When we’re planning a trip to another city or country, we throw caution to the winds and hope that everything will go smoothly. However, we can often be caught in the middle of unanticipated situations like the loss of baggage, health emergencies or theft. Though we often brush aside the notion of taking travel insurance, it is during times like these that travel insurance in fact, comes to our rescue. So how do we decide which travel insurance deal is best suited to our needs? This is how you can go about safeguarding yourself, by opting for the best travel insurance.
It is not wise to wait till the last minute to purchase travel insurance; you should in fact, conduct some research in advance. Familiarize yourself with travel insurance jargon and pick a policy that provides you the coverage you are looking for within your budget. Look through varied products covering annual multi-trip insurance, Schengen travel, senior citizen travel and international travel, for instance. Do not rely wholly on an agent; agents are paid commissions to push certain policies which is why they might not be picking the best travel insurance policy for you.
While shortlisting policies, you should compare benefits offered by different brands and also factor in customer feedback on online forums to get the best deal in travel insurance. You could even get a quote online as most websites provide this service, or call the customer service number see if you are eligible for special offers or discounts.
Consider the Travel Insurance cover, not the price
While shopping for a travel insurance policy, price often ends up being the deal breaker. This might not be the best strategy if the policy does not cover the most important scenarios for which insurance is needed.
When buying travel insurance, select a policy should that covers:
Since a medical emergency is a very real possibility, this is particularly critical because even tending to a minor dental emergency can set you back INR 80,000.
Loss of baggage
Assuming that you’re carrying valuables, jewellery or electronics with you, insurance provides you immunity against loss of baggage. Some plans also cover the loss of your passport and provide you with a duplicate passport and related expenses that are incurred.
Trip cancellation and interruption
There might be a scenario where we have to cancel a trip last minute due to some emergency. Airline tickets can often levy a cancellation fee or be non-refundable. This is where travel insurance comes into play. Depending on the inclusions of the policy, individuals can claim a reimbursement. This is also valid in the case of a political emergency or weather-related set-backs. Even during interruptions, where the flight is delayed, will be covered under the policy.
Check for What is Not Covered in Travel Insurance
Each insurance plan would have a list of inclusions and exclusions in terms of the events under which claims are covered. You should read the documents carefully and consider all situations before settling on a policy. For example, some plans might not cover any medical expenses incurred directly or indirectly if the policyholder travels against the advice of a physician.
Familiarize yourself with the Travel Insurance claim settlement process
It is important to be mindful of the process involved in settling claims, so that when an emergency hits, you are well equipped to handle it. You should also make sure that you adhere to the deadlines provided and the documentation needed for reimbursements.
Check the refund policy of Travel Insurance
Sometimes, travel plans might change or a trip might be cut short. In such cases, some of the best travel insurance plans in the market provide a partial refund or a refund on a pro rata basis, provided no claims have been made and the policy lies within the validity date. Make sure you have the contact details of the insurer handy at all times.
There are a plethora of options available for both domestic and international travel, from which you can choose the travel insurance best for you. Ensure that you have factored in frequency of travel, the number of individuals to be covered and region of travel, as the premium changes on the basis of these factors. For frequent travelers, an annual overseas insurance plan just might work out to be more economical. Check the policy duration before purchasing a travel insurance plan before signing on the dotted line and enjoy travelling safe and stress-free thereon.
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