Buying travel insurance is easy. However, choosing the right policy to that meets your travel profile may require some thought. If you do not do your homework, you might find yourself, in the event of an accident or unavoidable incident, paying out of pocket for something that you thought the travel insurance covered.
Consider these seven points before you make your decision on what sort of travel insurance you need to purchase.
Most Policies Are Intended to Protect You from Unavoidable Issues
The biggest thing you will want to be aware of when purchasing travel insurance is that most policies are only intended to protect you from unavoidable issues. While you can find plans that will cover you for things like a missed flight, you should be aware that there are generally guidelines for this.
If the insurance company determines that you did not leave early enough to get to the airport, they may not cover you for it. The main reason this point is important to understand is because many travelers think that, since they have travel insurance, they are protected from any potential issue.
To ensure that you don’t make this mistake, you should know that issues you could’ve prevented will rarely be covered. In the end, the way you go about your trip should not change simply because you have travel insurance.
Finding Affordable Travel Insurance Is Easier Than You Think
One of the main complaints of people who are looking to purchase travel insurance is that it is too expensive to be worth it. Many policies offered by major insurance companies, such as those that you get your home and auto insurance plans from, will charge you anywhere from 15%-20% of your trip for insurance.
Fortunately, while there are plenty of high-priced policies out there, finding low-cost travel insurance is easier than you would think. Companies that specialize in providing only travel insurance, for instance, generally offer very affordable plans that make the purchasing of insurance a much more realistic and high-value opportunity.
Premiums Depend on the Length of Your Trip and Medical History
If you are worried about the premiums associated with travel insurance, you should be aware that the cost of your premium will vary depending on the length of your trip. The premium for a three-day trip, for instance, will be much lower than that of a two-week trip.
Many insurance companies will also give you the ability to purchase insurance plans for specific parts of your trip. If you are travelling to several different locations during a single trip, for example, you can generally get insurance that covers the parts of your trip that you feel need covering.
Another thing you should be aware of when it comes to your premium is that a detailed medical history can drive your premium up. On top of obvious medical issues like serious, ongoing diseases having an effect, travellers who are smokers or who have a history of alcohol abuse can also expect to pay higher premiums.
Checking the Policy Small Print Is Vital
No matter what company you are buying your travel insurance from, it is absolutely vital that you take a look at the fine print. Insurance companies are in the business of making money. For this reason, it is not a viable business plan for them to simply cover you for anything and everything that happens to you and your family during your trip.
In order to know exactly what and how much you are being covered for, it is vital that you check the policy small print before deciding on which policy, plan, and company to go with. When dealing with an agent, be sure that you ask specific questions about potential things that may not be covered
You Will Need to Support Your Claim
While having travel insurance is always a great idea for an extended holiday, you should be aware that the company you get it from will not just cover any claim that you make. Instead, you can expect that it will want supporting evidence that your claim is valid before it will make the decision to pay out.
With this in mind, you will want to keep as much information as possible to ensure that there are no issues with any claim you make. Everything and anything related to the issue at hand should be kept and documented, so you can limit the issues that come with getting your insurance company to pay out your claim.
It Generally Costs Less to Go Through the Company Itself
One of the frustrating things about purchasing insurance through travel agents is that they often charge high costs for any policies. This is generally done in an attempt to squeeze additional money out of you, as selling insurance is a great way for them to make a few extra hundred dollars.
To save money, your best bet is usually to purchase your policy directly from the company itself. Most will offer plans that can be bought directly from their websites, which adds convenience to the process.
Prices Are Higher the Closer You Get to Your Trip
If you end up waiting until a few days before your trip to shop for insurance, you should be aware that you will be paying a much higher price than if you would have gotten it a few months or even weeks earlier. Travel insurance is notorious for being much more expensive as you get closer to your trip.
The main reason for this is because studies have proven that, the closer you are to the trip when you buy, the more likely you are to use the insurance. Since insurance companies are obviously looking for a higher likelihood of not needing to place a claim, policies therefore go up in price the closer you get to your trip.