Everyone loves to travel and explore different places. Traveling brings peace and joy and gives a much-needed break from the hustle and bustle of daily life. This is the reason why you spend countless hours planning the perfect itinerary so that you don’t face unpleasant surprises on your trip. Many of you also buy a travel insurance plan to secure your trip against any financial contingencies. In fact, if you are visiting any Schengen country, you would have to buy a travel insurance policy (it is mandatory you see).
A travel insurance policy is a very good addition to your travel plans. However, you should not buy any travel insurance plan blindly. Ask these questions before you finalize on a travel insurance plan:
What is the coverage offered by the plan?
Though most travel insurance plans offer almost the same coverage, there are some features, which might or might not necessarily be in all the travel insurance plans.
For instance, pre-existing illnesses are usually excluded from a travel insurance policy unless specifically covered. Similarly, compassionate visits, insurance for your home when you are travelling, Golfer’s Hole-in-one, etc. might be available in some plans and excluded in others. So, understand the coverage features of the plan before you buy one.
- How much Sum Assured should be taken?
Usually, travel insurance plans offer a coverage level ranging from USD 50,000 to USD 5 lakhs. When choosing the Sum Insured for your travel insurance plan, consider your requirements carefully.
If you were travelling alone, a lower Sum Insured would be sufficient. However, if you are travelling with family, you should not be stingy in choosing the coverage level. Go for an optimal level plan to ensure a decent coverage amount for the entire family travelling together.
- What are the exclusions in the plan?
Though travel insurance plans cover almost all types of financial contingencies when traveling, there are certain situations and their financial implications, which are excluded from the plan.
Some common exclusions include
- Medical complications arising out of pre-existing illnesses and their treatment costs,
- Accidents or injury suffered due to alcohol or drug abuse,
- Participation in adventure sports,
- Attempted suicide and their related costs, etc.
You should know these exclusions before you buy the policy.
- When to buy the travel insurance plan?
It is always advised to buy a travel insurance plan immediately after you plan your trip and make advance bookings. If bought early, a travel insurance policy would compensate you for any financial losses you might face if you cancel the trip due to unavoidable circumstances. This falls under the trip curtailment coverage feature of the plan. Thus, the money lost on advance bookings can be regained by buying a travel insurance policy in advance.
- Who should be covered under the plan?
Everyone who is travelling should be covered under the travel insurance plan. If you are traveling alone, it’s you. If, however, you are travelling with your family, you should insure each member under the insurance plan.
- Which plan should be bought?
There are different types of travel insurance plans available in the market. These types include:
- Individual travel insurance plans – these plans are designed for the single traveler.
- Family travel insurance plans – these plans are for the entire family traveling together.
- Senior citizen travel insurance plans – these plans are made specifically for covering senior citizens when they travel. As such, the coverage features of the plan are different from normal travel insurance plans.
- Student travel insurance plans – these plans are meant for students travelling abroad for higher studies. These plans have unique coverage features suitable for a student traveler.
- Single trip travel plans – these plans cover a single trip taken
- Multi-trip annual plans – these plans are suitable for frequent flyers who travel multiple times in a year. Multi-trip plans prove cheaper than single-trip plans for frequent travelers.
So, you should choose the plan as per your travel needs.
- How to buy the travel insurance policy?
There are various ways to buy a travel insurance policy. However, you should always compare before buying a travel insurance plan. Comparing gives you an opportunity to differentiate between the travel insurance plans available in the market with respect to their coverage, features and the premium charged. You can then choose a plan that meets your requirements with a pocket-friendly rate of premium, if you compare quotes of different insurers before buying a travel insurance plan.
These are the things, which you should know when you set out to insure your trip under a travel insurance plan so remember these points, buy a plan carefully and enjoy your trip.