Purchasing travel insurance is a wise move for anyone who wants to make the most of their trip abroad. It not only provides you with financial compensation in case of unforeseen medical emergencies but also safeguards against many possible complications, such as theft, loss of personal belongings, etc., that might take place during your trip.
While it is true that having travel insurance is not mandatory for all destination countries, it is highly recommended for everyone travelling abroad. For instance, the Indonesia visa for Indians may get approved without a travel insurance policy, but you will still need it to have financial coverage in the case of unforeseen circumstances that may arise during your stay in Indonesia.
However, expensive insurance premiums can sometimes pose financial problems. So, is it a good idea to buy cheap travel insurance in India? The short answer is yes, but there are some important considerations.
For a detailed answer, keep reading!
What Is the Role of Travel Insurance?
Travel insurance is of utmost importance when it comes to travelling abroad. The reason behind this is the protection and extensive coverage it provides against a number of risks that may arise during your stay in a foreign country. These risks include medical emergencies, loss of important documents, theft, third-party liability, loss of valuable items, and more.
Is It Ok to Have Cheap Online Travel Insurance Rather Than No Insurance At All?
Having a travel policy is important. But should you always invest in an expensive travel insurance policy? No!
If you have a limited budget, you can surely buy travel insurance that is affordable and meets your requirements. However, there are many factors that need to be considered at the time of choosing the right policy. These include the type of policy, coverage, claims settlement procedure, claims settlement ratio and so on.
Also, there are numerous travel insurance providers in the country, each with its own pricing structure. Therefore, it is very common to see different providers offering travel policies with the same benefits at different prices.
With all that said, it is better to be in safer hands by paying a slightly higher premium and getting your travel insurance from a reputed company like Tata AIG. Since there are many insurance companies, you may find lucrative deals at a far cheaper rate. But the only problem with such deals and companies is their dicey reliability. So, it is better to avoid such deals.
Checklist of Important Parameters for Purchasing Affordable Travel Insurance
- Check Type of Coverage :
Don’t get attracted to the cheap prices of the travel policy. Instead, look for the type of coverage of offers. There is no point in having travel insurance if it fails to offer the required coverage in an emergency situation.
- Look for Availability of Add-ons :
Sometimes, customers tend to buy add-ons they will never need. Note that these add-ons come at an extra cost and hence, increase your premium amount. Therefore, before buying a travel policy, exclude unnecessary add-ons. This will help you lower your premium.
- Check Claims Settlement Ratio :
Before finalising your insurance scheme, pay attention to the claims settlement ratio of your provider. This ratio indicates how successful your potential insurance provider is at settling the claims raised by their existing customers. If you find the CSR very low, consider it a red flag.
- Compare Different Policies :
Instead of buying any random policy that comes at a low price, take your time and compare multiple policies from different insurance companies. This will help you find a suitable policy that will align with your budget.
- Perform a Background Check :
While it is recommended to buy travel insurance from reputed insurance providers, make sure to do a background check if the insurer is not well-known. This will help you determine whether or not they are legit insurers. For this, you can check their customer reviews and even talk to the existing customers if possible.
Where to Buy Cheap Travel Insurance?
Buying cheap travel insurance online is easy and doesn’t take a lot of time. But it is important to buy affordable yet reliable travel insurance. The good thing is that most trustworthy insurers like Tata AIG offer affordable travel insurance schemes that fit the budget of a majority of their customers.
Having a travel insurance policy is very important. But you don’t always need to purchase an expensive one. Simply put, there is no harm in buying a cheap insurance plan provided that it is from a reputed insurance provider and offers the desired coverage.