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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Travel Insurance policy as we all know, assures you from any loss or damage due to flight delays, cancellation, baggage loss, passport or visa loss, or any other medical, financial and legal emergencies arising during your trip. It gives coverage for your end to end trip. There are also single and multi-trip policies, offering you security against any unforeseen circumstances.
1. Check if the insurance company is reliable - It’s important that you buy your travel insurance policy from a reliable source. For this you need to ensure the authenticity of your insurer. Make sure the company has a great goodwill in the market and good customer reviews on its website. Customers would only trust their insurer if they meet the promises as mentioned in the plan. 2. Premium Cost - While selecting a travel insurance plan, considering the premium cost is imperative. Undoubtedly, you will go with the insurer who gives you travel policy which is convenient for you to pay off, is affordable and easy on your pocket. 3. How convenient is it? - The market is flooded with various travel insurance policies. Among so many plans, what helps you in finalizing one is how convenient and seamless is the process. 4. Reason for Travel - Depending on the purpose you are travelling for, you would need to select your travel insurance plan. Select a plan which gives you maximum coverage and meets your travel requirements. If you are travelling for higher education, you can go for student travel insurance plan, corporate plan for business trips, and individual travel insurance plan for vacation and so on. 5. Age - The premium varies with the age of the insured person. If the traveler’s age is less, the premium would be less and vice versa. For elderly people there are senior citizen travel insurance plans, as they might be having some pre-existing illness, to cover that the policy premium would be extra. 6. Destination - The country where you are travelling to helps to decide your travel insurance premium. Simply put, travel insurance for domestic flights would have less premium amount as compared to international flights. Because the medical treatment overseas is much expensive as compared to what it is in India. 7. Travel Span - Your travel duration is important to calculate the policy premium. The longer the travel span, the higher would be the premium and for short travel span, the premium would be less. People who travel too frequently are suggested to go for a multi trip annual travel insurance plan, to save the extra premium cost. 8. Sum Insured - Simply put, if you buy a policy of 6 lakh rupees, the premium would be more as compared to a policy amount of 2 lakh rupees. 9. Claim Settlement Ratio – You need to research the claim settlement ratio of different insurance companies. The company with maximum claim settlement capabilities would have an edge over its other industry counterparts. 10. Additional Coverage - If you want to avail extra benefits or expands your policy inclusions then you would have to pay extra premium to get other benefits. Mentioned below are some of the add-on coverages which you can get added in your travel insurance policy -
Conclusion- Above all, make sure the insurance service provider you chose has a good solvency ratio and does not go bankrupt in future. No doubt, a travel insurance policy would safeguard you from any risks and uncertainties’ in a foreign or domestic land. So, to invest in the right one, make sure that you choose them on basis of the above mentioned points. For more info and news visit PolicyBazaar Facebook Page Studying overseas can be exciting and challenging at the same time. You will get to see new places, interact with new people, but some apprehensions are always there! When you are at a new place, these thoughts are natural - in case anything happens to me? What if there is a natural calamity? Where to go for help? In such scenarios overseas travel insurance policy can act as a savior.
Understanding Student Travel Insurance When you are living abroad, and you are diagnosed with some ailment or happen to meet any unforeseen circumstances, the treatment or cure can cost you a fortune. In India, it might not be that expensive, but medical treatment overseas is expensive. There is no point repenting later, when you can avail options to safeguard yourself in such situations with a student travel insurance policy. Especially students, who are hard presses on time, cannot afford to waste their time, effort and money to deal with such circumstances alone, away from family. Student travel insurance covers not only your medical expenses, but also protects you from personal and medical emergencies, or any other loss or damage. Check out Features of Student Travel Insurance
What all Student Travel Insurance Covers? There are different inclusions and exclusions as per the situations in which you are travelling. Take a look!
There are certain things for which your insurer cannot give you a cover -
Studying abroad requires your fulltime involvement. If you want to achieve your study goals, it’s important that you do not let any unforeseen health or travel related troubles intervene with your academic schedule. Student travel insurance covers all the risk which may arise, helping you to focus on the studies, by keeping all the worries and woes at bay. For more updates and News visit Policybazaar Google+ Page |
AuthorInsurance and financial manager. Archives
May 2018
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