It can be confusing to choose the best product when you have a wide variety of options available. Similar is the case with travel insurance. It is imperative to compare travel insurance across various insurance providers before you make your final choice. It is not just about choosing one with the minimum premium amount. To choose the best online travel insurance, it is best to extensively research and compare the benefits and specifications among different insurance plans.
Let’s quickly go through some common features and benefits that are usually included in a travel insurance policy. Insurance providers offer compensation in case of:
- Flight delays/cancellation
- Bounced airline or hotel bookings
- Passport loss
- Medical emergency or evacuation
- Repatriation of remains
- Loss of Baggage
Due to all these benefits, it is important to apply for travel insurance while planning your trip.
How to Compare and Choose Best Online Travel Insurance
Find below a few pointers that will help you compare travel insurance policies and choose the best one for yourself:
- Location, Purpose, and Age
There are various types of travel insurance policies available based on your age, location, and purpose of the trip. For further clarity, find below a few common types of insurance policies:
- Domestic Travel Insurance
- International Travel insurance
- Student Travel Insurance
- Senior Citizen Travel insurance
- Family Travel Insurance
- Schengen Travel Insurance
2. Single Trip vs Multi-Trip
Once you have decided the type of insurance you require, you need to choose between a single trip and multi-trip insurance policy. If you are an avid traveler, it will be beneficial and affordable to buy a multi-trip policy. Otherwise, you can go for a single trip insurance policy.
3. Check the Eligibility Criteria
The eligibility criteria vary across different travel insurance plans; the age bracket for availing student travel insurance is usually 16 to 35 years of age.
4. Check for Specifications, Inclusions, and Exclusions
It is essential to check the specifications, inclusions, and exclusions, as these might vary to a considerable extent among different insurance providers. You can choose one with the maximum benefits, broader coverage, and minimum exclusions as per your requirement after thoroughly going through all the specifications of the policy.
5. Claim Settlement Ratio
The claim settlement ratio of different insurance providers is one of the most important parameters to consider when you compare travel insurance. This depicts the ratio of claims that the insurance provider has settled in the past; therefore, one with the maximum claim settlement ratio can be considered.
6. Calculate the Premium
This amount will vary depending on a few factors, such as country of visit, length of the trip, type of cover, pre-existing diseases, additional boosters, etc. Nonetheless, you can easily compare travel insurance online across various providers by entering your basic details and calculating the premium.
7. Compare and Buy
Once you have considered all the crucial factors and evaluated the premium amount for different policies, you can compare travel insurance conveniently. As you have the data handy, compare travel insurance policies mainly on the basis of advantages, such as the premium amount, claim settlement ratio, exclusions and inclusions. Thereafter, you can narrow down your options and buy the best online travel insurance.
Since emergencies can arise at any time, it is advisable to stay prepared to fight unexpected challenges. Especially, while on a trip, no one wants to create additional worries that might hamper their journey. Therefore, it is essential to secure your trip with travel insurance covering most of the mishaps that might occur during the journey.
You should consider buying travel insurance from reputable providers like TATA AIG, as they provide maximum benefits possible with affordable premium rates. They are present in several countries, offering prompt assistance to policyholders.
