5 'Loopholes' in Travel Insurance and How to Avoid Them

Well, let us be honest. Travel insurance companies, like every other business, are looking to sell their policies. In this endeavour, they would highlight all their features and benefits and maybe leave out those important points that could significantly hamper your peace of mind on a vacation. It is crucial to read the fine print on your policy to figure out what is included and excluded as part of your investment in the plan.

However, beyond these details, there are also, other things that you need to keep in mind regarding paperwork and late enrollment that could help you stay protected. Here are some of the loopholes in travel insurance plans that you need to be aware of:

• Policy exclusions: This point is important because your international travel insurance the plan might not cover you for a plethora of events and create a significant financial burden. The cost of healthcare online, especially without insurance, can be much higher than the costs in your home country. Therefore, while travelling overseas, it is critical to note that accidents arising from high-risk activities, while under the influence of alcohol or other substances, and self-injury are excluded from coverage. When in doubt, the best step to take is to speak to your financial advisor or go through the detailed information on portals such as Finserv Markets to know more on policy exclusions.
• Inadequate paperwork: While filing a claim, you need to prove to your insurance company that your ask is valid. It is important to keep verifiable proof related to your health complications. The insurance company could deny your claim in case it is not supported with adequate and relevant documentation.

For example, a medical report highlighting that you were not under the influence of alcohol could strengthen your case while accessing support from the company. Also, it is important to note that the faster you submit the documentation, the easier it is for you to access reimbursements in time. You should thoroughly review your policy document to learn more about the documentation required to process your claim. In the case of an emergency, you should immediately contact your insurance provider and check for requirements.

• Pre-existing health conditions: If you suffer from a pre-existing medical condition, your claim for reimbursement could be denied. You will need to check with your travel insurance provider if your medical condition can be covered under the plan. An honest conversation with your financial advisor could help you purchase the right plan and access life-saving treatment overseas.
• Inadequate reason for cancellation: While travel insurance plans cover trip delays and cancellations, it is only to a certain extent. If the insurance company can prove that the reason for cancellation is invalid or out of the scope of the contract, your claim could be denied. Some of the acceptable reasons include illness or natural disasters. However, there are a few riders available that can help you navigate situations wherein your trip is cancelled for a reason beyond the scope of your current policy.
• Purchasing a policy at a later stage: If you are already suffering from an illness or complication, you cannot purchase a travel insurance plan to cover you for the expenses related to the same. Enrolling in time helps you access the benefits of your travel insurance plan and any add-on covers.

Technically, a travel insurance policy document is similar to a legal contract. The coverage and small print on the document should be thoroughly inspected before going ahead with the purchase. Your travel insurance plan is not likely to cover pregnancy-related complications or those arising from high-risk activities. Empowering yourself with the knowledge on exclusions and other conditions can help navigate any health complications overseas without the accompanying financial burden.

Online portals such as Finserv Markets offer trustable insurance products like the Bajaj Allianz Travel Insurance policy. The providers of these plans have transparent procedures in place with a helpline to support you in the case of emergencies. Before purchasing a plan, make sure that you browse through available plans and their benefits before narrowing down on a product. You should also critically review the fine print and ensure that you purchase your plan in time to have a hassle-free holiday.