5 Parameters for Comparing Travel Insurance Online
Claim Settlement Ratio (OND 2018)
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For as many pleasant experiences that traveling offers, there are equal numbers of risks involved. While you aim to make the best out of your international trip, you are also likely to be baffled by how unforeseen events like flight delays or even illnesses strike unexpectedly despite all precautionary measures. This is why buying an international travel insurance policy is a must these days.
Buying a travel policy is a process that should involve thoughtful planning. Besides, comparing travel insurance policies available in the market, basis certain factors, is essential to ensure that you have sufficient cover for your specific travel needs.
Some parameters for comparing travel insurance policies are mentioned below.
You must look for the kind of medical expense coverage you are getting. Moreover, the coverage amount should be sufficient to meet the huge healthcare costs of developed countries if you are planning to visit any of them.
A host of customized travel insurance plans are available. For instance, if you are a student looking to pursue education in a foreign university, make sure you opt for a student travel plan. Compare the various features and go for the policy that offers you the best cover for your medical and non-medical expenses. Similarly, if you are a frequent traveler, opt for a multi-trip travel policy. Furthermore, if you are visiting any of the 26 Schengen countries, go for a Schengen Travel Insurance.
While comparing travel insurance policies, always check the amount of coverage for your likely expenses and analyze if that is enough for your needs.
You must be clear about the deductibles and sub-limits available in your policy. A deductible is the amount of money the policyholder is required to pay on the expenses. These expenses are those incurred during medical emergencies including in-patient and out-patient care, treatment of pre-existing disease that becomes life-threatening, etc. These out-of-pocket costs should be considered and you must select the policy that is affordable for you.
Clearly, the best deal is the one where you get maximum benefits at affordable prices. So, you must consider the premium amount as an important factor when comparing travel insurance policies. Every insurer has a defined premium rating system. The premium is decided keeping in view various factors such as the traveler’s age, the type of coverage, the travel destination, trip duration and so on.
Choose a travel insurance policy that gives you maximum coverage for your travel risks at the best premium. More importantly, find out if you have the option to customize the policy. This way you will pay for the features that is best suited for your travel requirements, nothing beyond that.
>> Check: Travel Insurance Premium Calculator
Understand the policy exclusions from your insurer. This will help you prepare yourself against the risks for which you are not covered. Some exclusions include cover for risks related to adventure activities, natural disasters, pre-existing diseases, pregnancy care, etc. Merely opting for a policy that is cheaper but does not cover conditions like pre-existing diseases, especially if you are suffering from one, is not advisable. Go for a travel policy that has minimum exclusions.
When comparing travel insurance, the claim settlement ratio is a vital factor to consider. This is the ratio of the total claims paid to policyholders to the total number of claims filed. After all, quick and hassle-free settlement of claims must be an integral part of the benefits of a good travel policy. Find out about your insurer’s track record in terms of claims settlement. Do your research about the claim settlement ratio of your insurer.
Find the perfect solution for all your travel insurance needs. Rely on ‘Explore’ by Religare Health Insurance, an overseas travel insurance policy designed for travelers visiting foreign destinations.