It is an insurance coverage that is intended to cover many unforeseen events during travelling. It can minimize the considerable financial risks that are usually involved when you travel.
A travel insurance will fully or partly cover the expenses of the following.
- Medical expenses
- Trip cancellations
- Missed departure
- Lost luggage
- Other losses incurred while traveling
Most important, having travel insurance will eliminate the possibility of unexpected financial burdens coming your way. The scope of cover will differ from one insurance provider to another.
Having to pocket out extra cash when planning a trip is the last thing anyone wants. So it’s completely normal to be conflicted about whether travel insurance is actually needed for your trip. However, what you need to know is that it’s better to have insurance and not need it, than to need insurance and not have it.
It’s a smart move to procure a travel insurance to avoid having to deal with an undesirable situation where you will have to bear the entire cost if faced with any of the above mentioned unforeseen events.
Keep in mind that some countries require travel insurance to issue visa. This will mean that you won’t be issued visa for your trip unless you procure the required policy.
The categories include Individual, Family, Groups or Multi Trip. The scope of cover for each of these categories will be different depending on the insurance company you decide to purchase your cover from.
A Multi Trip Policy is one that is specially designed for those who travel regularly. If you are a frequent traveler undertaking more than 4-5 trips a year, it is recommended that you procure an Annual Multi Trip Policy, where there is no restriction on the number of trips you may undertake within this particular policy period.
There are a few factors to consider when deciding on your travel insurance.
The main criteria would be to select the region as per the country/countries that you would be visiting. Different covers would be ideal for you depending on your travel destination.
The next step would be to select the limit of indemnity (better known as the amount you will be insured against) as per your budget. Remember, the cheaper option is not always the best one.
In certain cases, a minimum mandatory limit might be imposed according to your visa requirements. In such cases, both your budget and the minimum cover required will factor in when making your decision.
Finally, look for a policy that has the scope of cover you require. For instance, if you have any predetermined medical conditions that require a certain health benefits, you will need to look for a policy with the required extent of medical cover.
Not necessarily. There are many routes that you can take when purchasing travel insurance.
Purchasing insurance online is the simplest method that you can follow. This won’t take you more than a few minutes and you never even have to leave your home. Save Your Monkey offers comparisons on travel insurance from a number of leading insurance providers in the country. The added benefit of our service is having access to multiple quotations before making a choice, along with a number of value added services such as special discounts, delivery of policy documents to your home etc.
You can also approach an insurer directly and secure travel insurance.
Your other options are to obtain your insurance through an insurance agent or through your travel agent.
If you are obtaining travel insurance only to comply with visa requirements, getting it just prior to submitting your visa documents will be sufficient.
However, if your travel insurance is procured by choice it should ideally be after you receive your visa and as a pre-trip planning process.
Note: If you are considered over the maximum age according to your insurer, you may be subject to health declarations and /or checkups. In such cases you will have to commence procuring at least two weeks prior to the required timelines.
No. However, it could be mandatory as per the visa requirements of some countries. Here are some of the countries that specifically require travel insurance with a comprehensive health cover.
- UAE (Dubai, Abu Dhabi etc)
- EU: Schengen countries
- Antarctica - Travel insurance which includes comprehensive health coverage is mandatory for all cruises to the white continent
Yes, it will, as these are two main areas considered when determining the premium.