Travel Insurance Checklist You Must Go Through Before Buying a Plan

While you're planning a trip to your country or overseas, the first thing you should consider to look through is Travel Insurance. It is the one thing you should not scrimp on just to save a bit of money.

Some people undervalue the importance of travel insurance & perceive it ideal for worrywart or natural worriers. It is one of the topics that gets minimum consideration & is rarely paid attention to before going on a vacation.

However, unforeseen events like medical emergency, accidents, theft, loss of baggage & legal threats on domestic & abroad trips can ruin your trip & crash your finances. Therefore, it is best to buy Travel Insurance instead of falling victim to unexpected situations & losing your financial independence. Some travel insurance plans offer only coverage for loss of passport, medical emergency, trip cancellation, and accident cover while others can offer coverage against all unforeseen events including the basic coverage.

Selecting a good travel Insurance company is not an easy task especially when the world is flooded with offline & online options. To make it easy for you to choose, here is the Travel Insurance checklist you must look through before buying the most effective & perfect insurance plan.

Pre- Existing Medical Ailments-

If you have a pre-existing medical condition in terms of a serious ailment, then the insurance premium goes up. While in some cases life-threatening medical history is not covered under a basic travel insurance plan and in some the same is offered coverage as an add-on benefit.

Missing a Flight/Trip Cancellation-

One of the most common online travel insurance problems happens to be missing a fight or flight cancellation. There are many reasons why one might get late for a flight or even miss it hence, being anxious about such an issue is natural. Therefore, before buying a travel insurance plan make sure that this aspect is well covered by the travel insurance company.

Travel Destination- 

The place you're heading to plays a major role in deciding your insurance premium. Medical cost is significantly higher overseas thus; decide the insurance cover size based on the country or city where you're planning to go.

Itinerary of Trip-

Itinerary of your trip also impacts your travel insurance plan. For instance, if your destination is known to be a high-risk zone or a place famous for adventure activities, the premium costs go up as you are going to travel a risky zone. Also, if your itinerary includes activities such as skiing, water sports, trekking, paragliding, etc. you will have to take add-on coverage apart from the basic plan.

Trip Duration-

Trip Duration plays a major role in the premium calculated on your policy. You can say that trip duration is directly proportional to insurance premium i.e. the longer the stay, the higher the stay.

Sum insured-

Travel insurance plans have a different sum insured levels. Opt for an ideal coverage amount based on the destination you are traveling, the number of members traveling and the trip duration.

Claim Settlement ratio-

The claim settlement ratio is the percentage of claims the company has settled against the claims made on it. A high settlement ratio is favorable as it increases the chance of your claim being settled. Therefore, consider the company’s claim settlement ratio when you buy travel insurance online. But then again, don’t make it your sole criteria.

Purchase after comparing

Comparing various travel insurance companies is very important as it gives you a larger perspective of where to get travel insurance from. There are travel insurance companies who make such comparison easy for you. One such company is Travel Insurance Master, serving as a go-to source for all your travel insurance needs. The company works with only the best travel insurance providers to deliver you the best travel insurance policy & features for your needs.

Single Trip or Multi-Trip Policy-

There are various travel insurance plans to meet all your needs & requirements. If you’re a frequent flyer then buying a multi-trip plan will save you a lot of money. The premium will also vary on the type of plan chosen.

Type of Insurance Plan-

Travel Insurance plans come in different variations such as plans covering Schengen countries, senior citizens, students, etc. Choose the plan which suits your travel needs.

Claims process -

Travel Insurance Plan is only worth it when the claims process is hassle-free. On your trip to domestic or abroad city, your insurance plan must serve as a friend supporting all through not an added hassle.

Choose Travel insurance keeping in mind the above described checklist to make sure you get the best policy that provides the best coverage features at your preferred premium rates.