When travelling abroad there are numerable contingencies which might befall you. The probability of contingencies increases when you travel overseas either for business or leisure. These contingencies not only cause inconveniences, they also incur financial losses. Travel insurance plans are therefore necessary to cover you against the financial losses incurred when travelling. You can find innumerable overseas travel insurance plans when you go online and search for them. But, do you know how to select the best policy?
There are ten important factors which, when you consider, you can buy the most suitable and perfect travel insurance policy. These factors include the following –
- The coverage offered
The first thing which you should look for is the coverage which is offered by the travel insurance policy. Though some coverage benefits are common across all plans, there are other features which make the plan comprehensive. Assess the purpose of your travel and the coverage you require and then choose a policy which has the required features.
- The add-ons available
Travel insurance plans also have optional add-ons which enhance the coverage at an additional premium. If you require some coverage benefits which are not inbuilt under the policy, look for add-ons which are available. If the add-ons are available, you can choose the required ones and customize your policy.
- Flexibility offered by the plan
Travel insurance plans should be flexible enough to allow any changes in your travel itinerary before the journey begins. If the plan is flexible you can increase or decrease the duration, the add-ons, and the coverage feature as per your requirement. So, look for flexibility in overseas travel insurance plans.
- The type of plan required
Travel plans come in different variants. There are plans covering Schengen countries, Asia, domestic travel, senior citizens, students, etc. Look for the plan which suits your travel needs and then select the correct type of policy.
- The sum insured
Travel insurance plans have different sum insured levels. Choose an optimal coverage amount based on the destination you are travelling, the members travelling and the duration of your trip.
- The premium
The premium of the policy should be affordable and commensurate with the coverage benefits offered. Always compare the premium charged against the coverage offered to find a plan which has a reasonable premium rate.
- Members covered
If you are travelling on a family trip you should cover all the members travelling with you. Any contingencies faced by any member of your family would be traumatic. So, make sure to get every member of your family covered. If your senior citizen parents are also travelling with you and a normal travel plan does not offer coverage for them, opt for a separate senior citizen travel insurance cover for them but ensure that they also have a valid cover.
- The service network of the insurance company
Insurers have their representatives in all leading countries of the world. These representatives help you with your claims in the country you are travelling to. When you buy travel insurance online, look for the network of the company’s representatives internationally. If not, then ensure that they are accessible from a foreign country.
- Claim settlement ratio
Claim settlement ratio is the portion of claims the company has settled against the claims made on it. A high settlement ratio is favorable for you as it increases the probability of your claim being settled. So, consider the company’s claim settlement ratio when you buy travel insurance online. However, don’t make it your sole criteria.
- Buy after comparing
Comparing travel insurance plans is very important. When you compare you can take care of all the above-mentioned factors into consideration before buying health insurance. So, compare the available plans and then make your final choice.
Keeping these factors in mind when selecting travel insurance would ensure that you get the best policy which is not only suitable but also provides you the best coverage features at affordable premium rates.
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