Flight tickets booked, hotel bookings done, bags packed, digital camera kept, etc. etc. But, did you secure your travel?
Yes, you read it right. By securing your travel means insuring yourselves against various risks that may occur during your travel and we can get that through a good travel insurance policy only.
With all the essentials while traveling, travel insurance must also be on your checklist. However, due to lack of awareness of travel insurance, we all rarely think about it. A travel insurance policy not only safeguards us from any medical emergencies while traveling, but also provides financial coverage in case of hotel and flight cancellation. You must compare travel insurances online, as there are many travel insurance policies available online.
We are here to provide basic parameter under which you can compare various travel insurance policies online and select the best suited one. However, before knowing these parameters, let us understand the basics of the travel insurance:
What is travel insurance and what does it cover?
Primarily, travel insurance is for insuring the chances of medical emergencies and financial losses while traveling. You can purchase a temporary travel insurance policy for a single trip, and frequent flyers or regular travelers can buy travel insurance for an entire year. Annual travel insurance serves ‘n’ number of travel trips throughout that year. There are various different types of travel insurance policies, such as policy for adventure travel, leisure travel, cruise travel, student travel, international travel, and business travel are some of the areas. However, the common risks that are covered by almost all types of travel insurance policies are:
- Accidental injury or death
- Medical expenses for overseas travelers
- Theft, loss, or damage of prized possessions, travel documents, and money.
- Trip delay or cancellation
- Passport loss
- Missed connecting flight
Premium calculation for the travel insurance:
The premium of a travel insurance policy depends on the risks involved while traveling, and thus it depends on:
- The age of the traveler
- His/her health conditions
- Number of travelers
- Stay duration
- Place of travel
- The activities involved in the travel
Since there are a lot many travel insurance policies available online, so one may get confused in selecting the best policy for him/her. Therefore, to make this decision easier, we are discussing few parameters of comparison.
Parameters to compare travel insurance policies:
Among various insurance policies, a travel insurance policy is the most standard product of any insurance provider. It is because of global usage of this product, but there are a few parameters that one must keep in mind before comparing different travel insurance policies:
- Travel Location: The premium of a travel insurance policy depends upon the travel destination. Since different places of the world have different medical policies and have different medical costs, thus the travel insurance varies. Therefore, make sure you are purchasing a policy that covers your travel location. Moreover, leave a policy that is covering unnecessary locations that have higher medical costs and you do not have any plans of visiting them.
- Traveling purpose: The premiums also vary with the purpose of the travel. Those who are traveling for fun activities and adventures have to pay higher premiums than those who are going for family vacations. So compare the policies according to this parameter as well and make sure you select the correct option.
- Duration and frequency of travel: Generally, the insurance companies cater travel insurance policies for the trips lasting for 30 days to 180 days. It is seen that amount of premium is higher for the travel durations that last longer than these mentioned number of days. So, select a policy accordingly. However, it is good to select the policy duration slightly higher or equal to your actual travel period. If you are a frequent traveler, then selecting an annual travel insurance policy will be useful for you. An annual policy covers a number of abroad trips with the duration of 30 to 45 days.
- Traveling members’ age: If traveling with the family, purchasing a family travel insurance plan is more cost effective than buying separate plans for each family member. However, if you find that purchasing two separate plans, one for elders and other for youngsters, is cheaper, then buy that. For example, if you are a retired person and more than 65 years, then selecting travel plans for senior citizens will be feasible for you. So, compare travel insurance policies according to the age of the traveling members and select the best suited one.
In this way, you can compare travel insurance online according to the above-mentioned parameters from two to three top insurance providers. However, you can trust an authentic web aggregator to help you with comparison. But, avoid opting for a cheap travel insurance policy, as it may not be the best and comprehensive according to your needs.
So, travel free and light headed with a useful travel insurance policy.
Have safe and great travel!!! Bon voyage!