Reasons Why Comparison of Travel Insurance Is Important

Just like you would compare any other product you are buying, if you compare travel insurance it will yield you a better policy. Remember to buy travel insurance while making other bookings like the hotel, transport, etc. This will avoid last minute hassle and you will be fully prepared for an unforeseen incident financially, that would potentially ruin your trip. We will discuss the  benefits of comparing travel insurance in this article.

Reasons Why Comparison of Travel Insurance Is Important - Acko

Things to Know Before Comparing Travel Insurance

Before you compare travel insurance policies, being aware of a few things in advance will help you buy a better policy. Take a look at the following:

  • Know your requirements: Buying a travel insurance policy that is the most suitable for your requirements, will be fruitful when you are traveling. You can select a policy based on the number of people traveling. You would have minimum liabilities while traveling alone. While traveling with a group of people you would want to focus on coverages like loss of baggage, missed flight coverages, coverage for hospitalization, etc.
  • Use a travel insurance premium calculator: When you use a travel insurance premium calculator, you will get to know the cost related to your travel insurance policy. Once you get a quote, you can tweak options like coverages, policy type, etc. and see how the price changes. This will allow you to buy a better policy.
  • Terms related to travel insurance
    • Single/multi Trip Plan

As the name suggests, single trip travel insurance policy covers one trip, and a multi-trip plan covers more than one trip.

    • Common Carrier

Transport facility on land, sea or air offered by a company is called the common carrier.

    • Sum Insured

The amount of money the travel insurance company is liable to pay in case of an unfortunate incident is called the Sum Insured.

    • Deductible

A part of the claim amount borne by the policyholder is called a deductible.

Benefits of Comparing Travel Insurance

#1 Price

One of the biggest driving factor, while making a purchase is the price of the product. You would want the most out of the money you are paying to buy it. Similarly, comparing travel insurance will fetch you a policy that is priced better and has adequate features. Also, don’t go for the cheapest option, remember that the same policy is supposed to provide financial protection in case of an emergency. So, the more you invest, the more features you will get. Look for an affordable yet feature-rich policy.

#2 Coverages

Coverages are situations in which you can raise a claim for your loss. Different travel insurance policies can offer different coverages. If you are sure about the coverage you need, you can begin hunting a policy accordingly. You will get covered for a fixed number of situations when you buy any travel insurance policy, however here you need to focus on the nitty-gritty of the plan. You could get certain additional coverages for a lower price. Always cross check if the coverage you need is included in the plan that you are going to buy.

#3 Services

After the price of travel insurance and its features, the biggest factor is service offered by the insurance company. If you file for a claim and the turnaround time is more than you expected, you will feel frustrated. Make sure that the insurer is well connected in case you are traveling to a foreign land. To ensure that you are selecting the best insurer, speak with their customer support, check the online reviews or take an opinion from a friend or family member that was/is a policyholder with the same insurer.

How to Buy Travel Insurance?

There are two ways in which you can buy travel insurance. First is the traditional offline method where you get in touch with your insurance agent and select the suggested coverage. However, if you opt for the modern method and buy travel insurance online, you can make a better decision and be well versed with the coverage that you purchase. Buying travel insurance online by yourself will, in turn, help you if or when you face an unfortunate situation.

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