Finding Travel Insurance That Fits Your Travel Style Online

Finding Travel Insurance That Fits Your Travel Style Online

So, you are all packed and ready to jet off for the long-awaited holiday, where you get to spend quality time with loved ones or simply indulge in having some time for yourself. But before hitting the road, have you pondered what happens if you get injured while hiking alone in New Zealand or what happens to your child if you are hospitalised during your trip? Despite our best efforts to be careful, accidents can happen anytime and cause your vacation to evolve into a traumatic and expensive experience. This makes getting insurance online that fits your travel style an essential part of your trip. However, with numerous options available, you may wonder how to choose a policy that effectively addresses your travel needs.

To help you out, take a look into the considerations different travellers should make when purchasing travel insurance.

Factors to Help Travellers Shortlist Their Travel Insurance Online

At a cursory glance, the travel insurance plans you find online may generally appear similar, with minor variations in coverage. Thus, it is common to be tempted to stick to a specific insurance provider you are familiar with whenever you make travel plans or choose the cheapest policy. However, just as no two trips are the same, your travel needs also change accordingly based on the people you are going with, your intended activities and your destination.

Below are the factors to consider to help you identify the best policy for each vacation.

1. Who Are You Travelling With?

When choosing travel insurance online, who you are travelling with should be one of the top factors in the decision-making process. This is because every individual’s situation is unique, and not accounting for them can lead to additional expenses or complications. For example, the elderly are generally more likely to experience health concerns than young travellers. When your travel insurance does not provide adequate coverage, you will incur costly bills when medical care is required during your trip. As such, it is advisable to review the coverage for medical emergencies and whether pre-existing conditions are excluded when buying a policy for a senior travel companion.

For families with young children, it may be wise to pick policies with children-specific clauses. For instance, travel insurance plans offered by Allianz Travel, Generali, AIG and BOCG Insurance cover the return of children. This ensures that your immediate family member will be reimbursed for the necessary expenses to accompany your dependents home safely should you be hospitalised or sick during your vacation. Meanwhile, solo travellers will benefit from choosing travel insurance policies with 24-hour worldwide emergency assistance to ensure you always have ready access to help.

2. What is Your Budget for Online Travel Insurance and Your Trip?

While it is always good to be as well-protected as possible during your vacation, getting travel insurance should not break the bank. Thus, it is also crucial to consider your budget and rank your needs in order of importance. You can then research and compare plans online to find a policy that offers the most comprehensive coverage essential to you and which fits your budget. For budget travellers travelling with children, some insurance providers such as Zurich and AXA provide free coverage for kids, enabling policyholders to achieve cost savings.

If you are flying on budget passenger carriers or airlines with a notorious reputation, you may want to find an insurance plan that provides a better reimbursement for flight delays, trip cancellations or re-routing. Additionally, note that the coverage for delays is typically paid based on the number of hours of the delay, up to a stipulated maximum amount. Thus, always compare the reimbursement terms of insurance policies before purchasing one online.

3. Your Travel Destination and Travel Period

Apart from your budget and company, you can spare yourself hassle down the road by factoring in your destination and travel period. For instance, if you have multiple travel plans for the year, you might save considerable time, effort, and money by getting one insurance policy that covers a specific region or worldwide rather than several separate insurance plans.

Meanwhile, if you are visiting a dangerous country or travelling during specific periods, you may be at greater risk of losing your personal belongings to theft or experiencing specific natural disasters. These can be avoided by researching your travel destinations online to fully understand the risks involved so you can best protect yourself against them.

4. Purpose of Travel

While travel insurance policies offer extensive coverage for diverse activities, selected pursuits, such as extreme sports, may not be provided for by all insurance providers. Hence, knowing your itinerary may help you narrow your travel insurance options significantly and ensure you have suitable coverage for each leg of your journey.

Start Exploring

Nobody wants to be thrown into a situation where they are ill-prepared for an unpleasant situation, especially when on holiday. That is why the value of travel insurance can never be understated. With the diverse insurance providers available online, comparing different plans to find the best deal can be laborious and time-consuming. This is where MoneySmart can step in to eliminate the hassle for you. Start shopping for your choice of travel insurance and get ready for your upcoming trip!