A travel insurance policy is a kind of insurance scheme that assists you on your international trips. It compensates you if your trip gets cancelled, delayed, or if you fall sick while on a trip. While there are no doubts about the benefits of having travel insurance, getting the best bargain on travel insurance could be tricky.
Here are the top seven factors to consider when buying travel insurance to ensure the best deal ever.
- Avoid buying from an agent
Avoid buying insurance from an agent if you can buy it yourself. Insurance agents work for a commission. They usually have tie-ups with several insurance companies. Hence, they may suggest you a travel insurance product solely for their profit.
For example, suppose there are two insurance companies, X and Y. Now, X provides more comprehensive travel insurance coverage than Y for the same premium. However, Y may pay the agent more commission. In such a situation, there is a good chance the agent will persuade you to buy travel insurance from Y.
- Decide on the cover
Different trips necessitate different preparations. For instance, if you are going on a trip to Thailand against on a trip to Iceland, you will need to plan your trip accordingly. Here are some important things to consider when travelling abroad:
- Exchange rates
- The average cost of medical treatment in that country
- Infection rates and COVID hotspots
- The country’s crime rate (it will help you prepare against any potential risk of theft or robbery)
Once you have the numbers for all four, you can decide on your cover better. Apart from that, you must consider the purpose of travelling. If you are going on a vacation and intend to participate in adventurous activities, you should review your insurance coverage. For example, paragliding and river rafting activities carry a higher risk. In such cases, it is preferable to purchase additional cover.
The above factors will assist you in obtaining comprehensive coverage but will also serve as a foundation for the comparison.
- Do a thorough comparison
Different companies’ travel insurance has different features and premium rates. The policy coverage and exclusions also vary greatly. In addition, the coverage offered under travel insurance riders also differs with each insurer. Therefore, it is important to go through the different insurer websites and compare their plans carefully. If this method is too time-consuming for you, don’t worry—there is a solution for you. You may choose to go through the travel insurance aggregators’ websites. You will get thorough information on several travel insurers’ insurance products on a single webpage.
It will help you decide and select the best deal available.
- Avoid delays
If you have already booked or planned your trip, it is strongly advised that you obtain travel insurance at the earliest. This is because if you have to cancel your trip due to medical concerns or any unavoidable event, the trip cancellation cover in your travel insurance policy ca\n help you prevent financial loss.
However, there are several clauses attached to the cancellation cover. You must check them thoroughly before finalising your policy.
- Opt for multi-trip travel insurance
If you travel often, you may want to consider purchasing a multi-trip travel insurance policy rather than single-trip travel insurance. It covers multiple trips to single or multiple countries. When you compare this policy to a single trip policy, you will notice that buying a policy every time you go on a vacation is far more expensive than buying a multi-trip coverage.
- Disclose pre-existing health conditions
You must be thinking about how this point can help you get the best deal on travel insurance cover. But, when you declare your existing disease, the insurer will either reject your insurance request or charge you with a higher premium.
However, if you fail to declare a pre-existing health condition, the insurer will immediately deny your claim in the case of a medical emergency. If the preceding situation occurs in a foreign country, it can completely drain your savings.
To sum it up
Buying comprehensive travel insurance helps only if you invest time and energy in finding the best insurer who will surely come to your aid in your time of need. The right assessment of these factors should help you find your perfect travel insurance.