It is dream come true for few who are planning to travel abroad. We make sure everything planned but majority of us forget to think like, what will happen if some unwanted incidents happens like health issues, loss of valuables or loss of cash. In such a situation travel insurance will come into handy.
They are very cheap, as the coverage is for limited period. But many forget to buy it if it is not compulsory in their travel. So let us understand what are the things you need to take care of while buying such travel insurance products.
1) Duration of Travel-You must know that travelling in India without any travel insurance will not be necessary. But while travelling abroad, you must have travel insurance. Hence always plan to buy travel insurance when you are leaving country. Your premium will depend on duration of travel. Higher the duration higher will be premium. Also if you are a frequent traveler then there are certain policies meant for such kind of travelers. They will cost you cheaper than buying a policy every time you travel. Hence duration and frequency of travel very much effect your premium.
2) Destination of Travel-Your premium will be set depending on your travel destination. Because in some countries like USA or Canada medical cost is highest compare to other countries. Hence insurers at beginning itself get your information about destination. Based on this they will fix the premium. They usually offer like countries to USA or Canada, except USA or Canada or worldwide travel (this includes USA and Canada)
3) Age of Traveler-Your premium depends on your age. So higher the age higher will be premium. Exactly like health insurance, in travel insurance too companies offer senior citizen travel insurance.
4) Individual or Family-If you are individual then opt for individual plan. But if you are travelling with your family then it is always better to opt for family travel insurance. Because this will cost you cheaper than going for individual plans.
5) Nature of Travel-Usually if the travel includes adventures kind of activities then premium will raise automatically. Because risk involves of meeting with accident is at higher end. Hence specify the nature of travel while buying like business, adventures or holiday travel.
6) Nature of Coverage-It is complicated process for an individual to go through all inclusion and exclusion of policy document. Still it is better to go through each wordings like what type of medical insurance is covered under policy, what are the riders added or what about the existing disease.
7) Contact details of Insurers-You are buying this insurance for the emergencies during your travel. Hence once you buy the plan better to get the information like how the claim process will be done, whom you need to contact or toll free numbers to contact. Because during emergencies especially when you are abroad quick service will actually be handy.
It is tedious process to compare the travel insurance and make sure you that any particular plan is best. But I tried to do some comparison here by considering the basic needs. Hope the below comparison will be helpful for you in choosing the right travel insurance plan.
As said above, I did this comparison considering the basic things one need to arrive at judging the premium. Also above list is not exhaustive in nature. Hence before proceeding to buy the product go through the policy features in detail. Also I left product comparison related to domestic travel insurance as I don’t think it will be necessary than for international travel.