How to Choose the Right Travel Insurance
With the holiday season around the corner, travelers are planning to make all the arrangements for their year-end trip. Amongst the packing and bookings that you need to do, it is quite possible that you forget about securing your trip with a travel insurance plan.. Many consider buying travel insurance plans to be an added expense. However, this is the best way you can make sure you and your family will have a safe trip.
Here are a few tips that will help you select the right travel insurance plan:
A travel insurance plan is designed to cover you from all possible risks on a trip. The policy offers reimbursement for any unanticipated cost on the trip. Some of the common aspects covered by the policy include cover for trip delay, loss of baggage or passport loss, delay of baggage, medical emergencies, legal liabilities, etc. So while comparing policies before buying a travel insurance plan, make sure these basic aspects are covered by the policy. Sometimes a few factors covered by the policy may not seem very important to you, but you need to make sure the ones that matter to you are provided.
Amount of Premium
Premium is the amount of money that you have to pay to the insurer against the coverage at specified intervals. You can calculate the premium with the help of an online travel insurance premium calculator available on the websites of the insurance companies. Compare the amount of premiums and pick the most affordable one. You should also see what benefits companies are providing under the calculated premium.
Claim Settlement Ratio
This is the ratio that indicates the capability of insurance companies to settle the claims. The higher the ratio is the more the company is reliable. You can check the claim settlement ratio amongst various insurance companies easily. After analyzing the ability of the insurance company, invest accordingly!
Every travel insurance company has a list of exclusions. This means there are certain things that they do not cover. For instance, sport and adventure injuries, pre-existing disease, natural calamities, war, and terrorist attacks all come under the exclusion. So it's advisable to choose a policy with the least exclusions to avail maximum coverage.
Browse the number of insurance plans as you can. Buying an online travel insurance plan is cheaper and you have all the details in a single click. You do not need to wander from one insurance company to another. You get all the information including premium, coverage, claim settlement process, eligibility and documents in microseconds.
Before buying travel insurance you should also check whether the company has a cancellation policy. Cut short or canceling your holiday is bad enough. Hence, secure yourself with a last-minute cancellation cover. So that your money does not get wasted and you get the reimbursement for all expenses you have already made for your travel.
Sometimes it’s good to think and analyze when it comes to life's important decisions. Religare offers comprehensive travel insurance plans to protect you against any unforeseen travel contingencies and save your hard-earned money. So, it’s always advisable to check every minute detail of the travel insurance and pick the one that best caters to your travel needs.