Are you a frequent traveler? If you are, it is wise to protect yourself with a travel insurance. Many accidents can happen during a trip. For instance, you might get your bags stolen, getting your flight delayed, or having sudden health problems.
Having a travel insurance helps you covering these risks and will compensate any losses you get because of unpredicted things that happen during your trip. Although it is not a must to have travel insurance for domestic travels, it is highly recommended to have it when you frequently travel overseas.
There are lots of travel insurance plans offered in the market. But to choose the right one, always consider one thing after another and choose the one that suit your needs best.
1. Know what are covered
Although all travel insurances look the same at first glance, the details about what things will be covered by insurances differ one from another and many don’t offer the same things as the others.
For instance, even if all insurance policies generally offer emergency medical bills coverage, details about what problems are covered, and how big the advantages are, there will be slight, even significant differences.
The things covered by most travel insurances are flight delays, missing luggage, and missing documents. The difference found between different providers are the other problems apart from these.
In the other hand, compensation for death or accidents that happen during your trip might not be offered by all travel insurance companies. However, it is recommended to look for an insurance that offers accident compensation if you frequently go on adventures during your trip.
It is recommended to buy a travel insurance by not only considering maximum coverage, but also considering your personal needs.
2. Global or Regional Coverage
Some travel insurance companies might offer policies that have global coverage or limited to several region. Choosing a travel insurance with global coverage is always the better and safer thing to do, because there is no risk of rejection. However, there might be several sub clauses and exceptions for this thing.
This rule also applies if you travel to regions with high risk, there might be some limitations to your travel insurance plan.
3. Coverage Duration
A travel insurance might only apply to a single trip, or more than one trip per year. The frequency of your trips will affect you in choosing the right travel insurance plan. Do not forget to check the duration of travel covered by your travel insurance.
To anticipate a trip that might last longer than planned, it is better to choose a time range a little bit longer than what you have planned. If needed, check if the extension of your travel insurance is possible while you’re on your trip to help cut costs.
4. Coverage Area
Other than the items covered in your travel insurance, you have to check how much is the limit given to each item. For instance, a travel insurance might offer up to five million coverage for missing luggage or a maximum of 100 million for health protection.
5. Medical Conditions
Travel insurance companies usually will not cover any medical conditions you have got before submitting to that insurance plan.
Even if it seems beneficial to hide some of the medical conditions you have when you apply for an insurance plan, the insurance company might ask for a medical history when your health deteriorates and you have to claim the insurance. If your history does not match their report, there is a big chance of getting your claim rejected.
Therefore, it is best to reveal all of your medical conditions the time you apply for a travel insurance. That way, there is less risk of getting your claim rejected.
6. Insurance system
The last thing you might want to consider is the system of payment. For example, a globally recognized insurance company uses reimbursement system for travel insurances.
The reimbursement system works as follows: when an individual has a medical condition that have to be treated overseas, they will pay it with their own money first, and will get reimbursement of the amount spent when they get back to their home country.
We should never underestimate the medical bills in some countries, including East Asian countries such as Japan and Korea. it might be very high for certain reasons, and an insurance will be needed to cover it.