Why should you take Travel Insurance?
During your travel, all of a sudden you may encounter some problems and you will need money urgently to face that emergency and sort out. The problems can be related to your health, cancellation of journey, loss of personal belongings, delay in travel due to climatic conditions etc.If you have not enough money to meet these financial emergencies, Travel Insurance will give you the required money. So Travel Insurance is necessary for you. GT Brokers will guide you on in this regard.
What are the problems you may have during travelling?
- You may become sick and there will be medical emergency
- An accident may occur to you for which you need money
- There may be an emergency mass departure
- Sending a dead body back home.
- Funeral expenses at foreign places
- Return of a minor
- Postponement of trips or cancellation of trips
- Interruption to trips
- Death, injuries or disability due to accident
- Loss of personal belongings (traveling bags, expensive cameras, laptops, hand phones etc.)
- You may have missed a flight link due to airline timetable
- Delays in journey due to climatic conditions
- Default by cruise line operator or tour operator
What are the benefits from Travel Insurance?
- Your medical expenses during your travel will be covered by the insurance
- You will be provided transport for your treatment (Transport for medical purposes)
- Expenses on Repatriation will be covered
- Expenses on evacuation for medical purposes will be covered
- Your incidentals expenses occurred at Hospital will be covered
- You can get money for expenses due to cancellation or trip break
- Payment is possible for your missed flights
- Any personal liabilities will be covered
- Legal Expenses too will be covered
- Expenses occurred due to personal accident will be covered
- Personal baggage coverage is possible
From whom should you get Travel Insurance?
You are strongly advised to get your travel insurance only from reputed Insurance companies. But do not buy from travel agent or tour operator as it will cost you more.
Check your other policies for similar covers already obtained
Usually personal possessions are covered under home insurance policies. This means you don’t have to include such personal possessions in travel insurance and it will save some money for you. Some banks provide travel insurance in their credit card or current account. You are advised to check with the banks who provided the credit card or maintaining your current account whether the amount covered is sufficient to meet your needs.
Get annual cover if you are a frequent traveler
If you are traveling three times or more in a year, you are advised to get an annual policy covering all your needs. This will be much cheaper than getting travel insurance for each of your travel. So, you get annual travel insurance and save a lot of money. However, you have to check with insurance companies as to the maximum number of days that would be covered under the annual policy. If the days are less, you can take the policy accordingly.
Taking worldwide policy
If you are travelling to many countries there is an option for you to take a Worldwide Policy. It will be financially beneficial to you. In this option also, you have to check with the insurance companies whether worldwide policies include United States and Canada as some companies do not include these two countries in this policy.
Consider your age and medical exclusions
Even if you are physically strong, fit and active, many insurance companies do not insure you if you are 65 years of age or more. There are some illness against which also they will not insure you. For example, if you are asthmatic and suffer an attack during your holiday, your policy will not pay out the required expenses for the medical treatment. However, some insurance companies provide covers for such illness on certain conditions for a small extra premium.
Travel insurance cover for risk activities
During your holiday travel, you may wish to involve in scuba diving, horse riding, mountain climbing, jet skiing etc. which are of course very risk activities. So, before signing up the travel insurance policy make sure that the policy include adequate covers for such risk activities.
Travel insurance cover airline failure
If you are making your own flight arrangement rather than reserving a package, you have to make sure that insurance policy includes scheduled airline failure. This will protect you if an airline goes bust after the booking made by you.
Be aware about the excess
Excess is the amount the policyholder has to pay for any claim. Let see an example; you are claiming for $ 750 and the excess is $ 200, the insurer will pay $ 550. If the excess is fixed high, the policy will be very cheaper. It is not worth to have that policy.
All travels do not require travel insurance
It is not necessary to take travel insurance for every travel you make. If your potential loss during your travel is very small say, a few hundred dollars, then taking a travel insurance is not a worthy act.
You have many options to choose from
There are many types of travel insurances available. This include trip cancellation, trip interruption, dental and medical expenses, loss of baggage, evacuation and flight insurance etc. Many insurance companies offer combined packages. So study the package carefully and opt for the one that suits your needs.
Timing of the policy
You have to consider timing of the policy also. You can get travel insurance just a few days before your commencement of travel. Some types travel insurance require you to get the insurance within a set period of time after you have booked your travel. You will not be covered if you get the insurance after you have become ill or your scheduled destination has become in accessible due to bad weather or cyclone damage.
Cost of travel insurance vary
You are strongly advised to compare cost of travel insurances offered by various insurance companies. Your travel agent or preferred insurance company will give you many options to choose from. These options may not be appropriate for you. It may not necessarily be the best one or it is the least expensive one.
Ask appropriate questions
You are advised to ask appropriate questions when you are dealing with insurance companies. Example questions are;
- What restrictions are there?
- What distances are covered?
- What type of assistance you will be getting from the insurance company in the event of medical emergency?
- What type of assistance you will be getting from the insurance company for other serious problems?
- How do you determine the reimbursement?
Cancellation for waivers
When you cancel your travel for reasons on your own, many cruise and tour operators offer waivers for cancellations. It may be around $40 to $60. Though waivers give you some protection, there may be many restrictions which are not adequately regulated. You are advised to have a better understanding about waivers.
Extra coverage for expensive items.
If you are going to travel with expensive items such as jewelry, sporting gears, cameras, laptop and other electronic equipment, you are advised to take extra cover for these items. You can consider a floater for your existing homeowner policy. By this way, you can reduce your cost on insurance.