With the ever-increasing number of business and leisure travellers visiting Europe, Asia and America, travel insurance is becoming more and more popular. While many customers purchase this cover as a requirement for the different visa application processes, others are increasingly becoming aware of the value of being insured. In fact, according to the http://www.businessdailyafrica.com, there were close to 39,000 Kenyans who applied for visas to the Schengen region in 2018, an all time high figure! Buying a travel insurance policy allows the customer to enjoy their holidays in peace and tranquillity knowing everything will be ok in case of an emergency. So, when shopping for a travel insurance cover, here are some tips to help you get a saving!
Geographical Location Covered
When choosing a travel insurance policy, you can save on cost by taking a region specific cover. In Kenya, overseas travel insurances are priced depending on the region that the customer is traveller to. The most affordable covers are for Africa and Asia. North America (USA and Canada) are the most expensive regions and travel insurance policies covering those 2 countries tend to cost more. Also, for travellers going to Europe, it is important to distinguish between Schengen and Europe. The Schengen covers normally have slightly lower limits and don’t cover the entire European continent therefore they are noticeably cheaper!
Note: When taking a world wide travel insurance cover, make sure to check that it includes USA and Canada. This is because many world wide travel insurances exclude these two countries, the customer has to pay more premiums if they want to include them.
Limits of Liability
This is one of the often-ignored terms when customers are seeking for a cheap travel insurance cover. The main limit of liability on overseas travel insurance policies is the emergency medical expenses cover. This may range from as low as USD 10,000 to as much as USD 1 Million. Due to the risk of travellers falling gravely ill or having an accident during their travels, the costs arising from this can be un bearable. For example, a traveller suffering a leg fracture while in the USA can face hospital bills of up to USD 50,000! This is an amount of money that can possibly bankrupt an individual. It is important therefore that when selecting a travel insurance policy, choose one with decent limits advisably at least USD 100,000.
Note: The Schengen visa application requires applicants to have a travel insurance policy with emergency medical expenses of at least EUR 30,000. For a detailed comparison of the cheapest Schengen travel insurance plans, check out this blog post
Annual Travel Insurance Plan
Could an annual travel insurance plan be the right one for you? For frequent travellers, having to buy a travel insurance cover each time you are travelling can be time consuming and also costly. There exists in the market providers with open annual covers that allow a customer to use the policy on demand. The only limitation on these covers is that any one trip can not be more than 90 days unless express permission is sought from the insurance company.
Duration of Travel
Also check on the number of days that you are travelling before you purchase the cover. Travel insurance policies in Kenya are normally priced in bands, for example 1- 8 days, 9-14 days, etc. This means that any number of days falling within a particular band will be charged the same premiums. Check to make sure that you don’t exceed a given band so that you are not charged extra for no real need.
It is also important to check on the excess on the different terms on the policy. The main terms with excesses on them are the emergency medical expenses which normally has an excess of USD 50 for outpatient visits. The travel terms like loss of checked baggage, flight delay and cancellation also have excesses. These may be time or monetary excesses depending on the cover. For example, some travel insurance policies state that for flight delays, the time excess is the first 6 hours, before this the customer cannot claim for re-reimbursements on the policy
Insurance Premiums Rates
Last but not least is the total premiums paid by the customer. Check out different insurance companies, benefits and packages to make sure you are getting a good deal. Prices can vary by as much as 30% for packages with similar benefits depending on the provider chosen. Therefore, it’s important to compare, compare!
Compare Travel Insurance Covers Online
So, how do you go about easily and quickly getting a good deal on your travel insurance? Many consumers are now using online comparison websites like www.pesabazaar.com to compare up to 10 quotes from different providers instantly. You could save up to 30% simply by comparing benefits, region covered and policy excesses.