15 Things Every Traveler Should Know When Buying Travel Insurance
Travel insurance is a written policy that provides secured compensation to a person when going for a vacation or traveling.
Over the years, sales on travel insurance policies are growing steadily by nearly 15%. Notwithstanding this recent statistical report, many people are still confounded whether or not to purchase travel insurance. Find out about some facts that travelers should know when buying travel insurance.
1. Consider buying travel insurance with annual coverage. If you make multiple trips in a year then opt for annual instead of one-trip policy since you will save more money from this option.
2. Know the coverage. Examine what are the inclusions of the travel insurance plan. If you are considering a beach trip, then a winter sports cover is certainly not necessary.
3. Purchase in multiples. In any type of insurance policy, buying in numbers is cost-effective. The same goes when you apply for multi-purpose insurance plan; for example, mortgage insurance plus travel insurance.
4. Determine all the hidden costs. Advertisements about travel insurance policies are always deceptive. Find out from the agent or insurance provider what covers the policy.
5. Shop online. The Internet is haven for insurance discounts and best rates. Google the cheapest travel insurance!
6. Know the cover limit of travel insurance. Depending on what covers the policy and the country to where you travel, travel insurance limit runs from ?1 million to ?3 million.
7. Inform the insurance policy provider of any medical condition. This is necessary since not doing so may forfeit any future claims.
8. Read between the lines the fine prints. This is the most overlooked section of insurance plan holders. Never disregard this since it is the only sure-way to know what and what?s not you are covered for.
9. Health insurance policies rarely cover travel insurance. Medical evacuation coverage is not covered by health insurance policies in nearly all cases.
10. Travel insurance is not entirely good-for-nothing. Travel insurance coverage may include personal item protection, financial investment security (while on travel) and medical assistance. Travel insurance can also guarantee financial protection whenever policy holders travel in high risk countries. However, the aforementioned features may entail added costs. Winter sport coverage may increase the premium by 35%.
11. Travel insurance provides financial assistance in the event of unexpected delays. In case of flight delays and cancellation, your travel insurance policy may cover the cost for your hotel stay/s.
12. Exceptions of travel insurance. Compensation is not granted for injuries caused by alcohol drinking, illicit drug consumption and high-risk sports.
13. Stay away from buying insurance plans from travel agents. It has been known that travel insurance policies sold from travel agencies cost four times higher.
14. People with existing medical conditions and pregnant mothers may find getting travel insurance policy challenging. This is because these people belong to high-risk group and thus, entail more costs.
15. Be clear about maximum travel duration. Find out from your insurance plan providers how long you should stay on your trip. Guaranteed insurance protection can be as short as 4 days or as long as 31 days.