4 factors that can affect your Travel Insurance

Travel Insurance is an essential for vacations that a traveller may take. Taking Travel Insurance is compulsory for international trips as several countries require Travel Insurance as a part of their visa requirements.

Travel Insurance provides coverage against an umbrella of risks such as:

• Accidental death and permanent disability
• Accident & medical treatment reimbursement
• Dental treatment
• Loss of checked in baggage

These policies provide coverage against a number of medical treatment risks and risks that commonly incur during travel. As such, buying Travel Insurance is one of the best decisions a traveller can make.

Not all Travel Insurance policies are similar. The premiums for one person may not be the same as the premiums for another person even if they are travelling to the same destination and for the same duration. How much Travel Insurance do you need depends on a variety of factors that change from person to person.

Here are the 4 factors that can affect your Travel Insurance:

With increasing global turmoil and rapid onset of environmental change. It has become absolutely mandatory to secure ones journey with Travel Insurance. Travel Insurance provides a bouquet of covers which safeguard the insured against all aspects of travel risk including medical and travel related risks.

As such the following factors have a marked effect on the premium:

• Place of travel:
  
  This is the most important consideration for Travel Insurance. Depending on the place of your travel, the insurance company calculates the risk of coverage and charges premium accordingly. The insurance premium for travelling across US is not the same for travel across Africa, This is so because the risks involved in travelling differ from country to country. The premium paid for Travel Insurance and indeed the items covered under Travel Insurance depend vastly on the stability and economic situation.

• Period of travel:
  
  Travel Insurance
  
  Travel Insurance premium depends upon the number of days of travel. The premium for a long term travel plan is not the same as premium for a 2 week travel plan. Longer travel plans typically are more risky for the insurance company to cover and can get more expensive. However, for travellers opting to travel continuously for a longer period, insurance companies offer the option of annual insurance policies or round the world insurance policies that provide coverage for extended periods of time.

• Age of the traveller:
  
  Insurance can get costly for travellers who are older. Travel Insurance typically considers the probability of medical problems occurring during travel and prices the premiums accordingly.

• Coverage required:
  
  The amount of Travel Insurance needed also depends upon the coverage that the traveller wants to opt for. If the traveller opts for the bare minimum coverage that is required as per visa regulations, the premium for that policy will be vastly different from someone opting for a policy which covers greater risks and has a higher coverage limit for medical treatment.

The decision of which Travel Insurance policy to buy depends on how much Travel Insurance you need. Buying a policy that covers risks as exhaustively as you need, will ensure your travels will be completely covered. Consider these points before you buy your Travel Insurance policy.

Know more on how to buy Travel Insurance online here.

Looking for a Travel Insurance from HDFC Bank? Click here to apply now. 

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action.