Depending on whom you ask, people often make certain common and niche mistakes when purchasing a policy. While some individuals might face issues in choosing the right amount of coverage, others might face issues regarding exclusions, special conditions for inclusions, etc.
Keep reading to discover what travel insurance is, why you should buy travel insurance online, the top five mistakes people make when purchasing a policy, and the ones that must be avoided.
What is travel insurance?
Travel insurance is a risk management system that helps travellers secure their finances from dozens of covered medical and non-medical risks ranging in severity and frequency. For example, there are risks and events like losing checked baggage and something a lot more severe, like getting into an accident, which can lead to significant financial loss and a negative travel experience. But with the right travel insurance, it is possible to mitigate the financial impact of these risks, leading to a safe and secure trip for yourself and your loved ones.
Why you should buy travel insurance online?
As with most things, buying travel insurance is now more accessible and convenient than ever due to its online availability. From being able to buy the policy from anywhere at any time to compare policies at your convenience, zero paperwork, minimal documentation, and the ability to purchase the policy anytime until starting on your trip. These benefits make buying online international travel insurance not just timely and convenient but also cost-effective.
What are the most common mistakes to avoid when comparing travel insurance plans online?
Typically, there are numerous mistakes that one can make or encounter when looking to compare and purchase travel insurance online; however, the following are some of the most common, and it is essential to consider them whenever planning to buy a policy to avoid claim rejection or lack of protection during times of need.
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Not considering the destination country’s requirements
Some countries, such as those in the Schengen area, mandate travel insurance with certain specific coverages. For example, countries like Germany, Spain, France, etc., mandate at least €30,000 of medical coverage, including evacuation, repatriation, and coverage for the entire Schengen area.
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Not checking the special conditions to be eligible for coverage
Some insurers mention special conditions to be eligible for a particular coverage in the policy document, which needs to be assessed and considered to avoid any last-minute hassle. For example, Niva Bupa, one of the leading insurer’s policies, comes with emergency trip extension coverage where it is possible to extend the duration of coverage by up to 7 days in certain circumstances. These special conditions include the reason for hospitalisation being admissible under the “emergency inpatient medical treatment” cover of their policy, and any refundable amount from the initially scheduled return ticket will be deducted from the admissible claim amount.
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Not checking the exclusions
Please note that travel insurance only offers financial protection for covered risks, and any loss incurred due to an exclusion or non-covered risk will result in claim rejection. For example, adventure sports and pre-existing medical conditions are considered common exclusions and are not covered by the insurer unless specifically mentioned or opted for as an add-on.
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Choosing policies which charge abnormally lower premium prices
When looking for a policy, you will sometimes notice some insurers offering the world for unusually low prices. For example, while most insurers charge premiums of around ₹1000, they are charging ₹300 or ₹200. This is typically always a trap and might have certain trade-offs that must be avoided to prevent hassle during times of need.
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Hiding facts and figures
Some key benefits of online international travel insurance are convenience and cost-effectiveness, including the lack of a pre-policy medical check-up. However, while this enables travellers to purchase the policy and secure their journey within minutes from anywhere at any time, it is essential to fill out the medical declaration form honestly to avoid any claim rejection during the claim investigation.
Conclusion
Several different mistakes can be made when planning to buy international travel insurance plans online; however, whether it is convenience, cost-effectiveness, or timeliness, it is always beneficial to buy the policy online. So learn and keep a note of these mistakes to prevent them in the future and travel with confidence and peace of mind.