Going on a holiday is not a huge task anymore. You may come across many travel agencies that offer you numerous travel plans. Finally, a satisfactory and fun-filled trip is what you would look for and want. Today, insurance companies have come up with a lot of travel policies. But, how would you know which is the right policy? To compare travel insurance from different companies before purchasing any is one of the best ways of going about the process. You can choose either of the two methods - either walk into any one of the numerous insurance companies or check the policies online.
Key parameters to compare travel insurance plans
When evaluating different travel insurance options, focus on these critical parameters:
1. Coverage scope
Look at what is included in the plan: medical emergencies, trip cancellations, flight delays, loss of passport or baggage, personal liability and adventure sports (if applicable). Make sure the policy suits the nature of your trip.
2. Sum insured
The sum insured is the maximum amount the insurer will pay in case of a claim. For overseas travel insurance, it is advisable to choose a higher sum insured, especially if you’re travelling to countries with expensive healthcare systems like the U.S. or Europe.
3. Premium amount
Compare the premium rates across companies. A lower premium may seem attractive, but don’t compromise on coverage. Instead, strike a balance between cost and benefits.
4. Inclusions and exclusions
Read the fine print to understand what’s covered and what isn’t. Some policies may exclude pre-existing conditions, specific activities or coverage in high-risk zones.
5. Claim settlement ratio and process
A company’s claim settlement ratio indicates its reliability. Also, assess how easy or complicated the claim process is. Companies with 24/7 support and a smooth digital claims process should be given preference.
6. Add-on covers
Some insurers offer useful add-ons like coverage for adventure sports, home burglary (while you're away) or emergency evacuation. These can be beneficial depending on your travel plans.
7. Duration and type of policy
Choose between single-trip and multi-trip plans based on your travel frequency. Business travellers may benefit from annual multi-trip policies.
How to use online travel insurance comparison tools
It is advisable to go through all the available policies of different companies, as it gives you an insight into the benefits. Every insurance company would provide detailed information about its policy. This, in turn, helps you to compare travel insurance policies and choose an appropriate policy.
- Visit aggregator websites like insurance comparison portals or leading insurer sites that allow you to compare multiple plans.
- Enter trip details such as destination, travel dates, number of travellers and age group.
- Customise filters to show plans with specific coverage, premium limits or benefits.
- Compare side-by-side all the shortlisted plans for premium amount, inclusions and customer ratings.
- Read reviews and check claim-related feedback to gauge customer satisfaction.
- Purchase digitally once satisfied, and keep a soft copy of the policy for travel.
The use of the internet helps to compare travel insurance policies and companies easily, on a wider platform. The various types of policies, companies, agents, price ranges and the pros and cons can all be compared. There are websites that actually compile all this information together and compare it to make it easier for a person to choose, evaluate and buy travel insurance eventually.
Walking into an insurance company might not be as helpful as checking the policies on the internet. Agents could miss out on points while discussing the plans. On the internet, you have access to all the details. Buying online policies also results in easier to reach out to their help and customer support. To compare travel insurance online is preferable as you have access to the information at any hour of the day.
Conclusion
To compare travel insurance policies and decide on a good one is always specific to each individual’s needs. Many insurance plans cover basic requirements. However, some companies also give you additional options at extra charges. It is better to check with experienced travellers, friends and relatives about the policies they have purchased. Focus on parameters like coverage, premium, claims process and add-ons to find the best travel insurance for your needs. For international travel, opt for a robust overseas travel insurance plan to secure yourself against unforeseen mishaps. Since a travel insurance policy is your shield during your time away from home, only after assessing all the features of a policy, make an informed decision.
FAQs
1. Is travel insurance mandatory for international trips?
Yes, many countries like the Schengen area nations require valid overseas travel insurance as a visa prerequisite.
2. How early should I buy travel insurance?
Ideally, buy it soon after booking your tickets. Early purchase ensures coverage in case of trip cancellations or other pre-departure issues.
3. Can I buy travel insurance online?
Yes. You can choose the best travel insurance online through insurer websites or aggregator platforms within minutes.
4. Does travel insurance cover COVID-19?
Most modern plans include COVID-19 coverage, but it is important to verify specifics in the policy document and confirm it with the insurance provider.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.