Travel Smart, Travel Safe - Renew Your Travel Insurance in a Click!
Travel insurance is a crucial component of any trip, providing coverage for various risks and losses associated with your travels. Whether it's medical expenses, trip cancellation, baggage delay, or passport loss, travel insurance offers peace of mind and financial protection.
Understanding how and when to renew your travel insurance policy is essential to ensure continuous coverage.
Here, we will explore the best time to renew your policy, different renewal methods available, factors to consider during renewal, and frequently asked questions (FAQs).
When to Renew Travel Insurance?
First of all, it is best to renew your travel insurance policy before it expires to enjoy uninterrupted coverage for future trips without any gaps in protection.
The expiry date can be found on your policy document or by contacting your insurer directly. While some insurers may send reminders before expiration via email or SMS notifications, it's a good practice to keep track of the expiry date independently.
How to Renew Travel Insurance?
Renewing travel insurance can be done through various methods depending on the insurer and individual preferences:
- Online: The most convenient method is through an online platform provided by the insurer. By visiting their website and entering relevant details such as policy number and passport information alongside making an online payment using credit card/ debit card/net banking options – you'll receive an emailed confirmation with a soft copy of the renewed policy.
- Phone: For those who prefer personal assistance in their renewal process over a phone call – simply contact the insurer's customer care number provided on their website/slip. Provide them with necessary details including policy number and passport information along with making payment via credit/debit card during the conversation. After which you'll receive an SMS/email confirmation along with a soft copy of the renewed policy.
- Agent: If you had initially purchased your travel insurance policy through an agent, you can contact them directly and request them to assist you with the renewal. Provide your policy number and passport details, fulfill any necessary information requirements they may have, and make the payment using cash/cheque or other modes accepted by the agent. You'll receive a hard or soft copy of your renewed policy from them.
What to Consider When Renewing Travel Insurance?
There are several factors worth considering to ensure you acquire optimal coverage, during the renewal process of your travel insurance policy.
- Coverage: Evaluate if your current policy provides adequate coverage for both your current and upcoming travel needs. Assess whether any additional coverage options or add-ons would be beneficial based on factors like pre-existing medical conditions or engaging in adventure sports.
- Premium: Compare the premium of your existing policy with other plans offered by either your current insurer or different insurance providers in the market. Look for potentially more comprehensive plans at similar or lower prices. However, strike a balance between quality coverage/service and cheaper premiums.
- Discounts: Explore potential discounts available during renewal such as online renewal incentives, loyalty rewards, no-claim bonuses, and group policies discounts – ultimately helping save money while renewing.
- Terms and Conditions: Thoroughly read through every detail within the terms and conditions section of your renewed policy document before finalizing its renewal process. Make sure that benefits, exclusions, limitations, deductibles/co-payments along with claim procedures are clear to avoid future confusion/disputes. If any doubts arise during this evaluation process - contacting either your insurer directly or through an agent is advisable for clarification purposes.
FAQs on How to renew Travel Insurance
1. Can I renew my travel insurance after it expires?
Yes! But, note that renewing after expiration may result in certain disadvantages. This includes loss of continuity benefits (no-claim bonus), pre-existing disease coverages requiring fresh medical check-ups/document submission post-renewal & non-coverage for incidents occurring during the gap between policy expiry and renewal.
2. Can I change my insurer when renewing my travel insurance policy?
Certainly! Switching insurers while renewing is possible if you are dissatisfied with your current insurer's service or coverage. It is recommended to compare plans, prices, reputation & claim settlement ratios of different insurers before making a switch.
2. Can I cancel my renewed travel insurance policy if I change my mind?
Yes; cancellation within the free look period (usually 15 days post-renewal) is possible. A full premium refund (minus applicable charges like stamp duty/service tax) can be expected in such cases. However, once you have traveled or made a claim under the renewed policy - cancellation will not be permitted.
