|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
The main motive to buy insurance while traveling is to protect one from unanticipated troubles, which may strike during a vacation. Therefore, one should not ignore the importance of it, while travelling to other regions or nations. One should always check different policies, before opting for the best insurance plan; which will suit their requirements.
Which are the important pointers to compare plans before choosing the suitable insurance?
- Always check out the top insurers and their travel plans
- Select the one with lowest premium on travel insurance
- Also opt for the plan, which can be bought online instantly (ensures less paperwork)
Travel is a vital part of life, as all of us want to enjoy some quality time with family, run away from hectic life, cherish special moments, explore adventure trip and opt for group excursion. There is also another segment that travel for business, conference, and corporate expansionists' views. So, at the end of day almost all of us are travelers'.
However, traveling can also have its own perils; and one must weigh the risks it can posses. Expertsrecommends comprehensive travel insurance plan, considering the probabilities of future uncertainties. What are the main benefits of a good plan?
- Loss of baggage in transit (even theft is considered)
- Flight delay or cancellation
- Last minute trip cancellation due to some complex issues
- Loss of passport or travel documents
- Medical evacuation due to emergencies
- Personal accidents leading to injury or minor surgery
So, all complete plans will focus on these six points and will give coverage for them while traveling. Also the best solution to manage any complex situation during travel is to opt for worldwide travel insurance.
Benefits of Worldwide Travel Policy:
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
- Premiums are lowest (as it's region specific plans, so buying cost is comparatively low)
- Low cost doesn't mean low on features or sub-standard product (guarantees high features and best network of hospitals)
- Accidental hospitalization will lead to double sum insured
- There is no limit per ailment
- No maximum age limit
- Benefit of pay per day rates applicable, instead of slabs
- Automatically up-graded to business class in case of illness
- Fast and cashless settlement
- The plan is even valid for 'Schengen Visa'
Let's check the plan options:
- Geographical scope covers 'worldwide regions excluding US and Canada'
- Hospitalization expenses are covered
- Sum Insured is in ('000) ~ US$ 50, 100, 300 & 500
- Up to 'Sum Insured' is available for in-patient care
- One can avail up to 100% 'Sum Insured in case of accidental hospitalization'
- Out patient can avail up to US$ 50, 000
- Daily Allowance for maximum 5 days (amount of US$ 25 / day)
- US$ 1000 can be availed for up-gradation to business class
- The plan also cover dental expenses up to US $ 300
- Medical evacuation expenses up to US $ 10, 000 is covered within the policy
- Expenses of repatriations of mortal remains is provided up to US$ 10000
- Personal Accident expenses up to US $ 15, 000 coverage is avail in the package
- For any reasons trip is cancelled or interrupted, than the losses will be covered up to US $ 1000
- Any delay of flight or trip by 12 hours will be compensated with US $ 500
- In both cases of loss of checked baggage or delay of checked baggage by consecutive 12 hours will lead to compensation of US $ 100
- Passport will call for a compensation of US $ 300
- In case of personal liability one will get up to amount of US $ 100,000
- Single Trip maximum period of 365 days
- Multi Trip maximum period of 45 or 60 days
- Entry age for single trip is minimum age bar for entry is 1 day and no limit in maximum age bar
- Entry age for multi trip is minimum age bar for entry is 1 day and 70 years for maximum age bar
- Family option is available
It is considered one the best plan for frequent travelers and even first time traveler. It's considered the real comprehensive worldwide travel insurance.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|