What should I look for in an insurance company?
Insurance companies are financial institutions and insurance policies are investment instruments, hence different insurance policies provide with different benefits. Therefore it is important to have a clear understanding of what is required and what is being offered. Following are few things which should be accessed.
1. Settlement of Claims: Everybody has their own budget but the most important thing while selecting an insurance policy is that it must take full responsibility of settling the claims. Many people opt for cheaper insurance policies and do not realize that they may give trouble while settling the amount when in need. Insurance company must be reputed and have a good history of settling the claim.
This should be your primary concern. What good is cheap insurance if the insurance company is not going to make good on your claims. As in the case of the couple on Cruise-Chat.com (look under the NCL forum, NCL Dream becomes a nightmare thread) what good was the policy they purchased from Access America? This kind of nonsense should be your first warning about an insurance company.
If the insurance company has a good history of settling valid claims then it makes sense to pursue a quote from them.
2. Insurance Inclusions:
Once again, what good is a policy if it doesn’t cover the specific losses that are the reason for your claim? Here are some of the most important things to look for. I have listed them in their order of importance from my perspective.
What are some of the things that travel insurance will cover?
Lost, stolen or damaged luggage-In case of a connecting flight of a ship travel there are chances of losing your baggage or damaging your luggage. Travel insurance cover the cost involved in it.
Injuries or accidents including hospitalization-in case of adventure trios which involve adventure sport, there is a huge risk of injury which can lead to hospitalization. Also people who have a poor medical history also need travel insurance because sudden need of medical help can be really costly.
Missed or cancelled flights-many times travelers tend to miss their connecting flight due to flight delay of the first flight. Or due to unforeseen circumstances tourist may not be able to board the flight. This cost is also borne by the travel insurance.
Airline strikes-Airline strikes lead to cancellation of flights which lead to loss of travel. This is also taken care by travel insurance
Illness/sickness-If there happens to be illness or sickness in the middle of your trip ,then all the medical expenses are taken care of by the travel insurance
Lost passport/visa-the worst of all is the passport being lost or visa cost borne due to travel.
Death-in case of a death during travel, which can happen due to aero plane crash or a disaster, travel insurance takes care of amount to be paid.
One must value his needs and requirements and zero in for the best travel insurance which suits him.
