Finance

One-Stop Guide To Buying Travel Insurance In 2023

Travel insurance is crucial whether you’re travelling domestically or abroad. If you’re planning a trip, include international travel insurance in your budget. This brief guide will help you find the right travel insurance for your next trip.

Your insurance company

Travel insurance should be your next step after booking your trip. Ask your current insurer first. Travel insurance is free with some insurance/bank policies.

Policy term

A single-trip or multi-trip policy depends on your travel plans. Single-trip policies cover one trip, such as a yearly vacation. Multi-trip policies are better for frequent travellers. Buying a multi-trip policy saves time and money. Check coverage days for both policies. Consider trip extension when choosing international travel insurance. Choose a policy that lasts slightly longer than your trip. If your trip is extended and you need temporary coverage, you could also choose a policy with a policy extension.

Location

It’s obvious, but make sure the policy you’re considering covers your destination. Policies vary in terms and coverage. Check global policy clauses for details and sub-limits. Premiums vary by destination. Premiums and restrictions may be higher for travel to slightly higher-risk countries. Compare this feature with your shortlisted policies.

Family/couple/individual policy

Travel insurance for a couple or family is more affordable than one for each person. Choose a family policy that covers children.

Mediclaim

Travel health insurance is the most important part of any travel insurance policy due to rising medical costs worldwide. A good travel insurance policy will cover unexpected medical expenses while travelling abroad. Read the medical cover clauses before choosing a policy. Declare any pre-existing medical conditions and check if they’re covered by your policy’s medical coverage. Declare pre-existing medical conditions before buying the policy because claim settlements usually don’t consider them.

Luggage/personal property cover

What if your luggage doesn’t arrive with you? Thousands of travellers worldwide encounter this frustrating situation. Travel insurance should cover lost luggage. Luggage loss terms vary by policy. Some policies only cover total luggage loss or exclude hand luggage.

Valuables coverage

Travel insurance covers your passport, wallet, and jewellery. In a new country, theft and loss of valuables can leave one stranded. Find out if your insurance policy will help you with the above.

Electronics cover

Phones, laptops, and cameras are not covered by most basic domestic travel insurance policies. Read the policy carefully and ask the concerned person if such items are covered if lost.

Flight cover

Travel insurance rarely covers missed flights. The insurer wouldn’t cover your flight if you didn’t leave on time. You’ll likely be reimbursed for travel if you have to leave your holiday destination due to political unrest or another covered reason. 

Limitation

Every travel insurance policy has coverage limits. In the event of a medical emergency or loss of passport, wallet, or electronics, your policy will only cover each claim up to a specified limit. The same can apply under travel health insurance.

Vacation/trip

Travel insurance covers many activities. If you break a limb playing beach volleyball or get injured biking around town, your policy could likely cover the medical costs. 

Cancellations

Cancelling or shortening a vacation due to an emergency is frustrating and disappointing. The financial loss from prepaid air tickets, lodging, sightseeing, and other activities is worse. Cancellation cover is useful in such cases.

Emergency aid

Emergency assistance can help when travelling abroad. Choosing a policy with emergency assistance services ensures that help is always available if you need it.

Know your policy’s limits

You must know what your policy covers and what it doesn’t. Unless it’s life-threatening, most insurance policies won’t cover pre-existing conditions. Check this on a travellers insurance app.

Compare policies before buying

Shop around before buying a policy. Check real-time customer feedback for your shortlisted policies online. 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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