, as these things take time.
When it comes to buying any insurance policy, adequate coverage is the key point. In order to get the max out of travel insurance, it is recommended to buy a policy soon after your tickets are confirmed. However, with the help of sufficient coverage, unnecessary expenses can surely be avoided.
A travel insurance policy is an important component of any holiday or business trip. Before you zero in on an insurance policy, you need to decide that what level of coverage you actually require. The coverage depends on a variety of factors like from how frequently you travel to which specific location etc.
For instance, opting for a worldwide yearly plan is of no use if you need to visit Europe just once. Also, solo insurance plan won’t be of any use if you have planned an exotic vacation with your family.
It is of utmost importance to decide what is suitable and what is unsuitable for you and then zero in on any plan of your choice.
The below mentioned are some reasons why you should prioritize having a travel insurance policy, as it can help you save your hard-earned money. The following are 10 tips that will help you in buying sufficient travel insurance coverage without making a hole in your pocket:
1. Annual Coverage vs. Single Trip
For someone who travels to a foreign country more than two times in a year, opting for a yearly multi-trip policy is a wise move, as it is the top cost-effective alternative.
A single trip policy is recommended in case you travel on a yearly basis and end up having one trip every year. When it comes to cost saving, a single trip policy is the best option to go for.
2. Thinking in regard to the Travel Destination that You Want to Travel is Necessary
In case you opt for a yearly plan because you do not wish to explore outside the Europe, you should restrict the policy coverage specifically to the European travel. In this way, you will get sufficient coverage and you won’t be wasting your money on the coverage that is never required.
Keep this in your mind too; if you wish to go ahead with exploring outside the Europe, then you can simply extend your coverage. However, it may cost you some additional charges.
3. Blend the Coverage for Couples and Families
When you mix up the coverage for couples and families, it works wonder in your favor. You save more because you don’t have to insure each family member separately.
4. Keep in Mind the Excess Amount
An excess amount is defined as the sum of money that an insured has to pay towards any claim. You might have noticed that when the excess amount is higher, the policy is cheaper. Always make sure you are at ease with the selected level. Filing a claim is worth it or not, generally depends entirely on the excess amount.
For instance, if a piece of furniture worth Rs. 4000 was stolen during your holidays and you had just Rs. 2500, the insurer will pay the remaining sum worth, i.e. Rs. 1500 for the value of that furniture piece.
5. Check if you have an Insurance Already
If you have a bank account that is paid-for or a premium credit card, chances are high that you might have travel insurance already.
Try and avoid overlapping the cover so that you don’t end up paying double for the same cover. It can complicate the claims and you may have to pay more at the time of policy renewal.
6. Check the Personal Belongings Coverage Limitation
Most of the travelers take valuable items like jewelry, a camcorder or camera, mobile phone or other handheld electronic gizmos and gadgets etc. with them when they travel abroad. This makes having the proper coverage for your personal belongings extremely important.
7. Refrain from Over-Insuring or Under-Insuring Yourself
Over-insuring clearly means overpaying, which is for the unnecessary cover. In other words, when you over-insure, you end up paying for more coverage that you don’t even require. It won’t be beneficial for you when you need to file a claim.
At the same time, don’t be under-insured either, as it could leave you paying up for the expenses from your own pocket if you don’t have sufficient coverage.
Adequate coverage is necessary. Otherwise, you will be paying more and getting less in return.
8. Think before you Purchase Insurance from a Travel Broker
When you purchase a holiday package from a travel broker, the broker will try his level best to sell you a travel insurance plan. He would do so to earn extra money as his commission. Buying travel insurance from a travel broker is not recommended because he will offer you limited insurance options and you will end up making an uninformed choice.
9. Compare in order to get a Good Deal
A comparison would give you a clear picture of the pros and cons of the travel insurance plans
You can use various comparison sites and compare various travel insurance plans. It will give you quick results and that too easily.
|You may like to Read: How to get the best deals on travel insurance?|
10. Get the Right Cover
Last but not the least, getting the right cover is a significant component of buying a travel insurance plan, which you must ensure when purchasing a policy. Otherwise, the purpose of having a travel insurance policy is not fulfilled.
Just keep in mind that the cheapest coverage isn't the right coverage. Keep your needs in mind and don’t take any travel-related risk.
Now, you know how helpful travel insurance cover is. In order to get the best travel insurance plan, compare inclusions and exclusions of various plans available online. Make sure you get sufficient coverage so that the purpose of buying travel insurance is fulfilled. Buying travel insurance online is convenient and hassle-free and you might get additional benefits too.
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