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*Price shown is for a 30 day trip to Thailand with 1 lakh dollar coverage for an adult of age 25 years
If you’re here, then kudos to your interest in travel insurance! Almost everyone undervalues the importance of travel insurance coverage, labelling it as a product for worrywarts. We hope that this article will help you buy travel insurance based on key factors!
Travel insurance is one of those topics that understandably gets minimum consideration and is often relegated to the ‘may be’ item list of their vacation planning. However, medical emergencies, thefts, accidents and legal threats on foreign & domestic trips are enough to wreck your personal finances. In this case, nothing works better than trip insurance.
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.
However, picking an appropriate plan is a daunting task owing to the dizzying variety of options available in the market. If you are struggling to find the perfect travel insurance for your trip, here are some tips about how to choose travel insurance:
Frequent fliers are people who travel abroad more than 2-3 times a year. Whereas people who only travel once or twice in a year at most have different requirements.
There are various plans to meet divergent needs- A single plan for a short trip, 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. It’s obvious that a longer plan will cost more.
Longer stays abroad mean higher premiums. For instance, anyone travelling for a short 1-week trip to the UK will cost way less than someone who’s going for a month. The travel insurance company will need to provide an extended coverage for a longer trip which has a higher risk of raising a claim due to various concerns.
Your age and health play a vital role in underwriting your international travel insurance plans. Someone in their 20s with no health issues will find better coverage and lower premiums as compared to a senior traveller. People with pre-existing ailments and illnesses often need to pay more premiums. Similarly, those facing problems related to alcoholism and drugs are covered with caveats and conditions.
Decide the cover size on the basis of the country or city where you are intending to travel. Most insurers offer different plans based on the geographic location you’re headed to. There are country-specific trip insurance plans such as Europe travel insurance, USA travel insurance etc. For instance, medical cost is significantly higher in European countries than in South Asian nations and this factor becomes critical for premium calculation. Choose your cover wisely keeping in mind the required sum insured.
Is it only sleep and sightseeing or do 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. Most insurance plans don’t cover any medical expenses caused due to adventure sports. Thankfully, you can always buy an adventure sports cover along with your comprehensive travel insurance plan to have a safe and adventurous time there.
While some of the basic factors are already clear by now, it’s good to know what to consider when buying travel insurance:
Hopefully, these tips throw some light on how to shop for travel insurance. Don’t treat travel insurance as ‘just paperwork’. Conduct a systematic analysis of companies and their offerings like payment options, claim settlement ratio, the 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 plan to avoid glitches during the trip.
After all, your dream of celebrating your birthday in London or experiencing the Australian Outback should not be derailed by events which are out of your control!
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms, and conditions, please read the sales brochure carefully before concluding a sale.
Policybazaar Insurance Brokers Private Limited, Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 | CIN: U74999HR2014PTC053454 | Policybazaar is registered as a Composite Broker | Registration No. 742, Valid till 09/06/2024 | License category - Composite Broker | Contact Us | Legal and Admin Policies
*Price shown is for a 30 day trip to Thailand with 1 lakh dollar coverage for an adult of age 25 years