If you’re ready to board your flight to your next international adventure, it’s wise to think about investing in a travel insurance policy. This kind of insurance is tailored specifically for international travelers and expatriates.
While it might initially seem like just another unnecessary policy that promises far more value than its mere premiums, travel insurance offers healthcare benefits and financial protection from various travel-related mishaps like flight delays, cancellations, extra accommodation needs, lost baggage, and even medical evacuation. So, for any adventurous globe trotter or well-prepared expatriate, this policy can be a lifesaver.
But as with most products, we are pretty spoilt for choice, so travelers need to focus on finding the right policy. Just as you would compare deals and assess policy details when buying health coverage, you must do the same when purchasing any other kind of insurance.
Here’s what you should consider before purchasing the right travel insurance policy.
The Two Primary Types Of Travel Insurance
Group and trip-wise travel insurance are the primary kinds of insurance in this category.
While trip-wise insurance offers single-trip travel insurance for those planning one trip and multi-trip travel insurance for those who will frequently be traveling, the latter policy option is sometimes valid for up to twelve months. It can provide benefits for multiple trips to the same or different destinations. You can purchase single or multi-trip travel insurance as an individual or for your family.
On the other hand, group travel insurance is a policy that offers coverage for individuals who are not your family. Group travel insurance is much more cost-efficient than purchasing multiple single or multi-trip travel insurance policies for each individual in the group.
Coverage
Once you know which type of travel insurance is best, you must determine the level of coverage you need. Check what the policy covers and what it doesn’t. Never assume that a policy will cover any kind of loss you may have while abroad. Look for a policy that covers common mishaps like baggage loss, flight cancellations, healthcare coverage, etc.
Add-On Cover
Most travel insurance policies won’t provide cover for expensive items like high-end jewelry or adventure sport-related injuries. However, you can find insurers that offer these as add-ob benefits. So be sure to inquire about additional cover needs you may have instead of assuming you will be covered.
The Claims Process
When it comes to any insurance policy, the moment of truth only arrives when you need to claim. For this reason, it’s crucial to choose a policy from a reputable insurance company. Even though you might find cheaper deals with lesser-known insurers, you will raise the risk of struggling to get through the claims process.
At the same time, the right insurer might offer cashless claim settlements and more efficient processes that ensure policyholders experience as little inconvenience as possible. You can also uncover positive and negative claim experiences from policyholders by reading online reviews. Online forums, the company claim settlement ratios, and general reputation determine an insurance company’s reputation.
Pre-Existing Medical Concerns
If you don’t disclose any pre-existing medical conditions you have before purchasing any kind of insurance that offers healthcare benefits, your claim could be rejected. Moreover, your policy could also be rendered void if you don’t disclose your accurate health status when purchasing the policy; disclosing your medical history ensures you can find the most cost-efficient policy that covers your existing healthcare needs.
Reputable insurance companies will want access to your complete medical history for this reason. As a result, it’s also best to avoid insurance companies that don’t require medical history disclosure, as this detail may later impact your ability to claim.
Policy Costs
You can expect travel insurance to cost between five and ten percent of your trip’s total cost. YOu won’t want to spend any more on insurance premiums than you need to, so it’s essential to consider the costs as well. While you will pay more for comprehensive coverage, policy costs will also vary across different insurance companies. So it’s wise to compare deals before choosing the right one.
Travel insurance is mandatory in some countries as a Visa requirement due to the medical support benefits. This insurance is also typically recommended by travel agents and most travel websites due to the valuable benefits for globe trotters and expatriates. When looking into the benefits travel insurance provides, this policy is inarguably essential, even if your travel destination doesn’t insist you have it.
That said, finding a policy that provides enough cover and the right benefits is vital. Otherwise, you will need to afford unpredictable costs out of your pocket should anything go wrong while traveling abroad. Because international travel can be costly, there’s no doubt you won’t want to stretch your budget any more than you have to.