Believe me! You are not the only one who undervalues the importance of travel insurance coverage. Most people label it as a product for worrywart. It is one of those topics that understandably gets minimum consideration and is often relegated to the ‘may be’ item list of their vacation planning.
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However, medical emergencies, thefts, accidents and legal threats on foreign & domestic trips are enough to wreck your personal finances. So, it makes sense to buy travel insurance which offers coverage against all unforeseen events including but not limited to loss of passport, baggage delay, trip cancellation and personal accident.
Picking an appropriate plan is a daunting task owing to dizzying variety of options available in the market. Here are some factors to consider before buying the right travel insurance plan.
There are various plans to meet divergent needs- A single plan for a short travel, a multi- annual trip plan for frequent fliers and specially designed plans for students & senior citizens going abroad for a longer duration. The premium will also depend on the type of plan chosen.
Longer stays mean higher premium. For instance, Tata AIG’s single trip platinum cover (sum insured $5,00,000) for a 32 years old for 15 days costs Rs 1,994. If you extend it for another seven days, the same plan costs Rs 2,230.
Your age and health play a vital role in underwriting your travel plans. Pre- existing ailments and illness related to alcoholism and drugs are covered with caveat and conditions.
Decide the cover size on the basis of country or city where you are intending to travel. For instance, medical cost is significantly higher in European countries than South Asian nations and this factor becomes critical for premium calculation. Choose your cover wisely.
Is it only sleep and sightseeing or you have adventurous plans for the trip? If your itinerary includes sporting activities like skiing, water sports, trekking, etc, you better fill the gap in travel cover by getting special coverage by paying extra.
Do not treat travel insurance as ‘just paperwork’. Conduct a systematic analysis of companies and their offerings like payment options, claim settlement ratio, network of hospitals, discounts and freebies offered, before deciding on the plan. Evaluate risks you are likely to face on an upcoming trip and choose a best plan to avoid glitches during trip.
After all, your dream of celebrating your birthday in London or experiencing Australian Outback should not be derailed by events which are out of your control!