Travel insurance is one of the most important forms of protection you can get when you are traveling. It covers a range of potential perils and they include medical expenses, accidental death & dismemberment (AD&D), loss of baggage and personal effects, and trip cancellation/interruption.
Travel insurance is a lot like buying life insurance: it's an important decision that you should base on your circumstances. Like buying life insurance, travel insurance can be complicated and confusing. But don't let that deter you. The good news is that there are some simple steps you can take to make sure you get the right type of coverage for your needs.
There are many things you need to know before buying any travel insurance. Here are the top things to consider when buying travel insurance:
1. The type of trip you're taking:
Where you're going and what activities you'll be doing, like skydiving, bungee jumping, or scuba diving. Making a note of it is essential otherwise you have to take it separately at the last moment and this might become heavy on your pocket if you keep ignoring it and keep it for the last moment. Usually, all such adventure activities need travel insurance. There is a need for travel insurance in almost every country if you are traveling out of India. That is why analyze what type of trip you are taking, adventurous, business, visiting friends and family, etc. You need to check that the insurance policy covers the type of trip that you're planning - whether it's a short break or a longer adventure.
2. The length of your trip and how long you'll be away from home:
When choosing a policy, consider how long you'll be gone and what kind of coverage you need. For example, if you're going on vacation for a couple of weeks and don't expect any problems like medical emergencies or lost luggage, then it may not make sense to buy a policy that covers those things. On the other hand, if you're planning on staying away from home for several months or more and have other needs like disability coverage or trip cancellation (in case something bad happens), then it might make sense to invest in one of those options.
3. Whether or not you have any medical conditions that require special attention:
Travel insurance can cover anything from medical expenses to lost luggage and cancellation fees. You should also check whether your policy covers pre-existing medical conditions or other special circumstances that may affect your trip. Don't just accept whatever quote is given without doing your research first! Ask for details about how the company assesses risks when issuing quotes for travel insurance policies.
4. How much coverage do you want and how much it will cost:
Know how much coverage you need and how much it will cost you. Your exact needs will vary depending on your itinerary, but some policies provide per-day coverage while others provide maximum coverage amounts per trip. Be sure to compare coverage amounts between different companies so that you can choose the right amount of coverage for your needs.
5. Crosscheck Your Credit Card's benefits for Travel Insurance:
If you have an active credit card, do check with them if you have any travel perks with them. In most cases, credit card companies do provide you with some other travel perks and Travel insurance can be one of them. Not all travel insurance is created equally. Some policies cover medical expenses, while others cover only accident-related medical expenses. A policy that covers only medical expenses may be cheaper than one that covers both medical and accident-related costs, but it's important to understand what the policy covers before making a decision about which policy to buy.
6. Ensure you're Not Already Covered:
Check what your policy covers. Check the fine print to see if it covers cancellation or curtailment of your trip, lost luggage, delayed baggage, cancellations due to inclement weather or natural disasters, and more. Because sometimes what happens is that your life insurance covers basic travel insurance things like accidents and so on. So it is always advisable to check your existing insurance policies before buying a new one just for traveling purposes.
7. Do proper research before buying your Travel Insurance:
Don't be swayed by claims that cover large amounts of money. If you have a low-value claim, it's unlikely that the insurer will pay out any more than the minimum amount required by law. Research the company and its policy terms before you purchase it. Find out how long it has been in operation and what kind of claims it has already paid out. Choose a provider with a good reputation for paying out quickly and efficiently, as well as offering great customer service.