You don’t want to break the bank when it comes to travel insurance, but you also want to make sure that you find a company that provides good service. Processing a claim should be straightforward. You send your story and any relevant paperwork. Then you get reimbursed. If you have read the fine print before hand, it should be as simple as that.
So how do we, the everyday average men and women, know which travel insurance policies are good and which ones aren’t? It’s tricky, but the best advice is to pay attention and don’t just go for the first one you come across. Below you will find 7 tips on buying affordable travel insurance to help you get quality coverage for the lowest price you can.
1. Check Your Other Insurance Policies and Credit Cards for What They Cover – Your other insurance policies and credit cards may cover certain parts of your trip like lost or damaged luggage, stolen possessions, certain purchases, etc. Finding out what they cover can help you determine what aspect of your travel isn’t covered and widdle down the needs of a travel insurance policy.
2. Is Annual Coverage More Economically Sound? – If you are going to be taking multiple trips each year it might be smart to consider purchasing a yearly travel insurance policy for all of your trips throughout the year instead of purchasing a policy for each trip as it would save you money in the long run.
3. Read The Fine Print – Some travel insurance policies can sound great in person, but in the fine print of the contract they can leave a lot of gray area or be less favorable for you, so make sure to read the policy’s fine print before buying the travel insurance policy.
4. Does the Travel Insurance Policy Pay Up Front? – Some insurance companies pay for expenses up front while others reimburse you later, so it is important to find out which option the policy uses and if that option works for your needs.
5. Disclose All Medical Conditions – This includes both you and anyone else you’ll be travelling with. An undisclosed medical condition may void a future travel insurance claim which can leave you in the lurch with a great deal of expenses/damages/medical bills left unpaid, losing money and/or possessions that could be costly to replace.
6. Know the Coverage Limits – Before purchasing the insurance check to see what the coverage limits are and if they meets your needs. A higher coverage limit is best because it will cover expensive medical bills if you get sick or insured and will cover personal liability if you are at fault for injuring someone or damaging property while traveling. Don’t go cheap on your travel insurance with a $20,000 coverage limit because if in the event that you are injured or liable for damage that small coverage limit can get eaten up very quickly and leave you with a great deal of costs still left to cover on your own.
7. Is it Primary or Secondary Coverage? – Some affordable travel insurance policies are affordable because they are secondary policies that require you to make claims for the bulk of expenses/injuries/liabilities through your other insurance providers before putting in a claim with the travel insurance. Before buying the insurance find out if it is primary or secondary so that you aren’t left without any recourse for claiming travel expenses/injuries/liabilities.