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Know How to Select Travel Insurance

Know How to Select Travel Insurance

It is always advisable that, prior to purchasing your travel insurance plan, you do the necessary research. Since it is most likely that you have a homeowner’s insurance plan, you’ll need to look into its coverage scheme and find out if it covers, for example, misplaced or stolen belongings during travel. But that is not to suggest that travel insurance would be redundant in any way. In fact, incidents related to travel such as cancellation do not come under your homeowner’s insurance plan. Also, your state-provided health insurance will not be covering any of your expenses if you’re required to seek medical attention abroad.

Coverage

The coverage of travel insurance generally includes trip cancellation or disruption, medical costs, evacuation expenses, luggage, and flight insurance. Certain insurance providers also include supplementary policies for concerns such as theft of identity and political emigration. However, these policies are not sold individually, but in combination. You’ll be offered several packages from which you will need to select one that best fits your requirements.

Cost

Insurance costs can vary quite a lot, and you can expect these packages to cost you around five to ten percent of the total trip expenditure. Age is a crucial factor, and the policy costs are directly proportional to the age of the traveler. In fact, while on one hand, rates increase exponentially for each decade over the age of fifty, on the other hand, coverage is least expensive for children below the age of sixteen. Family travel insurance costs are therefore going to shoot up if it is covering an aged family member. Likewise, they are going to be brought down considerably if you’re taking your children on board.

Renewal Terms

If you have an extendable plan, renewal is a simple procedure, irrespective of whether you have a prior claim or not. Some companies charge a nominal renewal fee of about $5, while most of them will give you an extension for free. However, it has to be kept in mind that if you move into a higher age group upon renewal, the costs may increase according to the existing rates for that particular group.

Deductible Amount

It is important to compare your savings from deductibles. Deductible is the sum you pay to the hospital before your insurer pays for you. If you purchase a $500 deductible plan and your total medical expenses amount to $5000, then you only pay $500 upfront and your travel insurance company takes care of the rest. If you want sizable savings, make sure you are in good health before you travel and the duration of your trip is long enough to make sense economically.

Good Customer Service

A good customer service is an absolute must for any travel insurance company. They must be accessible at any hour of the day and from any location in the world. Even if you’re in a different time zone while traveling, it shouldn’t affect their accessibility. Before you zero in on a travel insurance provider, make sure you have called and examined their helpline at least once.

Travel insurance will go a long way in ensuring a safe and satisfying trip for both you and your family. Wherever you are going, make sure you take your pre-trip vaccinations for tetanus, polio, meningitis, yellow fever, typhoid etc. Some of these are standard vaccinations, while the rest are only recommended for specific areas of travel.

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Feature image  by SNewbernInsurance

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