Many a time people confuse the health insurance plans with the travel insurance. The two are not the same and neither can substitute the other. Both serve the purpose of saving you when the times are not so good. Not all health insurance plans cover your medical expenses when abroad.
Here is where the travel insurance plans come in handy. Travel insurance plans come in all types, from saving on health care when on travel or some gadget which you have insured for travel. A travel insurance covers a great deal or very less according to what and who you choose to cover while traveling. When traveling
for relaxation, it makes sense to buy a travel insurance and be safe than sorry.
What do travel insurance plans offer?
Travel insurance plans help you cover the expenses incurred on canceled trips, medical emergencies on travel, flight and baggage insurance. Buying a comprehensive package which covers all or most of the cases is beneficial for long-term travel plans. Certain comprehensive packages cover you even if you are covered abroad by your local health insurance.
This is beneficial in case of accidents or health emergencies but otherwise is wasted. But, when you are traveling it is better to be safe than sorry. Listed below is a compilation of ten most important things to remember when buying a travel insurance
1. Ascertain your coverage and budget: When traveling with expensive gadgets, it is always good to have them insured. While most new gadgets may be covered via insurance for theft or damage during travel, it is better to check it thoroughly and add rider plans to cover expensive gadgets.
While your health insurance may sometimes provide cover abroad, it is good to check the uncovered aspects of your health insurance and buy complimentary plans which can offer you absolute coverage. Prepare a list of gadgets, medical conditions you want to cover, decide the size of the deductible before you choose a plan.
2. The sooner the better: It is always good to buy travel insurance at the time of booking your travel necessities. Early booking saves a great deal. It also helps you in deciding the type of plan which is optimised according to your traveling strength. Check who is the travel insurance seller and choose cautiously.
You may buy travel insurance from the travel company or a credit card company or any other registered vendor. Check the regulations for coverage of children in the travel destination with the seller before buying a plan.
3. Age and medical conditions: The factors like your age and pre-existing medical conditions may sometimes increase the cost of travel insurance, but it is good to disclose the condition than suffer its consequence on a trip.On the other hand, if your health care insurance covers your travel destination for the condition, it makes sense to buy a comprehensive package which covers more cases.
4. Check the limitation for Claims: Claims for reimbursement may not be entertained if you have overstayed the limited trip duration you have actually paid to cover, or have stayed at an uncovered destination. The trip duration and destination data must be checked appropriately so that the whole trip is covered.
For example, if you overstay even for a single day your insurance cover is invalidated. When insuring things and baggage, check exclusively for every valuable item you intend to insure. Some comprehensive packages may not cover all the valuable things you are carrying. There is usually a limit set for baggage loss or damage.
5. What is excluded?
Adventure activities in the travel destinations are usually not covered by a travel insurance. Also, certain pre-existing medical conditions are not covered. Some plans may offer to cover for higher premium if you can manage to get a medical assessment done in time.
6. Payout time and list of supporting documents: In general travel insurance plans reimburse the amount you have insured. This process usually requires you to retain the documents like important receipts for the amount spent. It is always good to find out if the destination you are traveling to is covered. Or else, the plan becomes invalidated.
7. Other factors which invalidate the cover: If an accident, mishap, loss or damage of a gadget occurred when you or your family members were under the influence of alcohol, the cover may be invalidated. It is important to check the fine print which mentions the special cases wherein the cover is invalidated. Spend some time in reading the insurance-related document to understand the extent of coverage.
8. Why is lower Premium not always good?
A lower premium may give you the satisfaction of not wasting money if anything unforeseen were not to happen to you when traveling. But, the times are uncertain. Being optimistic is good, but being safer and at ease is the new formula to enjoy your travel trips. It is up to you to strike a balance between whom to insure and what places to insure.
9. Trip interruption cover and credit card usage: When you buy travel insurance from a credit card company, check if the travel interruptions are insured. Most credit card companies give limited coverage if you have prepaid for the flight trips. Flight or rental cancellation is often an expensive liability. Check with the credit card vendor if they cover you for flight and accommodation booking cancellations. In the times of pre-paid travel booking tours and plans, it is good to know if trip interruption or cancellation is covered.
10. Check the procedure for Claim: In general, most packages from insurance companies require your medical receipts for reimbursement purposes. Some special cases of extra travel expense caused due to natural calamity or political unrest may require other documents for proof. It is always good to choose a reputed insurance company which offers hassle-free reimbursement or claims even if it costs a trifle more than the rest. This comes in handy when you have planned an action-packed travel getaway for your family.