How To Buy Travel Insurance – When you are one the move to choose travel insurance policies, you might find yourself been confused on what to do especially if it’s your first time and that is why we have decided to put up this article as a guide on how you can buy travel insurance plans from any issuing company.
Some travel insurance plans offer a lot of benefits, which includes restrictions and exclusions. You need to be certain about the restriction and exclusions as this are the issues that will help you know what the insurance policy will cover.
In this article, we are going to expose some tips you should take note of when you are about purchasing travel insurance plans that will suite your needs and budget.
The tips we are going to be discussing will show you:
- When to buy travel insurance
- How to choose the right travel insurance policy
- Understanding the preexisting conditions and exclusions
- Knowing the financial ratings
All the above points we will be discussing on this article, will act as a guide for you in buying the best travel insurance policy for you.
Without further ado, let’s proceed…
When To Buy Travel Insurance
We are sure you already know that travel insurance is a cover that protects you against certain financial risks, losses or damages that can occur while you are on a trip. The losses could range from medical emergencies, loss of belongings, last-minute trip cancellation, replacement of lost passport etc.
The best time to buy travel insurance is immediately after you must have booked your travel and made arrangements. Also, it is after making your initial trip deposit. In purchasing travel insurance, you will be required to answer a few questions like:
- Where are you traveling to?
- When you will be traveling?
- How old are you?
- Where do you live?
- How much does your trip cost?
Additionally, You have the choice of buying a one-trip plan or a full-year travel plan whether you are traveling internationally or domestically. Top of Form
How To Choose The Right Travel Insurance Policy
Choosing the right travel insurance policy depends on what you need and how you want to get it; it also depends on your budget. When selecting a travel insurance plan, it’s very important that you make sure the benefits limits are adequate and good for you.
Depending on what you want and if you are the kind of person that is budget-conscious, you can choose a plan that comes with trip cancellation, trip interruption and trip delay benefits.
You can also go with a plan that comes with protection in case of medical emergencies when you travel and this plan might not really include trip cancellation or interruption benefits.
Another plan you can also consider, is the annual travel insurance plan. This is important if you are a regular traveler, as it will give you an affordable protection for a full year of travel and might also include trip cancellation and interruption benefits. This plan also includes other packages like rental car, baggage delay and emergency medical care also it also depends on the insurance provider.
It’s very important that you make sure you read and understand the policy certificate so that you would know what the insurance policy covers and what it does not cover.
Lastly, You will need to have a copy of the certificate with you during your trip so as to file a claim when there is a need for that.
Understanding The Pre-Existing Conditions And Exclusions
Are you aware that travel insurance plan cannot cover all situations and so you will have to understand the exclusions especially for medical conditions that you have before the trip that can easily cause you to have a claim. Do note that exclusions might be waived if you meet some criteria like:
- you are insured for the full trip cost
- purchased your insurance soon after the initial trip deposit or
- you are medically cleared for the travel.
You should not just get into buying travel insurance policy from any company; it’s important that you look at the financial backing of the insurance company to be sure that it will be able to pay for claims. Read the annual report of the company to get its financial ratings.
You will also want to know the cost of the travel insurance policy and what affect the cost too. There are some important factors that would affect the cost of insurance policy and they include:
- Cost of local healthcare: if you are traveling to a place that has high healthcare cost, it can increase the price of your travel insurance.
- The Medical conditions: the medical condition that you want to cover will increase the cost of your insurance policy.
- Amount and breadth of coverage: the higher the risk involved in your trip, the costlier the travel insurance.
- The length and cost of the trip: the longer and more expensive the trip, the higher the price of the insurance policy.
- Age: the older you are, the higher the price of the insurance policy.
Buying travel insurance should be very important to you if you intend making any travel. This will give you a great level of confidence and peace of mind when you are set on your trip. Just like we have explained above, there are different travel insurance like trip cancellation and interruption, accident death, travel medical, evacuation and many others. Sometimes, you might need two to three plan in a package and you can also customize the insurance plan to suit your needs better.
It is very important you have a travel insurance especially when you travel a lot as your local medical healthcare insurance will not cover you when you are outside your home country and you never can tell what you might encounter on your trip.