MuthootBlog

Buying the right Travel Insurance

  • November 7, 2016
  • rootroot

A good Travel Insurance policy is an important part of your travel checklist. There can never be complete assurance that you will not miss a flight, lose your luggage, fall ill, or encounter some kind of emergency when you are out traveling. No one can foresee what may happen therefore it is always pragmatic to be prepared in advance. After all, when you are out on an adventure exploring new places, the last thing you would want to do is worry. This is where Travel Insurance comes into play, fulfilling the role of an able ally, and ensuring complete peace of mind during travel.
But, how do you choose the right travel insurance?

Influencing Factors

When you evaluate Travel Insurance to find the one that is right for you, make sure to take into account the following factors:

Destination

Healthcare services in countries like the US, Japan, Canada, etc. are very expensive compared to most South Asian countries. So, choose your medical coverage depending on your destination. The premiums for various Travel Insurances also vary with the destination.

Duration

If you have planned a short trip, both the premium and the coverage will be low. If you are a frequent traveler, a policy that covers multiple trips would suit you best.

Purpose

The purpose of your trip also plays a role in choosing Travel Insurance. If you are planning to simply visit your relatives, you can easily choose a low coverage policy. But if you plan on pursuing adventure activities like Hiking, Skiing, Water Sports, etc., then it would be advantageous for you to choose a maximum coverage policy. Regular policies don’t always cover high-risk activities.
Take heed though, as not a lot of insurance providers cover adventure activities.

And now to ‘The Checklist’

Once done with the preliminaries, the next thing you need to know is what to look for in Travel Insurance. Here is a basic checklist of all the aspects that you should assess before you buy an Insurance Policy:

Medical Coverage

This part of your policy needs to cover a substantial amount. Even if you don’t need it, don’t opt for a lesser amount. You need to ensure that your policy can cover you for treatment in a good medical facility.

Emergency Evacuation

In case you face a medical emergency, or a natural calamity hits the destination, you would need emergency evacuation. That way, this aspect is rather pertinent.

Cancellation

Emergencies are unpredictable. For all you know, something unexpected might happen which leaves you with no choice but to cut your trip short. If such a situation were to arise, it is always better to have a clause in your policy that will compensate you for the money you are losing.

Loss of Baggage

A common problem that travelers face is the loss, damage, or even theft of their luggage. The Lost Baggage clause in Travel Insurance covers the policy holder in such an event. Also, ensure that you are clear about the specific inclusions and exclusions of ‘baggage loss’ as defined by your Insurance provider.

Delay or Missed Flights

Delays are a very regular occurrence while travelling. If you miss your flight, or the flight is delayed, you might have to find accommodation for the time that you have to wait. Make sure that your policy covers this possibility as well.
Be wise and get travel insurance even if you think you won’t need it. You might save a few hundred by not buying it, but you could also end up paying thousands because you chose to not buy it. Think about it.

Discover new places, take in new experiences, and create memories along the way; Muthoot Group wishes you happy and safe travels!

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