Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Travel is associated with all the positive things like fun, adventure, relaxing or work. All this while, people seldom think about the accident, medical emergency, loss of baggage or documents that might occur during their travel.

Incidents like these are unpredictable and hence, having travel insurance acts as a safety net against exigencies that might take place in an unknown city/country. 

However, before buying travel insurance one must be aware of the kind of plans that are available. It can be customised based on the needs of the customer and is not a one size fits all product. Below are a few things one needs to consider before buying a travel insurance plan.

Nature Trip

Select travel insurance that suits your needs and opts for coverage based on the nature of your trip. In case you are traveling for work, you can opt for a basic plan that covers your loss of baggage, passport, medical expenses, and a personal accident cover. In case you are planning to go for adventure sports during your travel, over and above the basic travel insurance plan do check if you need to opt for an additional rider or optional cover. Such policy add ons cover accidents arising out of participation in adventure sports and provide benefit amount in case of death or permanent total disability caused by accidental bodily injury due to adventure sports.

By Sasikumar Adidamu, 

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With more travelers choosing to spend their golden years abroad, Squaremouth shares 4 travel insurance buying tips for seniors.

Determine Your Coverage Needs
When shopping for a policy, travelers should first decide how much coverage they need for their trip. Medicare does not provide coverage outside the U.S., so for many seniors, the most important travel insurance benefits are Emergency Medical, which can pay travelers back for their medical costs while abroad, and Medical Evacuation and Repatriation, which can transport travelers to the hospital in an emergency or transport remains home.

Travelers can also get their trip costs back if they need to cancel or end a trip early due to a sickness, injury, or if a family member passes away unexpectedly.

Pick The Least Expensive Policy
Unlike many other types of insurance, when it comes to travel insurance, a higher price tag doesn’t necessarily mean better service or better benefits. Policy premiums are based on the traveler’s age, trip length, and trip cost, and insurance providers price their products to be appealing to the demographic the particular product is aiming for.

For example, some policies are designed to appeal to seniors and may be less expensive for that age group, while other policies may be marketed toward students and will be lower in price for younger travelers. The best way for travelers to find the least expensive policy that fits their needs is by shopping around and using a third-party comparison site, such as Squaremouth.com, to compare premiums and coverages.

Consider A Pre-Existing Condition Waiver
Senior travelers should pay attention to Pre-Existing Condition coverage. Pre-existing medical conditions are always excluded by travel insurance, unless travelers get the Pre-Existing condition waiver. This waiver is not an additional cost, however, it’s only available during the first 14-21 days after the traveler made their first trip deposit, depending on the policy. Additionally, some policies require travelers to insure 100% of the trip cost to be eligible for the waiver.

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Many travelers are taking advantage of cruise sales to book their next vacation and relying on travel insurance to protect their investment. With wave season kicking off this week, Squaremouth shares 5 key tips for buying cruise insurance in 2019.

Be Wary of Coverage Through Your Cruise Line
Travelers with specific concerns, such as a sick family member at home or a pre-existing medical condition, should compare the insurance offered through their cruise line to that of a third-party to ensure they are getting the coverage they need for the lowest price. 

Third-party policies typically have more extensive Trip Cancellation and Trip Delay benefits, and can include Pre-Existing Condition coverage, which is typically not covered by cruise line insurance. Third-party policies can also provide coverage for travel before and after your cruise, while cruise line insurance typically only covers portions of your trip purchased directly through the cruise line.

Emergency Evacuation Can Get Pricey
Medical evacuation on cruise ships is often more expensive than typical medical transport costs, especially for cruises to more remote locations. To prepare for these potential expenses, Squaremouth recommends cruisers look for at least $250,000 in Medical Evacuation coverage when purchasing a policy for their cruise. This benefit can cover the cost of an evacuation off a cruise boat, or from port, and even back home if deemed necessary.

Don’t Overlook Missed Connection Coverage
If a traveler misses their cruise departure due to bad weather or other airline delays, the Missed Connection benefit can cover their expenses to catch up to their cruise at the next port. This benefit can kick in as soon as three hours into a delay, and coverage can range from a few hundred dollars to more than $2,000.

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Here are five tips for cruisers to keep in mind when purchasing travel insurance for their next cruise:

1. Find the best options through an aggregator site. By taking advantage of captive customers in the booking process, cruise lines may only offer limited insurance options at the time of purchase. The options may include only “one-size-fits-all” plans that offer few benefits or key exclusions. These plans may also only offer travel vouchers for future cruises in the event of certain types of cancellations. And most importantly, many standard travel insurance plans offered by the cruise lines will not cover any travel costs to and from the ship’s departure ports and may not provide coverage for any travel booked outside of the cruise company’s in-house reservations.

2. Consider cruise-specific coverage. Cruise ships run on tight schedules, and they will not cover any missed departures, despite the fact that the leading causes of missing a cruise ship include delayed flights or adverse weather conditions. Missed Connection coverage can reimburse the traveler for a set dollar amount to re-book travel to catch up with their cruise at the next port. Missed Port of Call coverage pays a benefit if the cruise ship misses a scheduled port of call on the itinerary due to adverse weather, natural disaster or mechanical breakdown. Or look for a plan with Cruise Disablement coverage, which pays a benefit if you are confined on board the ship for more than five hours without power, food, water or restroom facilities.

3. Read the fine print on medical and evacuation coverage.Although cruise ships provide medical facilities, some ships may not be equipped to treat serious injuries or illnesses. For extreme medical emergencies, travel insurance plans with emergency evacuation coverage can cover the costs of transportation to evacuate a passenger to the closest adequate medical facility. Also, if during a cruise a passenger has to seek medical attention off the ship, travel medical coverage can reimburse the costs of those medical expenses.

4. Save money with group travel insurance. When ten or more people are traveling on the same itinerary or together as a group, group travel insurance can be an affordable and easy way to purchase coverage for each group member. Group leaders can offer the same coverage to each individual traveling, regardless of the traveler’s age. This can be cost effective for “silver” cruise groups, since the cost of the insurance varies only by the costs of the trip insured and not the traveler’s age. Group leaders can also purchase and manage the individual policies on behalf of the travelers, making for a more efficient, hassle-free process.

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The end of the year is prime holiday season for many people. While special emphasis is placed on having enough finances and a preferred holiday destination, travel insurance should be a priority for holiday travellers. Travel insurance covers unexpected travel events such as medical emergencies, trip cancellation, personal effects, lost, stolen or damaged luggage, etc. Here are some essential tips which will prove helpful in securing your travel insurance.

Annual or single trip cover

When searching for the best travel insurance policy you should have a basic idea of your travel habits and plans in advance in order to choose the right policy. If you know you are going to travel several times within in a year, an annual travel insurance policy (multi-trip policy) covers all your trips and can be far more cost effective.

Activities

Travel insurance policies may exclude cover for dangerous or extreme activities, such as Quad Biking, Rock Climbing, Skiing, Snowboarding, team sports played in competitive contests, etc. Most extreme activities require an additional premium. It is also important to note that most dangerous activities may be classified as general exclusions in most policies. Take time to check and disclose what holiday activities you plan to do.

Medical conditions and age

Many policies, particularly the cheapest, will not insure anyone aged over 65, however fit and active. Most standard policies will also not cover any pre-existing conditions. So, for example, if you are asthmatic and suffer an attack on holiday that requires medical treatment, your policy will not pay out. Tell your insurer about any ongoing medical conditions and answer questions honestly.

By Caxton Central

See Full Story at albertonrecord.co.za