Are you planning an international trip and looking for the best travel insurance policy for your needs? Consider this the end of your search, as this article will guide you through finding, selecting, and purchasing the best insurance policy for your needs.
But before discussing how to get the right travel insurance policy for your needs, let’s explore what travel insurance is, what it entails, how to select the right policy, and the steps necessary for purchasing it.
What is Travel Insurance?
If you are already looking for travel insurance for your trip, you might already be aware of it, but a travel insurance policy is a risk management system that enables travellers to secure their trip from dozens of travel-related risks and allows them to travel freely. With compensation or reimbursement for expenses borne due to these risks, travellers can mitigate the financial impact of these risks and explore the world at their own pace with peace of mind.
What Does a Travel Insurance Policy Entail?
A travel insurance policy entails several terms and factors which must be considered when purchasing a travel insurance policy:
● Scope and Extent of Coverage
Coverages are the specific risks a travel insurance policy provides financial protection for in the form of compensation or reimbursement.
● Exclusion
Exclusions are specific risks and actions which the insurance provider does not cover. These exclusions are mentioned in the policy document, and the insurer might not entertain any loss incurred from participating in these activities. One such example is adventure sports coverage. While this particular coverage is offered as an add-on benefit by several insurers, without opting for this coverage, participating in adventure sports and requesting a claim will result in claim rejection. So, make sure to assess these factors carefully when purchasing a policy.
● Sum Assured
Sum assured is the total amount of coverage an individual is entitled to as a part of the policy. For example, leading insurers like Niva Bupa offer coverage of up to $500,000 from $50,000, depending on the region and the specific plan opted for. This means that when facing a risk where travellers can avail coverage up to the sum assured, the total payout will be made from the total sum assured.
● Types of Travel Insurance
Several types of travel insurance need to be considered when selecting a policy. Depending on the traveller’s specific needs, each has different characteristics and benefits.
For example, if you have planned several trips to a destination country in a year, then multi-trip travel insurance makes sense for you. Regardless of how essential travel insurance is and how easy it is to buy one in 2024, not having to remember and buy a policy before every trip can be hectic.
By opting for multi-trip insurance, a traveller can get coverage for several round trips in the set duration at a considerably cheaper cost. On the other hand, if you will be travelling outside the country once, opting for single-trip insurance is beneficial.
● Cost of the Policy/Premium
The cost of the policy or the premium is a vital factor in determining the value proposition of a travel insurance policy. While policies in India are relatively cheaper compared to other countries, this does not mean that getting a policy with inadequate coverage or a high premium cost is beneficial.
● Deductible
A deductible is the out-of-pocket expenses a covered individual will have to make before being allowed to claim settlement under your travel insurance policy for the balance of the costs. Considering a policy with a lower deductible for less hassle during times of need is essential.
● Third-Party Administrators/Claim Administrators
While Indian insurers offer comprehensive coverage for dozens of risks at an affordable price like Niva Bupa, not all insurers have a presence in every country where they offer coverage. This is where TPA or third-party administrators come in and take the necessary steps to investigate the claim and disburse the money after approval of the insurer.
● Pre-existing Diseases
Pre-existing diseases are certain medical conditions the traveller is already suffering and aware of, such as hypertension or diabetes. Many Indians suffer from these pre-existing conditions, and depending on the insurer, any medical expenses arising from them are not covered. However, in some instances, insurers like Niva Bupa offer limited coverage for pre-existing conditions when the individual is faced with an emergency.
● Policy Period
The policy period is the total duration of a round-trip covered by an insurer. For example, the policy will last for the entire trip if you are going on a week-long journey. Certain insurers offer long policy periods to accommodate the traveller’s needs, which should be considered when opting for a policy.
● Coverage Regions
Coverage regions are the specific destinations an insurer provides coverage for. Considering this before purchasing a policy is essential to avoid any hassle when choosing and buying a policy.
How to Buy the Best Travel Insurance Coverage?
Once you have determined the right travel insurance policy for your needs and considered the above factors, buying the best travel insurance coverage for your needs is possible. This can be achieved by purchasing travel insurance online from a reliable insurance provider like Niva Bupa, which offers comprehensive policies at an affordable price, with over 190 covered destinations, emergency assistance when travelling, and much more.
You can buy a policy from them by visiting their website and clicking on travel insurance. Once on the new page, fill in the required information, upload relevant documents, select the right policy, and be assured to purchase the policy and travel secured.
Conclusion
Whether you are going to a watery paradise like the Great Barrier Reef in Australia or a mountainous hill trail across the Appalachian Trail in the United States, the right international travel insurance policy enables travellers to explore the world with confidence at their own pace. So secure your trip with the right insurance policy by consulting the above guide and travel freely.
