YOU ASK:

What do I look at if I want to compare travel insurance policies?

WE ANSWER:

It's a good thing that technology has provided us with easy access to different travel insurance products available in the market. We are now able to look at these plans and study the features, and choose the plan that works best for you.

When you want to compare different travel insurance policies, here are some things you should look into:

  • List the benefits that you want and use this as a checklist when comparing travel insurance products.

    Keep in mind the different benefits you want included in your ideal travel insurance policy. Of course, you have to balance this with the budget you have available. More benefits and more extensive coverage will also been more premiums to be paid.

  • Look at the policy provisions.

    This provides a list of what is actually included and what is excluded in the insurance coverage. Study not just the benefits provided but also the eventualities being excluded. Particular events and situations are expressly excluded, depending on the insurance provider and the plan. For example, terrorist activities may not be covered. Sometimes, when we buy a policy, we just stick it in the drawer without knowing its contents and then getting it out when something finally goes wrong. If you don't want unwelcome surprises, it would do you good to know what is being included and excluded.

  • Look at the limits.

    Take a look at the maximum benefit amount each benefit will be paying in case you have to make a claim. It the benefits are too low or if the excess or deductible amount is too high, that kind of insurance plan may not be as attractive.

  • Look at the insurance provider's track record.

    Ask yourself, "Is the company stable?", "Is it able and willing to pay for claims?", "Does it have a reputation of denying their policyholder's claims?" "Do they respond quickly to your queries or do you have a hard time getting an answer from them?" "Does the insurance company have a nearby office or a toll-free number you can call?"

These are just some things you can look into when you want to compare the different travel insurance policies available in the market. By studying the products thoroughly, you can more or less get a good deal in your travel insurance coverage.

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