Travel insurance: what you should know before purchasing
Almost always, we conveniently forget about travel insurance coverage when we are making travel plans. People frequently consider it to be a superfluous expense since they ask themselves: What could possibly go wrong on a trip? The truth is, there are a lot of things that can go wrong while you travel.
It’s no longer recommended to ignore travel insurance. It might serve as a safety net in case you incur unanticipated costs while on your trip. But be careful when choosing a travel insurance plan. Therefore, before choosing a specific coverage to cover your vacation, bear the following considerations in mind.
A check to see if you’re already covered
Consult with your current insurance company before making a decision on a travel insurance plan. Your life insurance or health insurance plan may occasionally provide coverage for brief international travel. If you are going on a short trip overseas, you might possibly avoid buying a new travel insurance policy because your current insurance company might offer enough coverage.
Before settling on a policy, do some research
Purchasing travel insurance coverage that your travel agency, tour operator, holiday company, or travel website is offering may be simple and hassle-free. Nevertheless, resist the urge. Search for alternative insurance companies and the offers they are making.
Don’t wait to purchase travel insurance
Soon after making your travel plans, purchase your travel insurance. This is because the majority of travel insurance policies include a cancellation cover that enables you to cancel the policy in the event that your trip is cancelled or you are unable to proceed with your travel plans for unforeseen reasons. However, the cancellation cover does have a number of additional clauses and conditions, so carefully study it before selecting the insurance.
Before purchasing insurance, determine the level of protection you need
Always assess the kind or amount of coverage you need for the trip you’re taking before choosing a specific insurance. Choose the coverage in accordance with the length of your stay and the activities you have lined up. When compared to a trip with a variety of exciting but risky activities planned, like hand gliding, etc., you might choose a policy with reduced coverage if you are enjoying a peaceful vacation.
Any pre-existing medical conditions must be disclosed
Declare any pre-existing medical conditions to the insurance company before acquiring a travel health insurance. There are two possible outcomes from this: either your premium will go up, or the insurance company will simply decline your request for the policy. If you don’t tell your insurer about your medical history but then file a claim for coverage due to a pre-existing condition, it’s quite likely that your claim won’t be accepted.
Think of multi-trip policies and policies for families or couples
Do you travel overseas frequently or on several occasions per year? If so, you might benefit from purchasing a multi-trip travel insurance coverage. By choosing just one single trip policy instead of several, you might significantly save time and money. Additionally, it is more affordable to buy a family or group travel insurance policy if you are travelling together as a pair.
Look for comments both online and offline
Nobody can provide you with more useful input than a real user about the travel insurance benefits. Visit discussion boards on the internet where users have left reviews of the travel insurance policies they have purchased. You will have a good notion of the policy’s efficacy and reliability. Inquire your family and friends about the travel insurance they chose or if they have any recommendations for policies.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
