- Insurers came to the rescue of 154,000 travelers who needed emergency medical treatment during 2016, amounting to a total cost of £199 million, including £16,000 for one motorcycle accident that occurred in Thailand.
- A total of £370 million was paid in claims, representing £1 million per day paid to policy holders and their families during 2016 while they were travelling abroad.
- These figures are higher than the claims processed in 2010, when the Icelandic Ash Cloud led to surge in travel insurance claims.
- The average cost of travel insurance annually was £37, as compared the average medical claim, which was £1,300.
So, if you are convinced that you need the best travel insurance, you should also know what you need to do to ensure that if you do make a claim, the chances of it being approved are the highest.
Read the Policy Document
It is important to read not just the description of the coverage but also the terms and conditions and all the fine print. Purchase a policy only after reading all this, and once you receive your policy document after purchase, read through it again to see if everything is the same. This document is actually a legal agreement between you and the insurance company, covering all terms and conditions. While reading the document focus especially on the exclusions to know what you’ll have to pay out of your own pocket. This will help you avoid any kind of uncertainty in future.
Don’t Hesitate to Ask Questions
Most insurance plans come with a review period, also known as a free lookup period. While the time period might differ across policies, these are the days given to you by the insurer to recheck the plan and understand it. During this period, if you have any questions, do not hesitate to contact the insurer. If you are still uncomfortable with any of the clauses, you can cancel the policy within this period without incurring any penalty charges. Since the typical review period is not more than 7 to 10 days for most plans, make sure you check the document and understand it thoroughly as soon as you receive it.
Make Sure the Details are Correct
There are times when technical or human errors might occur, due to which the details of the travelers covered under the insurance policy might be entered incorrectly. This could later become a reason for claim denial. It is very important for you to read the plan for all details to know if any errors are present and get the errors rectified at the earliest. You won’t be able to make changes after the free look-up period, so don’t waste time.
During your travels, make sure you keep a printed copy of the travel insurance documents with you at all times and the contact information for the travel insurance company. Keep a copy on any email they might have sent you and share it with a family member or friend back in your home country, whom you can trust.
Got questions? Ask me in comments.