Whether you are travelling within a country or abroad, finding the best travel insurance policy is of paramount importance. While on a trip, you can often get caught in unanticipated situations such as theft or loss of baggage, health injuries, or emergency cancellation of trip. Under such challenging circumstances, this insurance plan can financially cover you and provide peace of mind while you are on vacation.
Choosing the best insurance plan
Choosing the best travel insurance plan can be a difficult task. Before purchasing any insurance plan, it is essential to assess your necessities and requirements before settling on one. There are numerous factors apart from budget and coverage that distinguishes one policy from another.
What seems suitable for an individual might not be viable for a family planning a trip. Hence, you must invest considerable time to make an informed decision regarding a travel insurance plan that best addresses your needs. Hence, here is a guide to help you pick the right insurance policy before you embark on a trip.
Factors to consider while choosing an insurance cover
Depending on several factors, insurance companies provide customers with the best of insurance schemes.
Here are some factors to consider –
- Policy duration
Depending on the travel plans, you can opt for a single or multi-trip. A single trip plan covers you for one trip. On the other hand, a multi-trip plan proves beneficial for travellers who take frequent trips around the year.
Furthermore, this travel insurance plan eliminates the hassles of availing separate policies every time you embark on a trip. Make sure to check the number of days covered while selecting a plan. Considering that, opt for a policy that provides a duration with slightly exceeding the period on a trip.
- Destination cover
Before you avail a travel insurance plan, check whether it covers the destination you are planning to travel. As different policies have various terms and conditions – like some provide only domestic travel insurance coverage, others extend their coverage to abroad as well.
This also results in the difference in premiums depending on the place you are visiting. In case the policyholder is travelling to riskier countries, he has to pay significantly higher premiums. Alternately, you can also choose a policy that provides policy extension and international travel insurance coverage.
- Type of cover
It is more affordable to go for insurance policies for a family, rather than availing one for each individual. Pick a policy that covers the entire family, including children.
Alternately, purchase a Home Insurance cover from Bajaj Finserv. This will provide you with a financial coverage against loss, theft and damage of your valuables while your family is on vacation.
- Medical cover
Taking into consideration of rising medical care cost, especially in the first-world countries, medical coverage plays a crucial role. You can face a medical emergency any time while you are on vacation. Hence, pick the best travel insurance policy that will provide you with coverage against unexpected medical costs overseas.
While availing an insurance cover, declare any pre-existing medical conditions (if any). This is to ensure that whether your medical conditions are covered within the policy. Furthermore, this will also provide an insight into whether your pre-existing medical condition is entertained in the claim settlement.
- Claim limit
When you opt for travel insurance online, be aware of the specific limits allotted to each cover. This means in the event of emergencies like – theft of a wallet, medical emergency, loss of baggage, your insurance plan will only cover you up to a specified allotted limit for a claim. Usually, this coverage carries a specific limit up to which reimbursement or compensation is provided.
Finally, like any other financial commitments, weigh your options before settling on a particular travel insurance policy. This will impart an in-depth idea of what to expect and what not to.