10 Key tips to purchasing travel Insurance!Posted on 2016-02-29
When travelling away from your home country a travel insurance policy can give you a lot of comfort and security. Before you purchase a travel insurance policy here are 10 key things that you need to know;
Insurance is about covering yourself against unpredictable events
You firstly need to accept that travel insurance is vital to protect you against unforeseen circumstances. Secondly you need to accept that it is impossible to predict the future so buying a travel insurance plan is one of the key risk mitigating tools.
Look beyond the cost
Travel insurance plans vary in cost and what they offer. Always purchase a policy that best suits you needs at a reasonable cost. Let the cost of the policy no be the only deciding factor.
Always declare your medical conditions
An undeclared pre-existing illness will render the travel insurance policy null and void. Even the very minor injuries, illness should be declared to ensure your travel insurance policy will valid in case of a valid claim.
Buy as soon as you book
Do not wait till the last minute to buy your travel insurance because the policy usually covers you not only when you are away but also for cancellation or anything else that might go wrong before you make your trip.
Be sensible about excess
Excess is the amount the policy holder has to pay towards any claim. Choose a sensible amount as the larger the excess the cheaper the policy. Some policies charge an excess per benefit so be careful and read the small print before purchasing a policy
Group policies may be more expensive
Group insurance premiums are based on the oldest traveller deemed to have the highest risk. This makes the insurance premiums more expensive. A separate cover will be more beneficial and cheaper in this case.
Are you already covered?
Many bank accounts that charge a fee already provide travel insurance as part of their package. Check that you are not already covered by travel insurance before you decide to make another purchase.
These sports usually attract higher premiums due to the dangers involved. Ensure you are fully covered for any sporting activites and your sporting equipment.
Age limits and medical exclusions
Most standard policies will not insure anyone aged over 65 years and also not cover any pre-existing illnesses. Speak to a company, agent or broker directly to advise you on the best possible deal for our individual needs.
Annual cover over single cover
Choose an annual cover if you travel more than 3 times a year as it usually works out cheaper than a single cover.