Checklist for Purchasing Travel Insurance

Just like life insurance, travel insurance is an equally important necessity when one is travelling. Travel insurance helps safeguard against a variety of perils, risks, damages or loss resulting from medical emergencies, missed flights, a sudden illnesses, etc. While some countries may allow you to travel without a travel insurance policy, there are many others where travel insurance is mandatory. There are several banks and non-banking organizations which offer different types of travel insurance policies. These policies differ from each other in terms of the cover they provide for pre-existing health conditions, premium costs, coverage provided, etc. However, there are certain things to consider before choosing a travel insurance policy. Some of the key factors are listed below.

• Get coverage for Most Probable Risks – Most travel insurance policies provide cover for common risks like theft, flight delay, baggage loss, etc. However, coverage for international travel policies may differ from policy to policy, with some policies covering medical emergencies and some may specify the coverage provided for accidental death or disability. Choose a travel insurance policy based on the type of travel you are about to undertake. If you are going on an adventure – sports centric holiday, choose a policy which covers the involved risks. If you are simply taking a relaxed holiday, then you will need a standard travel insurance policy providing basic coverage.

• Coverage Period – Different insurance plans may cover you for different time periods. Some providers may only provide cover for a single trip, while some may cover you for multiple trips made during a fixed time period, usually a year. While choosing a travel insurance policy, ensure that the coverage provided extends the duration of your stay, even if slightly. This not only gives you a buffer, but also prevents the policy from becoming void if there are conditions attached to the calculation of the policy’s duration.

• Red Flags – When choosing a travel insurance policy, ensure that it covers you for losses resulting due to flight delays or ill-timed cancellation waivers.

• Pre-existing conditions – Before taking a policy, do check whether or not it covers pre-existing medical conditions. While some policies may not cover any such medical conditions, some policies may provide coverage for grave extremes of pre-existing medical conditions. If there is no mention of this component in the insurance policy, it is best to inquire with the provider about the same.