A list of things to look at while comparing travel insurance policies
Buying travel insurance is as important as buying a ticket for your travel. It is an inevitable ritual. Travel insurance offers protection against financial losses from unforeseen events – like loss of baggage, emergency medical care, disruption in travel plan, etc.
Every traveller must look for the following before buying a travel insurance policy:
- Check if the policy cover is adequate to cover the cost of medical treatment in the country or countries you are visiting. Don’t compromise on the amount of cover for the sake of having to spend less. Choose a cover that provides an adequate level of protection, even if it means you to pay a little higher premium.
- Choose a policy that appropriately covers the cost you would suffer on cancellation of your travel plan. It makes sense to have a decent cancellation cover if the travel is planned much in advance. Buy a plan that provides your loss as much as possible on cancellation of a travel plan.
- Know the destinations that are excluded from the travel insurance policy. Opt for a policy that provides you cover for all the destinations.
- Choose a policy that would provide terror cover
- Find out if pre-existing medical conditions are covered. Opt for a policy that provides cover for pre-existing medical conditions. The extra premium charged would be worth spending as a medical emergency in a foreign land can cause a financial distress.
- Opt for a policy that covers most of the items, including electronic goods, you are carrying along. Check if items like iPads, laptops, and mobiles are covered.
- Insurance companies might reject a claim if you meet with an accident while under the influence of alcohol or non-prescription drugs.
- Choose a policy that offers value-added services like medical concierge services for your dependent or dependent back home, when you are abroad.
- Know well in advance if your insurance company allows extension of cover if you decide to prolong your vacation.
Every traveller is advised to carefully read the policy wordings to have a clear understanding of the conditions of the travel insurance policy. It is better to be aware when planning a travel than be shocked when stuck in a distress situation.
Most insurance companies exclude the following from travel insurance policies:
- Any claim due to or arising out of pre-existing medical condition/ailment whether declared or undeclared
- Addiction to alcohol, drugs
- Mental disorder, anxiety, depression
- Venereal diseases
- Radiation, nuclear weapons induced losses
- Sporting activities
Buying a travel insurance policy that takes care of most of the financial losses while travelling should be the aim while choosing a cover. It is recommended that the choice of a cover or an insurance company should not be dictated by intention to cheat, as it will only result in the traveller opting for a cover that is grossly inadequate.
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