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Do’s and Don'ts that will Save Your Money on Travel Insurance

By Finserv MARKETS - Apr 26,2019
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For a little extra cost, a Travellers Insurance offers financial protection against various travel risks. However, given the heavy costs associated with travel (especially foreign travel), shelling out extra money for Travel Insurance can feel burdensome. But despite the extra costs, taking up an Insurance policy is unavoidable. Here are some do’s and don’ts that will help you save money on the policy: –

Let’s start with the Do’s:

  • Go through the Policy Before Buying one

Unexpected costs are the last thing you need when you are travelling. So make sure to read the fine prints of your policy which lists out the inclusions and exclusions. If you have bought Overseas or Foreign Travel Insurance, ensure that it covers the cost of medical emergencies abroad.

  • Compare Policy Quotes

If you want to get the best travel insurance coverage at the best price, it is important to compare policies before buying one. Settle for a policy that offers a wide coverage at a reasonable price. Do not, however, consider price as the primary criteria while comparing policies as the extent of coverage is more important.

  • Buy Travel Insurance as Soon as You Book Your Trip

The prices of the policy generally shoot up as your date of travel edges closer. Hence, it best to buy Travel Insurance as soon as you make reservations for your trip.

Let’s Have a Look at The Don’ts:

  • If you’re a Frequent Traveller, Don’t Pay for Single Trip Plan

People often make the mistake of taking it for a single trip when they are planning to make multiple trips in a year. If you are a frequent traveller, opt for an annual policy to save costs.

  • Don’t Forget to Mention Your Medical Conditions, If Any:

If you don’t disclose pre-existing medical conditions which existed before the coverage period, your policy may not cover any expense related to the treatment of that condition. So make sure to disclose any such medical conditions before buying a Travel Insurance policy.

  • Don’t Just Cling on to Free Insurance

At times, the plans offered by banks and credit cards provide limited coverage. So make sure to go through the fine prints of the document of the free travel policy thoroughly. If you feel the coverage is inadequate, you should opt for an additional Travel Insurance plan to be on the safer side.

There’s no denying the fact that the peace of mind offered by travel policy is indeed worth every penny spent on it. While you can surely save money on it by following these tips, don’t save money at the cost of proper coverage. Inadequate coverage for a low cost is as good as no Insurance. With an Insurance policy, you get the best of both worlds i.e. a wide coverage at a reasonable cost. So don’t think twice, buy Bajaj Travel Insurance online from Finserv MARKETS and enjoy your vacations to the fullest no matter what!

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522