Essential Guide to Choosing the Best Travel Insurance
Having travel insurance comes of much help when faced with unexpected emergencies while on a trip, but with so many options and insurance providers available — whom to choose? The best travel insurance ultimately is not a one-size-fits-all. It depends upon the kind of travel plans that you intend to make. In this guide, we will cover some aspects that you need to consider when deciding on travel insurance.
What is Travel Insurance?
Travel insurance is designed to cover unexpected events or emergencies encountered while travelling, either abroad or domestically in India. It can offer financial protection for a wide range of situations, both medical and non-medical in nature, such as Trip Cancellations, Lost or Delayed Baggage, Medical emergencies, or Flight Delays etc. Travel insurance plans often vary in coverage based on the Sum Insured for Accident & Sickness, and policies can be tailored to fit your needs, whether for international trips or domestic travel.
What are the Different Types of Travel Insurance?
While the core aspects of a majority of travel insurance types are similar, the benefits that they provide are different. It is important that you consider the best travel insurance based on your specific travel needs.
Here is a list of some of the more common types of travel insurance that are available out there based on the Destination or Travel:
●Domestic Travel Insurance
Domestic travel insurance is a type of policy which covers any unforeseen medical and non-medical emergencies that arise when travelling within the regions of your home country. It covers expenses like Trip Cancellation and Interruption, Trip Delay, Emergency Medical Expenses following an Accident, Lost Baggage, Personal Accident etc.
●International Travel Insurance
This travel insurance policy provides financial reimbursement when any losses or risks occur while taking a trip abroad. The best international travel insurance generally includes benefits like Trip Cancellations & Interruptions, Medical Expenses, Passport Loss, Personal Iability, Delayed Luggage and more.
Medical Travel Insurance
Travel Medical insurance is a type of coverage which only covers the medical expenses incurred when taking a trip. It acts as an alternative for health insurance which may or may not cover you fully depending on the exact policy coverage that you choose.
There are also some types of travel insurance that are available out there based on the Frequency of Travel of the insured member:
●Multi Trip Travel Insurance
A multi-trip travel insurance is another one of the best travel insurance options which covers a lot of different trips taken within a period of time. Most of the Multi-Trip travel insurance policies have a period of one year. This is the best option to choose for people who travel very frequently.
●Single Trip Travel Insurance
A Single trip insurance policy is one which covers for a single taken trip only, for a defined duration of time. It is ideal for people who like to travel occasionally. Some benefits that this type of travel insurance policy covers is - medical emergencies, Lost Luggage, Flight Delays, Trip Cancellations, Trip Interruption, etc.
●Group Travel Insurance Plan
If you want to take travel insurance for multiple people then this type of travel insurance would be ideal for you. A group travel insurance is one which provides coverage for a group of people who are travelling and there is a normally a group discount provided in the premium. A few benefits that you get when opting for this type of policy are – Baggage Delay, Medical Expenses, Personal Liability, Personal Accident Cover and more.
Factors to Consider When Choosing a Travel Insurance
Choosing the right travel insurance can be a bit overwhelming as there are so many options available in the market. When selecting the right kind of travel insurance, it becomes important to consider a variety of factors to ensure that you get the best benefits without having to pay any extra coverage.
Here are a few pointers to consider when pondering on which travel insurance is best:
1.Travel Insurance Premiums
The cost of travel insurance is definitely the first thing that comes to mind when purchasing travel insurance. Just going for an overall cheap plan option is not the goal here. You might save that way a bit but the insurance would not be as comprehensive then.
When going for travel insurance, you need to factor in things like - whether you plan to travel domestically/internationally. Another thing to take into account would be the number of days that you plan to travel and the destination country. You can also opt for a minimum sum insured if you are on a tight budget, but ideally you must ensure you are covered with an optimum sum insured plan. By determining these factors beforehand, you will be able to understand the total cost of the policy that you are willing to pay for.
2.Pre-Existing Medical Conditions
When opting for travel insurance, you need to declare your pre-existing medical conditions. Make sure not to withhold any information from the insurer when signing the disclosure form, or declaring online. Medical Expenses for declared pre existing medical conditions are not covered under the scope of the policy unless the condition is life threatening.
Look out for emergency medical reimbursements and whether or not they are covered in the travel insurance policy that you end up choosing. You will need to be familiar with the T&Cs of the insurance policy.
3.Destination Coverage
When going for a travel insurance policy, you need to check the options available for the destination country. Every policy covers different types of destinations. Your expenses are not going to be covered if you travel to a place that is not covered under your policy. Most insurance companies offer coverage to be “Including USA/Canada” and “Rest of the World”.
For instance, even if you take up the best travel insurance for USA from India and then make a trip to South Korea, let's say, the expenses then would be covered under the policy, but not the other way around. If you opt for a “Rest of the World“ plan but travel to Canada, no claims filed will be paid. You would have to pay up from your pocket.
4.Know Your Coverage Limits
Before going ahead with purchasing a travel insurance policy, make sure to carefully go through its coverage limits. Most insurance companies offer coverage ranging from $50,000 to $500,000 for Accident & Sickness Sum Insured. This is to ensure that there are no surprises when you claim travel insurance and it gets rejected.
Every policy has its coverage limits, and it would be good to have an idea about them.
5.Flexibility of the Policy
This is yet another important factor that you need to gauge before getting a travel insurance policy. For instance, if your travel insurance policy is flexible then that would mean you could make an endorsement to the policy as needed, prior to travel. Also if the policy needs to be cancelled prior to travel, the process should be smooth including the refund of the premium paid.
Conclusion
The best travel insurance that you opt for ultimately depends on the type of trip that you are going to take and the aspects of your trip which you would like to get insured and get financial coverage for. Make sure to thoroughly go through all of the policy details to make sure that you get fully covered. Remember not to fall for any kind of cheap travel insurance trap.
At Star Health, you can get various Travel Insurance policies for your needs at affordable rates. We provide a vast variety of travel insurance policies that cater to every kind of travel emergency needs. Check out our official site to get more information on it.
