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Travel Insurance Buying Guide - Travel Safe with Best Travel Insurance Plan


International travel is often laden with many unforeseen risks that may compromise the entire itinerary of the trip. A travel insurance plan is a necessary safeguard against such unforeseen risks. It offers financial cushioning against any kinds of unexpected events during the tenure of one’s travel.  A good travel insurance plan minimizes such risks and offers adequate monetary compensation for losses. With many options available, it may become difficult to choose the right plan. Here are a few useful tips that will help you select the best travel insurance plan.

 

1.       Know the types: - In order to buy the right travel insurance policy, it is important to be aware of the different types of policies. Each of these policies are made to suit the different needs of travellers. The most common types of travel insurance are:-

Ø  Domestic travel insurance

Ø  International insurance

Ø  Corporate travel insurance

Ø  Student travel insurance

Ø  Senior citizen travel insurance

Ø  Multi-trip travel insurance

Ø  Single trip travel insurance

Ø  Family travel insurance

Ø  Individual travel insurance

 

2.       Understand the risks covered: - Travel insurance will only be effective, if it covers all the risks associated with travel. Before buying a policy ensure that the following risks are covered under your policy:-

Ø  Trip Cancellation or postponement due to sickness, injury or death of a family member.

Ø  Medical emergency coverage

Ø  Coverage against emergency evacuation

Ø  Cover against theft or loss of baggage and other belongings

 

3.       Enquire about the exclusions: - Before purchasing a travel insurance policy, it is important to be aware of the exclusions in the policy. This will help you plan the trip better and avoid unnecessary confusion at the time of claim settlements. Most of the travel insurance policies exclude factors such as:-

Ø  Losses incurred due to civil wars in the region

Ø  Hospitalization charges occurred due to pre-existing diseases

Ø  Delay in baggage that is less than 24 hours

These exclusions differ from policy to policy, which is why it is important to enquire beforehand.

 

4.       Undertake adequate research: - Generally, travellers end up purchasing the travel insurance policies that are suggested by travel agents. The coverage and exclusions provided by the different companies vary in several ways. Only if you undertake some research, you will be able to find the best policy that fits your needs.

 

5.       Determine the amount of coverage: - It is always better to evaluate the coverage before purchasing a policy. You can determine the coverage by considering factors such as duration of the trip and activities planned. If you are going on a leisure trip without much activity to engage in, you can choose a policy with a lower coverage and vice versa.