Travel insurance varies significantly from one provider to the next, as well as varying between policies. This makes it vital to carefully compare a selection of options before committing to any particular policy. Here are some of the main factors to look out for when comparing policies.
Cover – Not all policies cover the same items/ aspects of travel. It is therefore necessary to check carefully whether the provided cover is suitable for the intended destination/ activities, length of stay, etc.
Exclusions – Some policies exclude certain circumstances/ conditions from cover. Knowing what will be excluded prevents unpleasant surprises should something unexpected happen.
Pay-out – Determining how much a policy will pay out how, when and why is equally important. If coverage is too low, a traveller suffering an illness, for instance, may find their policy does not provide funds adequate to pay for treatments, etc.
Excess (Deductibles) – This also needs to be examined carefully. All policies will require the insured to pay a certain amount up front before pay-outs are made. If this amount is too high, premiums may be lower, but the insured may find it impossible to cover the expense. If it is too low, premium costs may become unaffordable.
Premiums – When comparing the cost of policies, it is essential to compare like-for-like policies, as cheaper policies may otherwise not offer the same cover as those costing a little more.