Travel insurance online
Travel insurance is a form of insurance that covers the troubles associated with traveling.
Common exclusions
Most insurance policies do not cover
» Pre-existing conditions
» Pregnancy
» Suicide
» Alcohol
» Drugs
» Self inflicted injury
» Mental or emotional disorders
» Change in plans
» Extreme, high risk and dangerous sports
» Wanting to return home early
» Terrorism or political unrest
» Ongoing medical condition
» Traveling against the advice of your doctor
» Contractual obligations
» Work related issues
» Bad weather
» Your financial condition
» Military duty
» Unlawful actions
» Open tickets
» War
» Riots
» Radioactive contamination or Nuclear radiation
» Damage or loss brought about by detention, destruction or confiscation by customs
» Failure on the part of the tour operator to supply the bargained-for journey arrangements
» Elective surgery/treatment such as Cosmetic surgery
» Traveling abroad for medical treatment
» Any chronic condition diagnosed or treated during the last 12 months
» Events that are foreseeable or under your control
The High-risk sports that are usually excluded are:
» Sky diving
» Bungee jumping
» Hunting Safaris
» Skiing
» Parasailing
» Scuba diving over 30m
» Canyoneering
» Wind Surfing
» Mountaineering
» Free climbing
» Parachuting
» Cliff diving
» Bodily contact sports
» Hang gliding
» Professional sports
» Driving an aircraft
» Aerobatics
» Solo flying/sailing
» Caving
» Motor rallying
If you propose to take part in any of the listed extreme sports activity during your vacation, you can purchase special insurance to cover you for the same.
Sources
Large numbers of providers offer insurance cover for travelers so you need to shop around for the best deal that suits your needs.
Travel Agents/ Tour operators offer insurance cover for travelers along with the travel services you purchase from them. Some even offer it free as part of your holiday package. In such cases, you need to look out for hidden fees. But when purchasing insurance from your tour operator, make sure that it covers the default/bankruptcy of that provider. Though buying travel insurance is not obligatory, some travel vendors may ask you to sign a waiver form if you decline to purchase insurance cover.
Regular insurance agents also deal with such insurances. So you can enquire with them about the insurance coverage they provide for tourists. Most insurance companies will offer you comprehensive travel medical insurance.
Travel insurance specialists comprise of travel insurance companies, independent travel insurance agencies, independent brokers who specialize in vacation insurance , direct providers of medevac ( Medical evacuation) and travel emergency services. These specialists offer you all forms of coverage ranging from baggage loss to trip cancellation to emergency medical assistance.
Banks also offer travel insurance to their customers as a part of their bank account benefit. These will offer you the best deals for a lower price.
Credit Cards sometimes include coverage when you purchase the vacation package using the card. But they do not usually provide comprehensive coverage.
They generally cover loss of luggage, accidental death/dismemberment, International Medical Assistance, flight accidents, and car rental damage.
Some Airlines also offer insurance in the form of flight insurance and baggage loss insurance.
Home insurance policies also offer cover for baggage loss and accidents and they are cheaper compared to most policies.
Health insurance coverage sometimes can include travel coverage. But make sure to check with the company about overseas coverage offered. This is a good option for people who travel frequently.Rental car companies offer you insurance plans that will compensate for loss or damage to a rental car.
Although there is an enormous risk involved in traveling without proper travelinsurance, no one can compel you to buy one. Most tour operators are not even obligated by law to warn you to protect yourself. It’s all your decision.
When to purchase
You can buy the insurance anytime starting from the day you book the trip to the day you are traveling. Most people prefer to buy it when they make bookings for the tour because only then can the policy offer you utmost protection against the unforeseen. Pre-existing conditions can also be included if the policy is taken at an earlier date. However, the price of the policy remains unchanged whether you purchase it sooner or later.
Cost of the insurance
The price of the policy varies based on:
»The coverage offered
» The age of the traveler
» The duration of the vacation
» The type of vacation
» The cost of your trip
» The place that is being visited
» Health of the traveler
» Other variables
Before purchasing insurance coverage, make sure that the same type of coverage is not offered by your health insurance, homeowner’s insurance, banks, or as a credit card reward. Purchasing only the required coverage will reduce the costs a great deal.
Comprehensive travel insurance policies can cost anywhere between 5-7% of your total trip cost. However, this figure can go up to 12% if you are over 70 years of age.
You may also have to cough up more for adventure getaways.
Shopping for the Best Insurance
Like all insurance policies, shop around to find the best deal that is not only economical but also one that is fitting.
Here are certain things you must look out for while buying a travel insurance policy:
• First, you need to decide what you would like to insure.
• Decide on the source from whom you wish to purchase.
• There is no hard and fast rule that says that you need to purchase vacation insurance from your tour provider.
• Enquire with various sources before deciding on one.
• Evaluate how much risk you are ready to accept.
• Look at the cost factor
• Understand what is covered in the policy and what’s not.
• Enquire specifically about the exclusions.
• Make sure what reasons for trip cancellation/interruption are acceptable to the insurance provider.
• When the insurance has a provision that allows cancellation of the trip in the event of ill health of a close family member, try to comprehend who is defined as a "close family member.”
• Always purchase your insurance from a licensed provider.
• Make sure that the insurance does not include administrative and sales costs in the form of hidden costs.
• If your standard homeowner’s policy or health insurance covers the same ground, you need not apply for duplicate coverage.
• Do not shell out for extra coverage you don’t need.
• Similarly, if a policy is inexpensive but doesn’t include the coverage you really require, don’t consider it.
• Make certain that the policy covers the countries that you will be visiting.
• Read the fine print of the policy carefully
• Resist pressure from tour providers to sell you a policy you may not require.
• Find out when the payments are due and when the coverage kicks in.
• Also, make sure to enquire when the coverage finishes.
• The process of filing a claim also has to be understood
Deciding on and comparing travel insurance rates and deals, is always worth the time and effort to save money.
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