It is very important to have a travel insurance plan while you are travelling within the country or abroad. It safeguards you from the different dangers that are associated with travelling. The following factors should be kept in mind while choosing a travel insurance plan.
Top 8 things you should keep in mind while buying Travel Insurance:-
- There are many risks associated with travelling that could jeopardize your vacation. Your baggage could be lost, you and your family members could meet with an accident and sustain injuries, an outbreak of riot or violence may occur at your destination. It is, thus, necessary to evaluate the risks of travelling to the particular place. If you are interested in adventure sports and the place where you are vacationing offers many such sports, the expenses and consequences of an injury should be taken into account. Therefore, on the basis of your travel destination and the associated risks, you should choose an appropriate cover for your security.
- In countries with high medical cost such as Canada and US, travel insurance in more expensive in comparison to countries like Sri Lanka where medical costs are much lower. Also you have to pay higher premiums for countries which are more prone to natural disasters such as earthquakes and cyclones. Travelling to countries with political unrest is also considered risky and demand higher premiums.
- The duration of your travel also determines the value of your premium. If you are travelling to a country for 15 days it would cost you way more than if you visited the place for a week.
- If you travel for business, you can choose a plan for a single trip. If you have to fly frequently for your work, you can opt for a multi trip plan. On the basis of your requirements, other types of plans are also offered by the insurance companies that are solely designed for senior citizens, students or leisure travellers.
- Travelling to a different country for treatment purposes can be very expensive. So the sum assured should be decided on the basis of your travel destination and the expenses of your treatment in that particular country. Also keep in mind that you will have to pay a higher premium for a higher assured sum.
- There are certain add-ons available that are designed to suit specific needs. You can opt for them as they are not included in your travel insurance plan and the premium of your insurance increases as you keep adding them. If you are carrying expensive items or important documents, you can apply for transit insurance along with your travel insurance plan. If you choose to visit more than one country in a single trip, you can choose the missed connection covers. Also there is a bail bond insurance that will provide legal assistance if you get arrested in a foreign country.
- Before purchasing a policy, you should look into the facilities offered by your insurer and try to understand whether they are efficient in providing service. They should have a toll-free helpline number, emergency assistance provider, well-networked access to hospitals and other facilities.
- It is very necessary to check the claim settlement ratio of the company before buying a plan to ensure that they do not delay while settling the claim. A higher claim settlement ratio indicates that the company is reliable.