Travel insurance makes your travel secure, which is why you should make its proper usage. We understand the uncontrollable pre-trip excitement that might be engulfing you, but you require to do some tasks after purchasing a travel insurance policy. All the information given below is a precaution against the ways you can undermine the value of your travel insurance.
1. Review Your Policy
Imagine your insurance is a material object like a brand new Smartphone that you recently ordered. The first thing you would like to do is scrutinize the device to find any defects or flaws. Similar is the thing that you are required to perform on your insurance terms. Most of the insurance companies provide a 10-days ‘free look’ period to allow you to review the terms of your insurance policy. This step is necessary because it helps you understand your benefits and clear any misunderstandings. During the review period, if you do not agree to any condition of the policy or find a term unnecessary, you can ask for amendments from your agent. Alternatively, you can also cancel the insurance using the ‘money-back guarantee,’ but you’ll have to pay a small processing fee.
2. Print Your Confirmation Email
Your confirmation email includes all the emergency contact numbers and your policy number. In brief, it is the acceptance of your insurance. Printing extra copies can be helpful in case if you require one to contact your insurance company or show an authoritative figure during your travel. Also, keep the documents in a place where you can easily find them so that you don’t have to rummage your entire luggage during the time of need.
3. Pay Attention to the Exclusions Section
The number one reason how people void their insurance policy is by not following the mentioned clauses. The exclusions section on your policy document lists all the activities or situations to which your insurance policy does not apply. It may not cover the benefits for which you think you can file a claim. It is much appreciated if you see the exclusions section during the ‘free look’ period, and also before leaving for your trip.
4. Contact Your Insurance Agent for Any Questions and Confusion
It is better to clear your doubts before leaving for your journey so that all the misconceptions stay out of your way. If there are any terms, benefits, situations, or validity deadlines that you do not understand, get in touch with your insurance company immediately. Also, clear any doubts that arise in your mind regarding the claims process and the process of amendment.
5. Make Your Family Aware of the Insurance Plan
The incidents where families have forgotten to file a claim are also quite common. A majority of the time, what happens is only the spouse of the insuree is aware of his or her insurance plans. Distant relatives, children, or even parents are not aware of the benefits of the insurance, which results in the delay of the claim or passing of the due date. You can acquaint your close relatives or children of the benefits of the plan and make them understand the claiming process. In return, they can help you with the claim processing in required situations.
6. Set A Reminder For Policy Renewal Date
In the majority of the situations, insurance agents remind people of the premiums of their existing insurance plans. However, under no scenario, they are obligated to do so by the law. Meaning, you can still miss a premium date and might have to pay a higher premium in the grace period. In a few situations, the insurance company can lapse any single or all of your insurance benefits. It is better to set reminders on your smartphones or computers so that you never miss your policy renewal date.
7. Start Maintaining Sufficiency Funds
When you are all set with your insurance and your to-do list is blank, it is the time to start maintaining the funds for your premiums. It will not cause you much of a trouble if you begin reserving the funds from an early period, and perhaps, insure your timely policy renewal. Another important thing for which you need to collect funds is the benefits or expenses that your travel insurance policy does not cover. If your insurance plan only includes limited benefits, then there’s a clear need for you to collect funds for any excluded expenditures.
Travel Insurance Master is dedicated to notifying you of much-beneficial travel insurance policies. We possess extensive knowledge of the insurance industry and assist you in understanding the benefits of modern travel insurance plans. For any doubt or query, you can contact us anytime. Follow us on Facebook, Instagram, and Twitter for more information.