How To Select Sum Insured For Your Travel Insurance?

1385

3 min read

Updated on Nov 29, 2022

Taking a trip is a wonderful experience but what if your experience is marred by unfortunate incidents? Careful as you might be, there are contingencies beyond your control which you might face when you travel. A travel insurance plan comes to your rescue in dealing with these unfortunate events. The plan provides financial assistance to deal with contingencies faced when you travel. That is why, a travel insurance plan is important whenever you travel, whether for business or for leisure.

When it comes to a travel insurance plan, it is always advised to choose the correct Sum Insured for the plan. Travel insurance plans offer Sum Insured ranging from $50, 000 to $500, 000. It, therefore, depends on you to choose the correct coverage amount. Do you know how?

Visual stories by PayBima

Factors For Travel Insurance The Sum Insured Depends On:

The Destination

The most important factor, which should be taken into consideration when choosing the Sum Insured of your travel insurance plan, is the destination where you are travelling. Medical costs vary across countries. While in USA, Europe, Canada or in other developed countries, the treatment costs are high, in other Asian countries, the costs are lower. So, when you are choosing your Sum Insured, choose a higher coverage if you are traveling to countries where the treatment costs are high. If you are travelling within India or to neighboring countries, you can make do with a lower amount of cover.

The Members Covered

The next factor you should consider is the number of members travelling with you who would be covered under the travel insurance plan. If you are travelling alone, you can afford to take a lower Sum Insured. However, if you are travelling with your entire family, you would need to protect all your family members and should buy a higher cover.

Your Travel Itinerary

If you are travelling to indulge in adventure sports or going to places which are known for their adventure sports, you should make sure to include an additional coverage which covers these sports. A travel insurance plan normally excludes coverage for such adventure sports unless specifically covered. So, if your trip itinerary covers adventure sports, make sure to choose a high Sum Insured and get additional coverage for accidents resulting from such sports.

These three factors should govern your choice of the correct Sum Insured. You should be careful when choosing the Sum Insured for your travel insurance so that you do not run out of coverage when you face a crisis. If the plan’s coverage amount is optimum, you can travel in peace knowing that any contingency you face would be financially compensated for by the travel insurance plan. If you are worrying about the premium, relax! A travel insurance plan is quite cheap and given the coverage offered you can easily spare a bit higher premium towards the correct level of coverage, can’t you?

Choose wisely!

Also read: List of Top 10 Travel Insurance Companies in India

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

Aug 02, 2021
SHARE THIS ON
Author Bio
Author Image

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Enter Value

Popular Posts

Trending Articles

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back