Tips to choose the best travel insurance plan

Whether you wish to travel within the country or abroad, you should buy an insurance policy to cover various kinds of risk factors. You should spend your private or business trip without any hassles. Hence, a careful consideration of relevant risks is very much important. In spite of cautious planning, you cannot avoid certain misfortunes. By going through the travel insurance policies offered by reputed companies, you can understand features and it is possible to settle for the best travel plan.

Plan based on your requirements

You can buy Domestic Travel Insurance Plan which can cover all your travel-related risk factors in a very efficient manner. The plan should cover health issues, travel issues and indemnity issues. You should assess your requirements and a matching policy should be bought from the insurance company.

  • Service provided by the insurance company – You should be aware of the service and support offered by the insurance company. When you buy a policy from a reputed insurance company, you will get a phone and email support. You can reach the dedicated helpline and the insurance company will guide you in managing the timely help.
  • Check for a policy with an existing insurance company – If you had already bought an insurance policy to cover your life or health or house, you can find out the available travel insurance options from the same company. By bundling two or more policies, the insurance company will offer a discount on the premium.
  • Policy duration – The duration of the policy should be as per the frequency of visits. If you are making a novice visit to a foreign country, you can buy a single trip insurance policy. On the other hand, business executives and frequent travelers can opt for a multi-trip insurance policy. The premium payable for a multi-trip insurance policy will be efficient than the premium paid towards a single trip insurance policy. In some cases, you may want to extend the duration of the trip due to various reasons. Hence, you should choose a plan which can be extended for a few days or weeks.
  • Insurance cover – The insurance policy that you purchase from the insurance company should cover the geographical area that you are travelling to. If the insurance policy offers partial coverage, there will be a loss of money. Hence, you should inquire about the insurance company before purchasing a plan so that unpleasant surprises can be avoided.
  • Type of insurance policy – There are different types of insurance policies. You can buy an individual or family type of insurance policy. There are policies specially designed to cater to the needs of couples. If you buy a family travel insurance plan, the premium will be low and all the family members will be covered under a single plan.
  • Plan for senior citizens – Insurance Company offers a policy for senior citizens. The requirements of a senior citizen will be different from other citizens. The risk with seniors will also be high.
  • Medical tests – Most of the insurance companies will not warrant a medical examination before issuing a travel insurance plan. However, the insurance company may ask people who are over 65 years of age to offer a comprehensive travel insurance plan to them.
  • Medical cover – The insurance plan should offer widespread medical cover. The travel insurance is mandatory to travel to most of the European countries, the US and Canada. Hence, you should be aware of the insurance cover offered by your insurance company. The coverage should be sufficient to pay your medical bills.
  • Declaration of pre-existing diseases – If you are suffering from pre-existing health issues, you should declare them in the insurance proposal form. The non-disclosure of health information will lead to rejection of the insurance claim. Hence, you should be aware of the terms and conditions of the insurance policy.
  • Coverage of luggage – The insurance policy should cover the luggage and personal belongings. If you lose items during transit or stay, there will be great inconvenience. Hence, the insurance will cover the loss of luggage or delay of luggage collection at the airport.
  • Insurance cover for valuable items – If there are valuable items in your travel bag, you should declare those items in the insurance application form. As you declare the type of item, specification and value, the insurance company will pay compensation for the loss of items.
  • Trip cancellation – In some cases, your trip may be cancelled due to health issues or demise of close family member. You may want to cancel the trip. Hence, the ‘trip cancellation’ clause should be included in the insurance plan so that you can overcome major financial loss. As soon as your travel itinerary is planned, you should buy a travel insurance policy so that the trip cancellation will also be covered by the plan.
  • Claim limits – You should be aware of the claim limits under various heads. The travel insurance company will apply limits for various risk factors such as medical expenses, repatriation of mortal remains, trip cancellation/curtailment, flight/train delay, missed departure, travel abandonment, baggage cover, and personal liability cover.
  • Must-have features – Certain features should be always included in your travel insurance policy. These features are dental emergency, emergency cash, loss of passport, hijacking and terrorism.
  • Customization of policy – The insurance policy should be customized to fulfill your needs. If you are undergoing adventure sports, you should mention the same in the application form so that the insurance company will cover the risk by collecting additional premium. On the other hand, you can forego certain risk factors which are not relevant to the place of travel.
  • Be aware of the exclusions of the policy – The travel insurance company will not cover certain risk factors. You should be aware of those risk factors. For example, the travel insurance policy will not cover mental disorders and self-inflicted injuries. The addiction to drugs or alcohol and negligence on the part of the insured in avoiding the damage will not be covered by the insurance policy.
  • Cashless hospitalization The insurance company should offer the cashless hospitalization facility. If you are visiting a foreign country, you should collect the E card from the travel insurance company. The travel insurance company will maintain a network of hospitals in various countries and cashless hospitalization is offered to fulfill the needs of customers.

Benefits of online insurance policy

Now, you can Buy Travel Insurance Online and the existing policy can be renewed from the comforts of your home or office. There are many advantages of buying a travel insurance policy online.

  • Lower premium – The insurance premium paid towards an online travel insurance policy is lower than the offline policy or a policy purchased with the help of an agent. The mediator will be eliminated and the insurance company will not want to pay the commission for the agent. Hence, you can buy online travel insurance policy at a great discount.
  • Convenience – You will save time and effort by buying and renewing an insurance policy online.
  • Comparison of policies – You can compare travel insurance policies across various insurance companies and it is possible to settle for the best policy as per your requirements. An informed choice can be made when you compare various insurance policies.
  • Premium calculator – Online premium calculators will be helpful. You can find the sum assured and compensation paid by the insurance company for various risk factors.
  • Claim submission – You can submit and track claims online so that there will be great convenience.

Claims process

Insured person should be aware of the claims process. The travel insurance company will issue the policy by imposing various terms and conditions. You should be aware of the conditions and they should be fulfilled without fail.

  • If there is an emergency, you should contact the insurance company by email or phone. The situation should be ascertained to the support team so that your request will be registered and there will not be delay in processing the claims.
  • Relevant documents such as passport, visa and original bills should be submitted to the insurance company. The surveyor appointed by the insurance company will assess the claim and the claim will be processed accordingly.
  • You should be aware of the claim settlement ratio of the insurance company. As you choose a travel insurance policy from a company with a highest claim settlement ratio, your claim will be settled quickly.

Conclusion

Whether you are planning a domestic or foreign trip, you should buy the best travel insurance policy which can cover various risk factors in a very efficient manner. You will l have absolute peace of mind when you are covered by a travel insurance plan. However, you should choose the most appropriate insurance policy to fulfill your needs. The policy features are more important than the policy premium. When you buy the right kind of travel insurance policy from a reputed insurance company, you will get best support and the claims can be processed in a seamless manner.