7 Tips For Buying Travel Insurance

June 24, 2015

Being able to see the world is an amazing privilege that many these days seem to take advantage of. However, no matter how exciting travelling may sound, it is a reality that risks are involved, which may cost you, should you continue to overlook them. As accidents can happen anytime, it is best to prepare early.

This is precisely why frequent fliers, globetrotters, and adventurers, decide to get themselves insured. Insurance companies that provide you with travel medical insurance coverage and travel insurance packages exist to dispel any anxiety you might have on your trip.

It’s important to remember these tips, to make sure you make the most out of your deal.

1. Costs depend on the coverage

Health insurance, and life pension have varied costs, so it’s only logical that travel insurance has a different cost. This may relatively depend on what kind of policies they have to offer and what each policy has in store. Your travel agent might give you options but they may not necessarily offer you one that’s affordable. Make a brief comparison first, before considering a policy.

2. Do not rely on health insurance alone

This might be surprising, but not all health insurance companies are ready to cover you for overseas trips. Make sure to contact your health insurance provider beforehand in order to find out if you are covered when travelling.

3. Your credit card company won't cover everything.

It is an erroneous assumption that travel rewards credit cards have wide coverage for travel insurance. These travel reward credit card companies may provide you with certain benefits but they are often so limited that coverage cannot be extended. Be sure to call your credit card company before you go on that trip, to inquire on how much coverage you have.

4. How much do you actually need to cover

No two travel insurances are the same; they might be relatively similar in essence but rather different in what they offer. Great polices should include coverage for medical expenses, repatriation services, trip cancellations, baggage loss or damage, and personal liabilities. Of course, travel insurance with a wider coverage is more costly than the average plan.

5. Timing is a factor

It is possible to buy your travel insurance within days before your departure; however, there are risks in doing so. Some companies would require you to purchase the insurance after you have booked your trip for your policy to become effective. It's also important to note, that some companies can only cover you for a travel period of 30 consecutive days.

6. Age still matters

Your physical health is an essential matter in determining a premium for you, and your age will significantly affect the cost. Although, there are some insurance companies that don't offer age-based premiums, try to look for these plans so you won't end up paying extra just because of your age.

7. Purchase annual insurance if you travel more than thrice a year

If you constantly travel, then you have probably compared the costs of the different travel insurance coverage for a whole year, as opposed to constantly buying new insurance every time you travel.

To travel is such an amazing adventure, so be sure to keep these tips in mind for your next trip so you can go on and experience a worry-free journey.

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