5 Things to Consider Before Buying Travel Insurance
You may have to catch a flight for your long planned vacation or a business meeting. With the closing vacation season, airline companies are known to slash the prices of their tickets and you may be getting some heavy discounts. This might have given you some slack in your travel budget. However, have you ever thought of increasing the safety of your travel with these saved funds?
Every journey is filled with ups and downs and your tour will not be different from it. At times, your flights may get delayed or the stay at the hotel may extend. Accidental hospitalization and loss of luggage can seriously blow up all your travel plans, and may burn a hole in your pocket. Moreover, what if you lose vital documents during your tour? To overcome all such problems, it is advisable to purchase travel insurance for every international journey.
Before you purchase any of the available travel policies provided by general insurers, take a look at these 5 basic tips to fetch a better plan.
1> Choose the type of plan
There are different types of travel policies available in the market. Based on the frequency of international journeys, two distinct types of plans are commonly purchased. If you happen to fly for a short vacation that spans for a few days, then it is recommended to buy a single-trip plan. However, if you happen to be a frequent flyer, who has to attend several international conferences or business meetings, then a multi-trip annual plan is recommended. According to the frequency of journeys, the premium for the plan will vary.
2> Decide the cover
The medical expenses incurred during international travels differ from country to country. As a result, you should plan the sum assured amount accordingly. Western countries like USA have costly medical facilities as compared to Eastern countries like Japan. Depending on the destination, you can tweak your sum assured and the eventual premium amount.
3> Look for add-ons
If you are just going to spend all your time doing leisure activities, then go for a regular plan. However, if you have opted for adventure sports in your vacation or are planning to visit some hazardous project site, then opt for other health add-ons or riders. Some companies also allow increasing the cover of your home insurance by providing extra benefits with travel policy.
4> Plan the duration
The premium for the travel plan will vary according to the duration of international stay. So, it is advised that you plan your vacation carefully, and then fill the policy registration papers. For longer stays, higher premium is charged by the general insurer.
5> Watch out for claims history
Before choosing any insurer, do some research about the company’s settlement process. Check whether they have an online claim filing process as well as a toll free assistance number. Moreover, check the reviews of settled claims in order to understand the claim process of different insurance companies. Select the company, which has settled claims readily and easily.
Follow these five things to buy a good travel insurance policy for your international journeys.