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Things to Remember While Buying Travel Insurance for The First Time

By Finserv MARKETS - May 2,2019
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Things to Remember While Buying Travel Insurance for The First Time

Whether you are travelling for leisure or business, it’s important to have Travel Insurance in place in order to avoid unexpected losses. Travel, especially foreign travel involves substantial costs. Fight tickets and hotel bookings are often very expensive and common travel inconveniences such as flight delay or trip cancellation due to an unexpected illness can destroy your travel plans and cause huge losses. Traveler’s Insurance acts as a financial safety net and protects your finances from a wide range of risks you could encounter before or during your travel. Consequently, buying an Insurance policy helps you enjoy your trip without worrying about financial losses. If you are buying a travel policy for the first time, here are some important things to remember:

Identify the Type of Coverage

There are different types of plans such as Individual, Family and Student Travel Insurance plans. Each plan offers different coverage benefits. So choose the right one as per your travel needs.

Understand the Exclusions

Travelers generally pay more attention to policy inclusions and end up ignoring the exclusions. However, understanding the policy exclusions is equally important. Check both the inclusions and exclusions carefully before buying a Travel Insurance Plan.

Check If Adventure Activities Are Covered

Certain policies do not cover adventure activities such as scuba diving, paragliding, bungee jumping etc. However, if you plan to indulge in such activities during your trip, ensure that your Travel Insurance covers the same.

Understand the Terminology

Whether you plan to buy a domestic or Foreign/Overseas plan, it’s important to get acquainted with the common Travel Insurance policy terminology, such as coverage limit, deductibles, etc. Understanding policy terminology will help you eliminate the chances of confusion at the time of claim settlement and when you’re on your trip.

Ensure That Medical Costs Are Covered

An unexpected injury or illness will not only spoil your vacation but also cause immense financial loss. The cost of medical treatment in the USA, Europe and the Middle East is extremely expensive. However, an overseas Travel Insurance plan will cover the entire cost of emergency medical treatment abroad.

Understand the Claim Filing Process

Lastly, don’t forget to check your Travel policy provider’s claim filing procedure. A simple claim process will ensure that your claim settlement will be quick and hassle-free. However, ensure that you disclose your vacation itinerary and declare all items that you plan to carry when buying a Travel Insurance plan.

If you bear these things in mind before buying a policy, buying the right Travel Insurance policy is just a click away. With a travelers insurance, you get the benefit of a wide coverage at a reasonable premium. Buy Bajaj Travel Insurance online at Finserv MARKETS and enjoy your dream vacation worry free!

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522