How to Buy the Best Travel Insurance in 6 Simple Steps?

You should buy a travel insurance plan to fulfill your trip without any issues. As you purchase a home insurance policy to protect your home, you should purchase a travel insurance plan to protect your trip. All the risks from the beginning of the trip to the end of the trip will be covered by the travel insurance plan. If you are sick or injured, the travel insurance will offer medical coverage. It is not only important to buy a travel insurance plan but also to choose the right type of insurance plan. 

1. Selection of a travel insurance plan

The risks associated with each trip will be different. The risks you face on the trip are different from the risks faced by your friend or relative. Hence, you should assess the insurance requirements in a precise manner so that you will settle for the best insurance plan. 

If you are new to the insurance plan, you can take the help of an insurance advisor. The online insurance comparison websites will help you choose the most appropriate insurance plan as per your needs. 

• Check the coverage

The travel insurance company should offer high coverage. Hence, you should be aware of the ‘sum assured’ by the insurance company under various heads. You should check the medical expenses, loss of checked-in package, delay in the checked-in package, loss of passport, personal liability and deductible parameters. 

• Emergency evacuation 

A typical travel insurance company offers medical repatriation coverage in between $50,000 and $2,50,000. You should be aware of the coverage offered for the emergency evacuation. There is health as well as political reasons which demand emergency evacuation. 

• Maximum coverage 

You should strive to get maximum coverage under various heads. The travel insurance policy should cover emergency medical expenses, hospital cash allowance, accidental death or permanent total disability, loss of baggage or personal belongings, delay of checked-in baggage, personal liability, hijack distress allowance, contingency travel benefits, financial emergency assistance, trip delay, compassionate visit and return of the minor child. A student travel insurance will offer sponsor protection as well. 

• Factors which affect the travel insurance premium 

You should be aware of the factors which influence the travel insurance premium. The insurance premium is based on the ‘sum assured’, trip duration, covers offered, play type, health condition of the insured and age. 

• Insurance calculator 

The travel insurance calculator is a helpful aid to calculate the insurance premium. You can cross-check various conditions which influence the premium. By entering certain inputs, you can find the insurance premium. The premium will change as per the single or multi-trip plan. The other factors which influence the premium include geographical location, start date, end date, type of trip and the number of members involved in the trip. You can get quotes from various insurance companies and it is possible to settle for the best insurance plan. 

2. Online travel insurance policy

You can buy an online travel insurance policy from the comforts of your home or office. The travel policy shopping can be done very easily from your laptop/desktop or smartphone. 

• What is not covered by the travel insurance?

You should be aware of the risk factors which are not covered by the insurance policy. 

• Pre-existing health issues – The insurance company will not cover pre-existing health issues. 
• Accidents due to participation in adventure sports – If the insured is injured due to the participation in adventure sports, the insurance company is not liable for damages. 
• Carelessness in safeguarding the luggage – If there is carelessness on the part of the insured in safeguarding the luggage and personal belongings, the insurance company may reject the claim. 
• Theft coverage – The theft coverage is not applicable if you leave the baggage unattended. 
• Traveling against the advisory – If you travel against the advisory given by the government, the insurance company can reject the claim. 

3. Benefits of a travel insurance plan

A travel insurance plan is different from a health insurance plan. It will cover emergency medical issues as well as travel-related issues. The loss of baggage, the delay of baggage, delay of flight, trip cancellation or trip postponement can be covered by a travel insurance plan. 

There are various types of travel insurance plans which can be selected as per your needs. 

Student travel insurance plan – It will fulfill the needs of the student to carry on the studies without any interruption. If there is the death of the sponsor, the insurance plan can help in getting reimbursement of the tuition fee. A travel insurance plan will cover the loss of luggage and delay in collecting the checked-in baggage as well. It will also cover the personal indemnity. The loss of passport and other travel documents will lead to great financial stress. You will get compensation from the insurance company in the event of the loss of travel documents. 

You can also buy the following types of insurance plans as per your needs: 

• Domestic travel insurance plan – The insurance plan will fulfill the domestic travel insurance needs. Even though you have a health insurance policy, the benefits offered by the domestic travel insurance plan are high. 
• International travel insurance plan – Your trips to various countries will be fulfilled in the best possible way by choosing an international travel insurance policy. A travel insurance policy can be purchased in India with Indian currency and you will get benefits 4in foreign countries. 
• Senior citizen insurance plan – The senior citizen insurance plan will fulfill the needs of senior citizens. The risks associated with senior citizens are met efficiently with the senior citizen insurance plan. 
• Family travel insurance plan – All the family members are covered by a single insurance plan. It is a cost-effective insurance plan. 
• Group travel insurance plan – A group of people traveling together will be covered by a single insurance plan. 
• Asia travel insurance plan – If you are traveling to Asian countries, you can choose the Asia travel insurance plan. The insurance premium will be lower than an international insurance policy. 
• Single trip travel insurance plan – If you buy a single trip travel insurance plan, it will cover a single trip only. The plan is expensive. 
• Multi-trip travel insurance plan – A multi-trip travel insurance plan will be inexpensive. If you are a frequent traveler, you should want to subscribe to multi-trip plan so that there will be great savings. 

4. Are there loopholes in a travel insurance policy?

You should not purchase a travel insurance plan for the namesake. It should fulfill the purpose in a very efficient manner. The Overseas Travel Insurance Policy should cover most of the travel-related risk factors. 

Even though you purchase the best travel insurance plan, it will come with certain limitations. Hence, you should be aware of those limitations. If you have not gone through the fine print in the insurance policy, you may want to go through unpleasant surprises while making the claim. 

The travel insurance should not be considered as a replacement for your health insurance. The health insurance will cover even though you travel to a distant country. Hence, you should be aware of the coverage offered by the health insurance plan as well as the travel insurance plan. 

You should disclose complete information about your health and trip. If you fail to provide accurate details about the journey, the insurance company may reject the claim. 

5. Selection of the best travel insurance company

You should choose the best travel insurance company based on the following factors:

• Premium – The insurance premium should be affordable. However, there should not be a compromise on the coverage. 
• Claim settlement ratio – The claim settlement ratio will be published by the insurance regulator on annual basis. The information is available on the IRDAI website as well as the official website of the insurance company. Hence, you should be aware of the claim settlement ratio of the insurance company from which you are buying the insurance plan. If the ratio is high, the probability of your claim settlement will also be high. 
• 24-hour assistance – You should get assistance from the insurance company on a 24/7 basis. 
• Cashless hospitalization – If you undergo the emergency hospitalization, you will be benefited by cashless hospitalization services. You will not want to pay the bills to the hospital after undergoing the treatment when you undergo the treatment in a network of hospitals managed by the insurance company. 

6. Travel insurance with a pre-existing condition

You can buy travel insurance which covers the pre-existing conditions as well. Some of the existing ailments such as asthma, blood pressure, cancer and heart ailments will be covered by paying an additional premium to the insurance company. 

Conclusion

You should go for the Best Travel Insurance plan offered by a reputed company so that various kinds of risk factors are covered in the best possible way. If there is an emergency, the travel insurance will come to your rescue. Hence, you should not mind paying a little higher premium as the insurance benefit is directly proportional to the premium you pay to the insurance company.