Maximize Your Travel Insurance – 10 Tips and Tricks
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KEY POINTS
Maximize Benefits
Explore diverse travel insurance options to protect your health and wealth during trips, ensuring comprehensive coverage tailored to your needs.
Understand Coverage
Read the fine print to discern what's truly covered, mitigating potential surprises during emergencies.
Stay Prepared
From keeping essential documentation handy to familiarizing yourself with claims procedures, proactive measures alleviate stress and streamline assistance during unforeseen crises abroad.
We frequently accept the first travel insurance policy offered by our travel agent or booking website. However, this might not always be the optimal choice for you.
Let’s look at 10 strategies to maximize your travel insurance benefits while protecting your health and wealth.
①
Research Your Options
We highly recommend exploring all available travel insurance options before committing to a policy. Do not accept the first policy offered to you by your travel agent.
It's important to consider factors such as the reputation of the insurance provider, feedback from customers, the range of coverage available (including trip protection, medical coverage, and additional services), any limitations or exclusions, optional upgrades, and the variety of services offered (such as medical assistance, travel support, concierge services, and protection against identity theft).
With the travel insurance industry being highly competitive, we are confident that you'll be able to find a policy that suits your unique needs and budget.
②
Understand Your Coverage
Most travel websites will provide high level summary of the key benefits of each travel insurance policy. These summaries are often in the form of a brochure available for download.
Brochures can help you narrow down your search. However, you need to read the underlying policy documentation to gain a comprehensive understanding of what is covered and what isn't.
Read the fine print and pay close attention to exclusions, limitations, and any special conditions that may apply. Take note of any optional add-ons or upgrades available to tailor the coverage to your specific needs.
③
Assess Your Needs
The travel insurance policy you purchased for your last trip may not be appropriate for your next trip. A change in any of the following may impact your policy needs,
Age
Health
Trip duration
Destination risks
Medical care standards of your destination
Activities planned
Transportation (cruise, flight, road trip)
Travel companions
Evaluate your travel plans and personal circumstances to determine the level of coverage you require. Choose a policy that adequately covers potential risks while avoiding unnecessary expenses for coverage you won't need.
④
Comprehensive Coverage
Some trips may only require a narrow range of coverage. You may only need medical coverage. Or a short road trip within your jurisdiction may only require basic trip protection.
However, it is common to consider a comprehensive travel insurance policy that can cover a wide range of risks including:
Medical emergencies
Sickness
Injuries
Medical evacuations
Non-medical evacuations
Trip cancellations
Trip interruptions
Missed connections
Travel delays
Lost or stolen baggage
Baggage delays
These policies can be a great first step to a stress-free trip.
⑤
Keep Documentation Handy
You will want all your pertinent documentation on hand when faced with a crisis. It will facilitate a smooth and efficient claims process.
Your documentation should include copies of your travel insurance policy, driver’s license, passport, travel visa, emergency contact list, and anything else unique to your situation.
Keep physical and electronic copies of all documents. Electronic copies may be stored via email, cloud, mobile phone, or USB flash drive.
⑥
Claims Procedures
Anticipation of what’s to come – it’s one of the best parts of travelling abroad.
No one wants to think about a potential crisis and the ensuing claims process. Unfortunately, travel insurance exists for a reason—people get sick and injured, flights get canceled, hurricanes make their rounds, and the list goes on.
Before you set sail, take the time to familiarize yourself with your insurance provider’s claims procedures. They will have clearly defined numbers to call in case of an emergency. They will also expect you to contact them at the earliest possible moment after a insurable act has occurred.
Not following the claims process could result in denial of procedures requiring pre-approval or even the entire claim.
Being prepared and knowledgeable about the claims process can save time and reduce stress during an unexpected crisis while abroad.
⑦
Utilize Assistance Services
Whether exploring remote destinations, embarking on solo adventures, or anything in-between, travel insurance stands as your constant travel companion, always prepared to offer support when you need it most.
Your travel insurance provider will likely offer many services that fall outside of the insurance policy. These may include:
Travel assistance
Medical assistance
Concierge services
Identity theft services
Usually available 24/7, these services often provide multilingual agents to assist you. Access to someone that can speak your language and that of your host destination can help ensure you receive the emergency services required while reducing your stress throughout the process.
⑧
Inform Trusted Contacts
Keeping family and friends informed of your travel plans is always recommended and becomes more important the remote and distant your travel destination.
Provide them with a copy of your travel insurance policy together with your insurance provider’s contact information. Explain to them the key policy details and walk them through the claims process.
Having someone back home to help you through a crisis abroad can be an invaluable resource.
⑨
Keep Records
Only accountants and lawyers like to maintain detailed financial and legal documents.
Unfortunately, you will not be able to make a successful claim without keeping detailed records of all pertinent documentation.
Maintain copies of things like receipts, tickets, rental agreements, contracts, accident reports, pictures, medical reports, physician and hospital contact information, and any other documentation required for making a claim.
Keep these documents organized, accessible, and stored in hardcopy and electronic form. Good record-keeping can ensure an efficient claims process and timely financial reimbursement.
⑩
Changing Circumstances
A change in plans or health may change your insurance requirements.
Periodically review your policy to ensure the coverages and limits still meet your needs. Things like adding high-risk activities to your itinerary or a new prescription medication may have a significant impact on your insurance requirements and eligibility.
You should also monitor announcements from your insurance provider that may impact your coverage, policy terms, or procedures. They can make unilateral changes to your policy without your consent for things like denying coverage while in a specific country due to an unexpected increase in political instability.
Stay informed and ensure your risks are covered when you embark on your trip.
FINAL THOUGHTS
Travel insurance should be your trusted travel companion on most trips abroad. Our tips and tricks should put you on the right path towards securing customized travel insurance that meets your needs and budget.
We wish you safe travels!
We also invite you to read our Travel Insurance Guide and reviews of our platform members. You can find comprehensive multi-tiered plans, medical only plans, pre-existing coverage, adventure and extreme sports coverage, and everything in-between.
