The urge to travel, seek out new places and experiences is one of the oddest human traits. Traveling, exhilarating as it is, also means leaving the safety and familiarity of your home and opening yourself to some risks. Sure, modern travelers are way safer than those that dared to venture out in the days of yore, but they still face some risks, both physical and fiscal. That’s why Travel insurance has become such an important, noteworthy aspect of the modern day traveling. Whether you’re going domestic or international, seeking a thrilling adventure or a memorable family time, you’d never want your precious travel time get ruined by external factors. You can’t control things like flight delays, loss of baggage, trip cancellations or accidents. But when you buy travel insurance, you make sure you’ll be aptly compensated should such misfortune befall you. With so much competition and so many fantastic travel insurance plans on offer, making the right move can be quite confusing. So how do you save the most when buying an international or domestic travel insurance plan? Here are five smart ways:
1. Don’t rush it, plan ahead and shop around Planning a trip ahead of time allows you with ample time to decide the locations you want to visit, the places you want to stay at and the activities you wish to partake. But that’s not all, planning ahead can also help you save a lot of money! With time on your side, you have the luxury to shop around for the best travel insurance quotes. Travel agents and airlines often work their commissions into their quotes so try to buy travel insurance direct from the insurance company. The premium shouldn’t be the only selection criteria, consider what all you need your plant to cover. Take time to compare different plans. You’ll be amazed how much you can save if you just put in some time and research before buying a travel insurance policy. 2. Choose the right Travel Insurance Policy for you When you’re buying travel insurance, remember that you’re buying it for you. A friend’s recommendation or an agent’s most fervently pitched policy might seem like a fabulous deal, but you must make sure it’s the right deal for you and your traveling plans. Think of how much you expect to travel over a period of time, say the next year before you purchase a travel insurance policy. If you plan to travel a lot, annual travel insurance policies are an excellent option. You can make good savings buying an annual travel insurance policy as compared to purchase separate policy for each individual trip. Also, they have some really good deals on offer! 3. Think Coverage before you leap Be specific about all that you need your travel insurance policy to cover before making a decision. Read the policy details carefully to ensure you don’t end up paying for components or services you’re not likely to avail. Travel insurance policies have really evolved over the last couple of years, offering coverage for a horde of possible mishaps including loss of passport, flight hijack, accidental dismemberment, and death. But not all of these will be essential to your travel needs. So if you aren’t going to rent a car, you shouldn’t be picking a policy that has auto rental coverage listed as an additional facility just because the list of services it covers is long. Compare the available options on the basis of the services you plan to utilize. That’s how you make real savings. 4. Check the offers available on your Credit Card Credit card companies offer some fantastic benefits to their users, including trip cancellation insurance, baggage delay coverage and more if you pay for the trip with your credit card. You should totally check out the various reward point schemes, and other offers available to you via your credit card so you don’t end up paying for what you can get for free. Make sure you read the terms and conditions carefully to verify eligibility and other factors for the credit card coverage on offer. 5. Make sure you don’t Under insure Insuring for less isn’t the same as saving on insurance! Make sure the plan you purchase provides adequate cover for all your requirements as under insuring can come back to haunt you if things go south and you end up having to raise a claim. Apart from the above measures, there are several other considerations that can help you make useful savings on travel insurance. Check if your companions already have a travel insurance policy before you buy one. Insurance companies often provide discounts on joint policies which also happen to be cheaper as compared to two separate policies. If you work in an organization that has a group deal in place with some travel insurance company, you may be able to get favorable rates and other discounts. For more updates and News visit Policybazaar Linkedin Profile
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AuthorInsurance and financial manager. Archives
May 2018
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