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Beware of Agents

A survey conducted by Mintel (a market research and consumer group) reveals that agents' commission for travel insurance deal can go up to 40%. Despite this many people still buy through travel agents. Travel agents can be held liable for your losses if the insurance options are not properly explained to you. You have a right to know the risks and covers.

Early Bird Offer

The earlier you purchase the travel insurance policy the additional benefits you may get:

• Trip cancellation or interruption insurance includes the cover for financial default of carrier (if your airline or tour operator goes out of business)
• Pre-existing medical conditions (if you or an immediate family member has a known health problem) are included in the cover.
• Flight insurance (crash coverage) is an additional cover given
• Excess/deductible is waived

Excess Charges/Deductible

You may have to pay upfront as part of your claim. It may be quite a sum in some cases. Most medical expenses/medical evacuation policies include a deductible. Look around on the internet for some good sites and read reports of financial/advisory services to get your best price.

Co-Insurance and Co-Payment

Even after paying a deductible some insurance policies pay only a percentage (80% or 75%) of the medical expenses. You are responsible for the remaining percentages (20% to 25%). The best is to look for payment to the policy maximums.

Ratings of Insurance Company

Buy policies from major players and reputed firms. Some government sites give you names of companies that are reputed and are safe investments. Also other private financial institutions like 'Standard and Poor's', 'AM Best' etc. give assessment of financial credibility and security of insurance companies. Look at their sites to learn more of the company like its license (you cannot find legal redress if your company rejects your claim in some states) and rating (rating below B or B- is not a secure option).

Read the policy statement and the cover that is offered. Also be aware of the various inclusions and exclusions and that will help you in getting the best available cover at a low premium.

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