Great! You have decided on your trip and you have got the tickets booked. You have also found out about the travel insurance you require and have bought it – either through the agent or online. Now, if you have bought it through an agent, he must have surely filled you in with the things you need to know. So why waste time reading this article? There are other things to do. BUT WAIT! Here are a few important things which you might have skipped. And if you have bought it online, you need to read this all the more!
Here is the fine print – the most important part that one usually does not pay attention to. Read on…
– Read the policy wording properly. Know the definitions. Know what the various words like family, accident, burglary etc mean in the insurance context.
– Understand what you are covered for. Apart from the scope of coverage also go through the conditions specified for the coverage. In fact, ‘Terms and Conditions’ is one of the most important sections of the policy wording.
– Give equal importance to Exclusions as to Coverage.
– Usually, certain Special Conditions are allowed in the travel policies. Find out if your policy offers any and what are they.
– All travel insurance policies carry a ‘Deductible’, usually of $100. Deductible is the amount you need to pay from your own pocket. The insurer would pay any amount more than that.
– Know about the documents you need to submit in case of claims. There are different documents required for different kinds of claims. E.g. documents required for a baggage loss would differ from documents required for burglary.
– Read the fine print carefully. Understand what you are covered for and what not.
– Also be aware of the ‘conditions’ specified for filing of claims.
– Always carry your policy wording along with the policy itself. It is as important. As far as possible, have them online so that you can access them anytime, anywhere!
And remember, in case of any doubt, always ask. Don’t ever hesitate. It is your right to know.