Are you thinking of purchasing a travel insurance policy? A holiday is definitely an experience and a jaunt where you de-stress and relax. However, things can go downhill pretty fast in case of any medical emergencies or unfortunate loss of luggage or even your passport. Travel insurance may often seem like an unnecessary expenditure but it can be a godsend in situations like these. You should certainly compare prices of travel insurance and buy the one which is most reasonable. However, be careful of hidden costs or exclusions in policies which are priced really attractively.
Additionally, travelers should keep in mind their own diverse needs resulting from luggage value, age, travel type and their risk taking appetite, usual traveling periods and other factors. Due to such variations, it will always be hard to find one travel insurance plan that universally fits everyone’s needs.
Here are some of the things you should keep in mind prior to buying travel insurance-
- Multi-Trip Policies- These policies are ones which have coverage for all the trips that you will make in a specific calendar year. There are limits on the length for every trip. You should work out whether it is costlier to purchase separate travel insurance policies for all of your trips or whether you will travel for a specific number of times in a year. In case you do 3-4 trips annually, multi-trip coverage may help you get greater savings. You will also save time and energy since you will not have to buy these policies each time you travel for that particular year.
- Medical Factors- In case you have a medical history by way of any particular condition/serious illness or even if you smoke/drink regularly, the premium will naturally increase. Regular travel insurance plans do not cover illnesses which are life-threatening but you can always purchase add-on covers. Policies for elderly buyers are always on the higher side.
- Location- In case the vacation destination is an area with high risks or a popular adventure hub, the premiums will naturally increase.
- Travel equipment- Make sure that the travel insurance coverage per-item value threshold is ample when it comes to covering your costly equipment. Choose policies which enable you to scale up the limit.
- Cancellation- Suppose you cannot go on your trip due to any reason. There may be several unexpected reasons behind cancellation of a trip. Not every travel insurance policy covers cancellation of flights and accommodation. Make sure this is present when you buy your policy. Read the terms and conditions carefully before taking a final decision.