The Different Travel Insurance Packages and Choices
The hardest thing to do is deciding on which travel insurance package suits you best. Before spending hours analysing different packages, you need to first make a list of the benefits and coverage you want from your travel insurance policy. Benefits may include compensation for lost luggage, delay, medical fees and repatriation costs (in case of death). Generally, the more protection you seek, the more expensive your policy becomes.
Here are some other considerations that may help you in your decision-making:
Other Existing Insurance Policies
If you have previously purchased other insurance packages such as health insurance, check your existing policies and see if it covers for situations abroad. Also, remember that you will be compensated only once in cases of medical expenses even though you have multiple policies.
You need to consider the conditions laid down for age criteria, the type of travel and your period of travel.
Good Network with Foreign Affiliates
This is an important feature as the insurance company you choose need to be able to assist you in the country you visit. Therefore, an insurer with a good global network connection helps tremendously in times of emergencies.
Confirm with the insurance company the types of emergency assistance available. Most importantly, make sure you are able to contact them anytime i.e. there is a 24 hour emergency service available to you.
You are advised to read and understand the policy exclusion clauses properly. An exclusion clause is simply things that the insurers would not cover / compensate for. For example, most insurance policies do not cover death by suicide. Before taking out your travel insurance policy, find out if there are any places or activities that are restricted / excluded.
To find the best travel insurance deal, check out iMoney’s travel insurance comparison table.
Do you travel a lot? Check out our travel credit cards comparison tool