A travel insurance policy provides financial protection for unexpected events that can arise during one’s trip. Read this article to find out how a traveller can go about finding the best travel insurance policy.
Travelling to a new destination is very exciting. Some of the words/terms that pop into our mind when we’re planning a trip to a foreign country include adventure, entertainment, fun, unwinding, etc. Many times, though, we neglect factoring in situations that can go wrong, like illness, accidents and medical emergencies. As a result, travel insurance is often only purchased when it has been made mandatory for the trip. The purpose of a travel cover is to protect the traveller from facing any financial catastrophe/emergency in foreign locations.
To find the best travel insurance policy, there are some factors that must be taken into consideration. To start with, destination plays a big role in determining the size of the travel insurance cover. Given that medical cover is one of the main features of a travel plan, the traveller should decide on the coverage amount based on how costly medical services are in the place that the individual is going to. Premiums are high for places where health costs are more, like the U.S. and Canada.
Next, it is important to identify whether one should opt for a single trip policy or a multi trip policy. A single trip policy, as its name suggest, will only provide insurance cover for a single trip. The insurance cover commences from the time that the individual flies from the home country to the foreign destination and remains active until the date of the return/end of policy (whichever occurs first). A multi-trip policy is better-suited for travellers who make frequent trips in a single year. The benefit of such a policy is that it saves the individual the hassles of having to take a separate policy every time he or she intends to travel. Multi-trip policies are cheaper when compared with single-trip policies (for each trip) because the company does not have to incur additional administration expenses.
Another essential factor to be considered is the purpose of the trip. If one is planning an adventure trip that would include activities like bungee jumping, skiing or skydiving, it is important to have coverage for these activities. Generally, adventure sports are not covered under regular travel insurance plans on account of the high-risk factor associated with them. Thus, one would need to avail coverage against such activities as an add-on (at an extra cost) to the base plan.
How to Buy Travel Insurance Online
Travel insurance policies can easily be availed online through the websites of travel insurance companies or their partners. But before availing a cover, it is important to compare all the policies available on the basis of their features, benefits and exclusions, and accordingly the individual must select a travel plan. The bottom line in finding the best travel insurance policy is to strike the right balance between the policy’s benefits/coverage and the premium payable.
Besides the above pointers, one can use online travel insurance premium calculators (available over the internet) to compare and find the best travel insurance plan.