When it comes to travelling, many people invest a lot of money to prepare their itinerary as they would want to get the best out of their journey. Yet some of these people still fail to thoroughly prepare for their trip and forget one of the most important things to buy, i.e. travel insurance.
Though insuring one’s trip might not seem necessary to every traveller, it still remains a critical need. This is because it has a part in helping travellers get the best out of the journey by providing a sense of relief that uncertainties that crop up during the travel will be catered for by the insurance company.
Therefore, it is better to prepare yourself beforehand and you can buy a domestic travel insurance plan for your trip abroad. Moreover, there are some common mistakes that people usually make when buying travel insurance plans. This article highlights some of them so that you can avoid them in the future.
- Purchasing insurance late: The first common mistake individuals make is not purchasing travel insurance at all just because all their previous trips went safe. Well, this isn’t going to be the case always. It is advised that you purchase an insurance cover as soon as you can and not wait for the last moment. The reason is that you would lack time to do your research at the very end to find the best cover that suits your needs. Last minute purchases can even affect your budget and you won’t get the best deal either.
- Failing to familiarize with the terms and conditions of the policy: One huge mistake people tend to make is not read the terms and conditions along with the coverage and exclusions of the travel insurance policy. It also contains a list of dos and don’ts that you must read thoroughly. In case you want to try adventure sports, but your insurance policy does not provide coverage for the cost of treatment in the case of injuries, then you might face difficulty. Therefore, always read the policy document carefully before investing.
- Purchasing a very expensive or a very cheap cover: Travel insurance policies can be a little tricky to choose from. This situation might arise because some people decide to settle on covers that offer a maximum claim return in cases of emergencies while others choose very cheap insurance covers as they think it’s nothing but a waste of money. However, it is not very wise to look at the prices to decide which insurance policy to take. A costly cover may put a strain on your budget while a cheap one may not cover most of your travel needs. Always look out for a cover that you suits your needs best so that you don’t remain underinsured. Choose from the various plans such as individual travel insurance, family travel policy, senior citizen travel insurance or others. To save yourself from being over-insured also, compare multiple policies online and look for the best affordable deal.
- Failing to renew insurance on time: Travel insurance policies have expiry dates too. This is applicable for the group commercial policy and not retail policies that mostly cover only one trip. The date of insurance renewal may coincide with the date on which you’re travelling and chances are that you’re completely unaware about it as you’re busy enjoying the trip. The damages incurred after the due date cannot be claimed from the insurer. Therefore, before hopping onto that plane, check the expiry date of your insurance policy and renew it on time.
- Notifying your insurer late: It is important to note that the responsibility of communicating any emergencies to your insurer squarely lies on you. It is recommended to report any emergencies as soon as possible so that the insurer can take action early enough to help you. The reporting time for emergencies is fixed with many insurers; they provide a period of either 24-48 hours. Therefore, always check if your insurer is providing you with 24x7 service or not.
Highlighting the risks attached to the cities you are travelling to and the activities you are going to engage in will guide you on what type of coverage you need to select. Avoid the above-mentioned mistakes and enjoy your time travelling rather than worrying about mishaps that might lead to financial loss. Make it a habit to go through the policy wordings of your travel plan provided by your general insurance company.