It is important to know how to choose good travel insurance in order to take full advantage of insurance against adverse circumstances during travel.
Choosing a good travel insurance
However, keeping in mind the different travel needs, various travel insurance plans have been created. But due to not choosing the right plan, in adverse circumstances, the full benefit of travel insurance is not available.
1. Insurance coverage
In order to choose good travel insurance, it is important to know what kind of risks you consider more important to cover, such as –
- Accident
- Health
- tour cancellation
- miss flight
- stolen goods
- Loss or theft of passport etc.
As per your requirement, keeping the risk in mind, choosing the right policy can be done easily.
2. Choosing the Right Travel Insurance
Before choosing a travel insurance policy, read all the rules and fine print related to it thoroughly.
Most of the people, looking at the main lines related to the policy, assume that full coverage related to travel insurance is being given.
Whereas on reading the fine print, it is known on what terms and how much the insurance risk is being covered.
For example, if a general insurance policy covers the cost of treatment for an injury caused by an accident, then you can claim for the treatment of an injury sustained during normal travel, but the same injury is covered by adventure trips or sports, such as – In case of an accident occurring during mountaineering, river rafting, etc., the insurance company will reject the claim for treatment.
That is, while taking an insurance policy, it is important to understand all the rules and fine print related to it thoroughly.
For adventure or sports-related travel, a separate add-on should be taken in the policy for insurance cover.
3. Policy exclusions
Along with knowing what the travel insurance plan is covering at the time of travel, on what terms, it is also important to know what that plan is not covering?
For example, if your travel insurance includes a clause of trip cancellation, then the point to be noted in it is that due to which reasons if the trip is canceled, that insurance company will not compensate for the loss.
To avoid this, while taking the policy, the cancel for any reason clause should be selected.
That is, for choosing the right policy, special attention should be paid to a policy exclusion.
4. Riders
If a plan from an insurance company is meeting your maximum needs, except for one coverage, with a cheaper plan, then for that one coverage, it would be better to go for the expensive plan of the second company. While opting for a cheaper plan, take a separate rider for that one coverage.
By doing this, for less money, the risk cover is equal to the plan with the expensive premium.
5. Plan Comparison
The reason for the difference in premiums of different insurance companies is the difference in their risk coverage.
Therefore, in order to choose an insurance policy at a low premium, travel insurance plans of all insurance companies should be compared among themselves, what kind of risk coverage we are actually getting at how much premium.
For a stress-free journey, it is important to focus on information like how to choose the best travel insurance.
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The comparative study done here is just the information given to clarify the different situations.
The author is neither a consultant registered by IRDA nor the information given here is any kind of advice, invitation, or research work.
Before taking any kind of investment or decision, read and understand the details related to it thoroughly.