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Five factors to consider while getting a travel insurance plan

Whether you are travelling domestically or abroad, never undervalue the significance of travel insurance coverage. Your travel insurance will protect you from many dangers and unanticipated hazards on vacation. However, just a few travel and health insurance plans provide coverage overseas as well. For instance, if you are planning to travel to the USA, you must get yourself comprehensive travel insurance for the US which keeps you covered while travelling in the USA.

Before shortlisting insurance products, you must evaluate your wants and requirements before making the purchase. Other than cost and scope of coverage, several elements make travel insurance worthy. Also, what is ideal for one person may not be appropriate for a family. You must invest the necessary time in the investigation to select the insurance that best fits your needs. Here is a quick guide to help you compare travel insurance plans for your next trip.

Factors to consider while getting a travel insurance plan

However, you can make the best decisions with the appropriate knowledge.

  1. Cost and flexibility

The cost of your travel insurance significantly depends on the duration of your stay. So, for instance, while purchasing travel insurance for the USA, you must consider the number of days you would be staying there. Depending on the number of days of stay the cost of your travel insurance plan will be determined. To get a general idea of how much it could cost you, you can choose to compare travel insurance plans online, and then make an aware choice. 

Another point that you should keep in mind is the flexibility of the insurance plan. BY flexibility, your travel insurance provider should be one that offers a custom-made plan for your travel. It should include all such aspects that are necessary as well as preferred by you. There is simply no benefit in choosing such insurance policies which are curated keeping in mind the concept of “one fit for all”. Your best bet is to compare travel insurance policies to get the plan that is most suitable for you. 

  1. Your requirements

Choosing the kind of coverage you should get might be challenging if you are unsure of your needs. However, once you’ve made a list of the criteria that need to be met, purchasing travel insurance will be simpler. Most travellers will likely choose comprehensive insurance to cover a range of possible problems from emergencies or unforeseen events. However, there are instances when you should increase your coverage. 

For instance, the U.S. recommends having health travel insurance USA and medical evacuation insurance. Sometimes, medicare will probably not cover your medical expenses abroad if you’re going to the USA. In addition, comprehensive travel insurance packages often do not include reimbursement for pre-existing health conditions. Remember to consider the extra expense of upgrades or add-ons if you think they’re required.

  1. Travel destination and duration of stay

You must be aware of any restrictions on the duration of your stay before purchasing your travel insurance. It is crucial to get travel insurance that does not limit the number of days and offers you substantial coverage. Suppose you are visiting the USA for 15 days, and accordingly you got travel insurance for the USA. Mid-trip you cannot alter your trip duration and if you do, chances are high that you won’t be covered for your extended period of stay. 

There are specific policies out there that don’t cover all possible locations. Instead, your coverage covers only places that are on their list. You should be able to refine your trip plans using this list. For instance, if your travel insurance USA coverage only covers trips to the USA and you choose to visit the Bahamas as well, you must check beforehand if your chosen travel insurance plan is valid in the Bahamas as well, or not. In case it does not, every claim raised because of any mishap that occurred in the Bahamas won’t be covered by your insurance company. 

  1. Existing health conditions

Many disregard the significance of being truthful about their health conditions when it comes to declaring the same with your international travel insurance provider. Hiding medical conditions can lead to adverse consequences, especially during travelling. Therefore, you must provide all relevant medical information when applying for travel insurance, including any existing health conditions. It is usually advised to be entirely honest with the travel insurance company before purchasing coverage. Avoid being duped by inexpensive travel insurance.

  1. Claim limits and coverage

Before purchasing, you should check the insurance coverage and claim limitations of the travel insurance plan. If you don’t enquire in advance about the coverage for possessions with your insurance company, you can be at a loss. Take time to check aspects like the company’s theft coverage policy, and other inclusions and exclusions. Also, usually, there remains a limit to which the insurance provider will compensate or reimburse in case of loss or theft of baggage, or if there is a sudden unanticipated medical emergency. You must read the policy document thoroughly and be aware of the coverage and the claim limits. 

Finally, do thorough research before choosing specific insurance. For example, you may compare travel insurance policies for current customer reviews of your selected insurance products. You can use this feature to compare the coverage of various available travel insurance plans. Also, find out how previous clients have evaluated a particular insurance provider’s help for claim settlement, policy conditions, emergency aid, etc. 

Additionally, you may contact a neutral third party who can provide you with a list of insurance alternatives without favouring one company. You have to develop sound financial judgement and try to choose the best travel insurance plan available. After all, the point of a holiday is not to stress about the costs you’ll have to pay after the trip. Travel insurance shouldn’t be an option, but it is essential. 

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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