Do’s and Don'ts that will Save Your Money on Travel Insurance
- DetailsWritten by PolicyBazaar -
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Updated date : 15 May 2019
While just planning a vacation everyone gets thrilled and keyed up to pack their bags and head straight out their doors to travel around whatever corner they like. While spontaneous and random expeditions are fun, it is really important to be prepared for your next trip in advance.
How would you that? Well, of course, you’ll need a checklist before heading out for your trip.
You must keep this list handy, basis for your destination. However, despite the destination, you should not miss out on buying travel insurance.
In fact, travel insurance must be your top priority.
Well, there are countless reasons to support this notion. However, a few of them are listed below. You must always buy travel insurance before departing on your trip.
Everything doesn’t always go According to Your Plan:
Life is uncertain and anything can happen anytime, anywhere. Knowing that you’re covered with travel insurance, you can enjoy your vacation to the fullest.
Well, there’s always a possibility of getting injured or any other sort of emergency situation. Thankfully, with a travel insurance policy, you don’t have to worry about encountering problems, which could possibly put a damper on your cherished vacation.
Medical Expenses are covered by Travel Insurance:
While you’re travelling overseas, the last thing you’d want to happen is to get sick. Why? One, this will ruin your trip; second, medical expenses abroad can deploy your entire budget. Here’s where travel insurance policy offers protection against the currency fluctuations, although you pay your premium in local currency; however, all the claims you incur are in foreign currency.
Disruptions in your Vacation are also covered:
Sometimes, travelling can be hectic and a few things you just can’t control. You might have to cancel your trip due to various reasons, your flight can get cancelled, or you might suddenly have to get back home.
What happens in such circumstances?
Well, without travel insurance, such circumstances might cost you a fortune or even burn a hole in your pocket.
Hey, don’t worry, travel insurance come in handy in situations like these.
Losses can be covered by Travel Insurance:
Generally, most of the airports are busy, and you might lose your luggage. Well, it is quite usual. However, having a travel insurance policy can save you from such mishaps. It protects you against the risk of losing baggage and necessary documents (like passport, etc.)
Now that you’ve gone through the importance of having travel insurance, we’ll proceed to the do’s and don’ts of buying travel insurance.
What should you do?
Talking about the do’s of buying travel insurance, here’s a rundown to some key factors to be taken into account, while finalising your travel insurance plan:
Go through the Policy before buying one:
Travelling time is not a time where you’d want bad surprises. You have to know exactly what your travel plan entails and what it covers. Most insurance plans are generally sold in form of packages – you must read the fine prints of the policy, which includes the inclusions and exclusions of the travel insurance plan.
What else can you do?
Well, you can make a list of things that you need to be covered by thinking of the practicality of every trip you’ve been on.
Compare Policy Quotes Online:
It is vital that you invest time and do thorough research on various prices of travel insurance policies from different insurance companies. Nevertheless, the best possible way to carry this out is doing online research. There are numerous web insurance aggregators where you can compare the quotes from different insurance companies depending on your specific requirements. You can also get an estimated amount of premium to be paid for the policy you choose.
Take Advice on Travel Insurance:
During such times, you can take advice from your friends or acquaintances, or usually, individuals who have past experiences with travel insurance policies can be helpful. Asking around may be the traditional way to know about travel insurance; however, this can be ones of the best ways to know about it. There are times where travel insurance providers accidentally withhold crucial and essential information that might be helpful to you in the long run. Nevertheless, when you ask your friends who have bought travel insurance in the past, they’ll likely provide you with all the minute and necessary details and stipulations.
Buy Travel Insurance Just after Booking your Trip:
As said earlier, one of the major secrets to a successful vacation is to be prepared with travel insurance before the exact date of your vacation. Hence, as soon as you make reservations for your trip, it is shrewd to buy a travel insurance policy. By doing so, you’re at a higher chance of availing travel discounts and you might even get extra coverage. The prices of insurance are to go up when the time of travel gets closer.
Make Digital Version and Copies of Insurance Policy Document:
Once you’ve decided which travel insurance plan you’re going to buy, make copies of the document of the policy, and save the digital versions of the same for future use. By doing this, you’ll have access to your documents anytime and anywhere across the globe.
What you shouldn’t do?
Now that we’ve discussed the ‘do’s’, let’s have a look at the ‘don’ts’:
Don’t Pay for Single Trip Plan if you’re a Frequent Traveller:
Many people often make the mistake of making payment for a single trip plan when they’re planning to have more than one destination or take multi-trips for one year. They have a wrong notion and they think that this will be economical.
Well, this is a myth. You must always go for an annual travel insurance policy that can reduce the cost significantly. This gives heads up to the additional bonus of peace of mind as you know that you’ll have coverage against various risks for any last-minute excursions or trips while buying travel insurance plan might not be top of mind.
Don’t Just Buy Cheap Travel Insurance Policy:
Buying a travel insurance plan can be a tedious and confusing task. You must not go for a travel plan because it’s cheap. There’s a high possibility the insurance doesn’t offer cover against some things that might be of great importance during your expedition. You must also not purchase the most expensive insurance as it will make you pay extra for offering extra cover for unnecessary things. You must ensure to find the plan, which offers cover for what you need.
Don’t Forget to Mention your Medical Conditions, if any:
In case you fall sick due to some pre-existing medical condition or the one, which comes up between exhausting your travel insurance cover and begin the trip, your travel plan won’t pay out if you don’t mention your medical conditions while buying the policy. This will not just pay your hospital bills abroad, but you’ll also miss out on the coverage of the missed flights (if any) or the onward travel plan due to hospitalisation and enforced rest.
Don’t let your Travel Insurance Plan Lapse:
Sometimes, various things happen, and for some reason, you have to extend your trip. In such circumstances, you must immediately get in touch with your travel insurance provider and intimate them of your trip’s extension. In case you fail to so, your travel insurance policy might get lapsed, and consequently, you’ll be at risk and peril of not being insured for some time.
Don’t Just Cling on to Free Insurance:
If you’ve bought a travel insurance policy from your credit card or bank account, you must ensure you go through the fine prints of the document of the policy thoroughly.
Many of such credit cards and banks cover a few things; they may end up not offering cover against important and essential items. You have to be covered fully for your trip.
In a Nutshell!
The peace of mind offered by travel insurance is indeed valued every penny you spent on it. Don’t just let additional cost deter you from purchasing proper coverage for you. Travel insurance offers cover for the most crucial and vital things that you require during your trip. Before you buy a travel insurance policy, just make sure to make your two cents’ worth related to the do’s and don’ts.
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