How To Buy Travel Insurance?

Having travel insurance by your side when travelling seems to be a valid investment, considering the numerous benefits it offers. Travel insurance policy ensures that you stay secure from everything that can go wrong with your trip. It protects you against any financial or medical emergencies occurring whilst you are on the trip. However, it is essential to know how to get travel insurance that is appropriate for you. Most people overlook this aspect and end up buying expensive comprehensive insurance policies. This article will guide you with things to consider while buying travel insurance for your trip. Let us begin!

6 Reasons to Buy Travel Insurance Before Going on Trip

Travel insurance is essential for financial protection against unexpected events like medical emergencies, flight issues, or lost luggage. Here's why you need it:

1. Medical Coverage

Covers medical emergencies abroad, including hospitalisation and transport costs.

2. Flight Cancellation and Delay

Compensates for flight cancellations, delays, and missed connections, including rescheduling and accommodation.

3. Loss of Passport

Helps with the process of replacing a lost passport while abroad.

4. Delay or Loss of Luggage

Compensates for lost or delayed luggage, covering essentials until it's found.

5. Personal Liability Coverage

Covers legal costs if you're liable for injury or damage to third parties.

6. Hotel Extension

Covers additional hotel stay costs if you need to extend your stay. Travel insurance provides peace of mind by covering emergencies and trip disruptions, so compare policies to find the best coverage for your needs.

Why Buying Travel Insurance is a Smart Idea?

Most people make the common mistake of not buying travel insurance while travelling just to save a few bucks. However, trips with friends and families can trigger several unwanted incidents. Unfortunately, if something goes off while you are on the trip, then not having insurance can cost you a fortune. Hence, you must first consider the numerous benefits travel insurance offers at a considerable price. Here are a few details on what is covered by travel insurance policies:

1. Cost of treatment in case of accidents, emergencies, and illness.
2. Loss or delay of baggage.
3. Cancellation of the trip.
4. Theft or loss of passport.
5. Emergency medical evacuation.
6. Missed flights.

Also Read: What is Travel Insurance and its Types

How to Choose the Right Travel Insurance: Key Factors

People always keep thinking about how to buy travel insurance, that is best for them and worth their money? The answer is very simple. You first need to clear your mind and think whether the things that policy covers are beneficial for me or not. Once you have the answer to it, you will consciously know what next step to follow. Below given are some of the valuable things to consider while buying a travel insurance policy:

1. Going for Business or Vacation?

Your trip's nature is the first factor that can decide if you need a travel insurance policy or not. If you are planning a vacation trip with family or friends, then remember vacations are always fun but are more prone to uncertainties. If your vacation consists of several adventurous activities, it is better to get a policy and stay on the safer side. On the contrary, if you are going on a business trip for one or two days, you can give second thoughts on purchasing policy to save a little money for you. However, it is always recommended to buy a policy as the vast advantages for the small amount it charges are negligible.

2. How will the insurance work?

Understanding the dynamics of your insurance is crucial before buying the policy. Typically, travel insurance policies provide two types of coverage:

3. Check the Policy’s Medical Coverage Conditions

While buying the policy, ensure that the policy covers the already-existing health issues of you or a family member travelling with you, especially under travel insurance for senior citizens if you have elders along. You don’t want to buy a policy which later refuses to pay the spendings as there were any pre-existing health issues.

4. Confirm if the Baggage Valuables are Covered

Mostly, the most common problem where travel insurance comes to rescue is the loss of baggage. Baggage can get misplaced at large airports. So make sure, the policy you are getting covers for your bags and the valuables present inside them or not.

How to Get Travel Insurance? Steps to Guide

1. Understand Your Requirements

Identify your travel needs, such as medical coverage, trip cancellations, or baggage loss.

2. Familiarize Yourself with Terms

Learn basic insurance terminologies to better evaluate policies.

3. Compare Policies

Research and compare travel insurance plans from different insurers.

4. Check Coverage Details

Ensure the policy covers all essential aspects like emergencies, delays, and more.

5. Match with Budget

Confirm the premium fits your budget without compromising necessary coverage.

6. Choose the Right Policy

If a plan meets both your requirements and budget, go ahead and purchase it. Also Read: 8 Benefits of Travel Insurance You Need to Know

Conclusion

How to buy travel insurance does not remain an intimidating question once you know all the ins and outs of your insurance policy. So buying a travel insurance policy will surely keep your trip peaceful and safe. Also, it will be there to back you up, if unfortunately, any undesirable incident occurs.

Frequently Asked Questions (FAQs)

Here are some of the frequently asked questions related to travel insurance:

1. What Are the Basic Exclusions of a Travel Insurance Policy?

Common exclusions of travel insurance policies include damage costs of glasses, dental bridges, hearing aids, tickets, cash, passports, keys, and cell phones. However, any of them can be included at an additional cost.

2. Is Travel Insurance Available for a Single Trip Only?

No, travel insurance can be availed for both single and multiple trips and the costs of premium are calculated based on the duration of your trip.

3. How to choose the right travel insurance plan?

Choose a plan based on your destination, trip duration, activities, and coverage needs (medical, Trip cancellation, lost luggage). Compare policies to find the best coverage at a reasonable price.

4. How much does travel insurance cost?

Travel insurance costs vary based on factors like trip duration, destination, age, coverage amount, and policy type. On average, it ranges from 4-10% of your trip cost.

5. What is the best rated travel insurance?

The best-rated travel insurance depends on customer reviews, coverage options, and claim settlement process. Companies like Allianz, Travel Guard, and World Nomads are commonly recommended for comprehensive coverage.

6. Can I purchase one-way travel insurance?

Yes, one-way travel insurance is available for single trips. It covers medical emergencies, cancellations, and other risks for the duration of your journey without needing a return ticket.