While preparing for a vacation, people often don’t bother to buy a travel insurance policy. This is because they don’t give a thought to contingencies that can happen in a foreign country. Hence, it would be not prudent to go abroad without a travel insurance policy. Medical cost in most countries are high, even consulting a doctor can prove to be very expensive.
Here is a checklist to help you to pick best travel insurance plan:-
Benefits: You need to look out for certain common benefits that travel insurance plans offers. A travel insurance plan provides cashless hospitalization and if needed covers the evacuation cost. It covers you against mishaps such as loss of checked-in baggage or passport, trip cancellation/interruption and personal liabilities. It also pays for legal support in a financial emergency.
Sum insured: Since the medical cover is the main feature of a travel insurance plan, decide the sum insured on the basis of how expensive medical services are in the country you are traveling to. Medical treatment is very expensive in countries like U.S. A. and Canada than in Southeast Asia.
Duration: If you are a frequent traveler then you can buy annual multi-trip policy. It is valid for a year and usually covers any number of trips abroad. It is a cheaper option than a single trip policy for each trip. This is because the insurer doesn’t have to bear additional administration expenses. It is also convenient as you don’t have to buy a policy and submit document every time you travel.
Add-on covers: Insurers also offers add-on covers such as burglary and fire insurance for your home for the days you are traveling. If you are going for adventurous sports then you can buy a separate add-on cover for it as it is usually excluded in a travel insurance policy.
Compare products: Don’t buy a travel insurance plan just because it is having lowest premium. Always compare companies and their products on the basis of their claims processes, payment options, network of hospitals, etc.
Before leaving abroad, read the claim procedures, keep the required documents ready and save the helpline numbers of your insurer and third party administrator (TPA).
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