Buying a travel insurance policy can be your sole discretion unlike car insurance which is mandatory as per law but it is advised to have one if you alone or with your family is travelling to a foreign land. The purpose of the travel can be anything ranging from business to vacation to study but don’t try to ignore that.
Your travel insurance policy is not just a travel plan but it is a mixture of both a travel and medical plan. The products which Indian insurers are providing today are all combinations. The cover offered by insurance providers may vary from provider to provider but there are few common things which every travel insurance policy covers, which are:
1. Overseas Medical expenses
2. Accidental death or injury
3. Loss, theft or damage to personal possessions, money, travel documents
4. Delayed baggage, Loss of baggage, Emergency replacement of essential items
5. Loss of passport
6. Trip delay
7. Missed connecting flight due to delay
8. Trip Cancellation expenses due to unforeseen weather conditions, etc.
9. Overseas Dental Treatment
Keeping view the challenges, travel insurance becomes a mandatory thing when you are considering traveling outside but selecting the best policy which fits to your needs is not a very easy task to do. Considering the challenges in making informed decisions, below is list of factors which one should consider before buying a travel insurance plan
1. Location of travel: Premium varies depending on the location of visit. Places with higher cost of medical services, the corresponding premium would always be high. Today insurance companies generally offer variants as per locations like including USA, Excluding USA, within in Asia etc. Even countries which are perceived to more risky the premium charged to the policyholder also become equally expensive compared to the opposite
While analyzing upon vast range of offerings which are there in the market try to narrow down your choices as per location.
2. Frequency or duration of stay: Travel insurance plans offers covers for a trip duration ranging between 30 days t0 180 days. It is always advised to select the right period to get the right premium. The premium may increase or decrease depending on this period. If you are frequent traveler and travel multiple times during the year, one should always look for Multi trip annual policies rather buying new policy every time he or she travels. A multi trip policy helps you to save a lot on the premium that you pay.
3. Age of members travelling: Travel policies generally come with two basic variants. One suited for individual needs and other for family. It is always advised to buy a family policy over individual policy for each family member because of the price differential. While considering a family policy one thing that needs to be kept in mind is the age of the members. If a member in a group falls in the age group of equal to or more than 65 then it will increase the risk associated to the whole group. So in a situation like this always choose a separate individual policy for the senior person.
4. Purpose of travel: Make sure you share with your insurers the right objective behind the travel. Regular travel insurance doesn’t cover risk associated with adventure travel and something similar to it. So mandatory disclosure of purpose may lead you to pay a bit more premium but the hassles of the claims will always not be there.
There are multiple offerings in the market .Every insurance company has its own set of offerings which may or may not fit according to your need. Prefer doing an online comparison keeping in view the points discussed above so that you can always make an informed decision.