How to Compare Travel Insurance Quotes
Let’s say you take a trip to your homeland in Nigeria and get sick. Or, you travel to an exotic place like Belgium and have a diving accident. You likely are going to have to arm yourself with some type of travel insurance. Being able to strategically compare travel insurance options will help you make a wise decision on your next trip. Just like with any purchase, comparison shopping is important. Knowing what to look for is going to help you make the best decision possible. Here are some things to consider when shopping for travel insurance.
Compare Travel Insurance Rule 1: value is key. Look at what each policy offers versus what the premium is. List out the coverage details on a sheet of paper for proper analysis. One policy may be lower in premium, but what if it only offers flight delay coverage? What if the flight is cancelled altogether? Also, what if the policies with higher premiums come with outstanding emergency health care coverage? You want to be sure you’re comparing apples-to-apples when making a decision.
Compare Travel Insurance Rule 2: look at the specific coverages like trip cancellation, trip delay and health insurance. What do they cover? Let’s say your flight is delayed and you want to know when you get put up in a hotel? Is it after a 6-hour delay or a 12-hour delay? When does the insurance pay for a new flight? Also, does your health insurance cover preexisting conditions when you are traveling? Do you need extra riders to cover a preexisting condition? Be sure that the coverage is tailored to your specific needs and the needs of your family.
Compare Travel Insurance Rule 3: consider what level of emergency medical benefits is included in each policy that you are comparing. Some policies only cover major medical emergencies but not small accidents. What if you’re not in need of hospital admittance, but still need emergency treatment? Also- make sure that there is some provision for prescriptions you may need for pain or antibiotics. Again, this should be clearly stated in the policy so there is no misunderstanding. If you aren’t sure, ask your agent to clarify before you sign anything.
Compare Travel Insurance Rule 4: consider the claim filing process. You want to know how long the processing is going to take. Some companies allow you to file a claim and pay out within 10-15 business days. Others can take up to 90-days to pay out. If you do have an emergency, you want to know that there isn’t going to be a lot of red tape to get it cleared up. You want an insurance policy that is easy to manage. Also, if you’re traveling out of the country, you want to be sure that submitting documents is paperless. You should pick a policy whose claim filing process can be done online.
Lastly, as you do your research note which insurance providers offer the easiest methods of finding information. It can be a sign as to how working with them will be if you have a claim. If finding information is like looking for a needle in a haystack, or agents can’t answer your questions, it may be time to move on to a better organized company.