Most people tend to think that tragedies only happen to others, not to them. It is the main reason why they neglect to take out insurance policies unless it is for something precious such as life or home. The same is the case with travel insurance. People tend to take their safety while travelling for granted – and mostly it is. However, there’s that one unexpected off-chance when a misfortune can hurt you, among other ways, financially. It is best to stay prepared always for it and buy a travel insurance policy so that at least you can recover any financial losses you may incur as a result of the misfortune. There are a plethora of insurance companies and policies out there, so here’s a checklist you need to keep in mind while buying travel insurance:
If you are travelling to a country in a strife-torn place there are a lot of things that you will need to find out. The first thing would be to determine whether the policy you are considering covers your destination, or else the very purpose of getting yourself a travel insurance policy will be defeated.
- Does the policy cover adventure activities?
Perhaps you are going with your family to a place where you or your kids are going to indulge in high-risk adventurous activities. Ensure that the policy you are planning to get covers such activities.
- Understand the payable limits of your policy?
Your travel policy would have an upper limit for claims. You need to know this in order to decide where to get yourself treated in case you suffer any injuries during your travel, or else you might go to the most expensive hospital thinking that your travel insurance company has your back covered, when in fact it has a limit, and you would have to shell out anything beyond that limit from your own pockets.
- What are the things that your policy does not cover?
As much as it is easy to get a travel insurance policy online, you would do well to read the fine print to find out the conditions or situations in which your policy would not apply. In the “terms and conditions” section of the policy, it may be mentioned, for instance, that if you suffer an accident while under the influence of alcohol, the policy would not cover the damages, you incur. So, understand these terms and conditions thoroughly.
- Check out if your policy has health insurance cover also?
Find out if your policy also has health insurance, especially for pre-existing conditions if you have any. Paying a little extra premium for it should be worth it.
- What is the claim procedure?
Ask your travel insurance company what is the procedure of claiming in case eventuality warrants it. Also, do your own research to find out the claims settlement record of the travel insurance company in question.