Travel insurance is a must for those who are ardent travelers. There are different types of travel insurance plans, and based on your requirement, you can choose the one that suits you the best. Choosing the right plan is equally important as it is to invest in a travel insurance plan. Since there are a number of travel insurance providers, narrowing down the option to one can be challenging. Also, to achieve the maximum benefit of your insurance plan, it becomes important to do the right research and find the best insurance provider.
10 Key parameters to consider while choosing a travel insurance plan
1. Age- While most travel insurance plans are available for the individual who is 18 years or above, there are specific travel insurance schemes for senior citizens and students as well. So, based on your age, you can choose the apt insurance plan.
2. Travel destination– Although the travel insurance plan’s provisions remain almost the same, it is also good to check the location where you are traveling to. Suppose you are traveling to a high-risk destination where there is a greater probability of encountering an untoward incidence. In that case, travel insurance becomes a must, and your insurance provider would like to check on it before going ahead.
3. Duration– The next factor that is going to impact the travel insurance benefits and the premium amount is the duration of the trip. Hence, it is always good to opt for multi-trip insurance, especially if you plan to travel frequently in the next 12 months. Also, if your single vacation trip is for a longer duration, then the premium would be on the higher side.
4. Type of the trip- The insurance provider is going to have a look at the travel itinerary and analyze it. If you are going on an adventure trip, then the premium will be on a higher side compared to a trip that is to the beaches.
5. Add-ons– Don’t miss out on checking for add-ons. It is always good to check what are the different add-ons that the travel insurance company is providing. For example, check for burglary protection, study interruption coverage, and fire insurance. Remember, adding the add-ons is going to increase the premium of your policy.
6. Insured amount – This is going to directly impact the premium. If the insured amount is on the higher side, you have to pay higher premiums than the lower sum insured.
7. Coverage- Do not go with the first insurance provider that you come across. Remember, it is always good to do the comparative analysis before making the final call. The lowest premium is not the guarantee of good insurance coverage. You must closely assess the policy and different conditions before deciding.
8. Claim settlement ratio– The next important factor that will help you find the best travel insurance plan is the claim settlement ratio. Usually, this is the deciding factor. You cannot go ahead with a travel insurance plan that makes tall claims, but when it comes to claiming settlement, it fails to deliver. Hence, it is wise to be proactive and find the best travel insurance provider based on the claim settlement ratio of the company.
9. Schengen check- When it comes to Schengen nations, then you have to be extra cautious. Insurance on Schengen visas may vary from one nation to another. Hence, it is always good to cross-verify the same with the insurance companies.
10. Exclusions- Although insurance coverages cover up for the losses, or damages, or medical illness while traveling, it is important to check into other aspects. There are certain exclusions in the travel insurance policies. Hence, it is important that you must thoroughly read the travel insurance policies before making the final call.