Tag Archive | "Travel Insurance"

How Important is Third Party Insurance in Travel Insurance?

  • Easypolicy
  • 12 Jun 2014

Ask people about how they feel when they have to travel. You would get mix reactions from them. Some would say they enjoy travelling, and some would say they do not. But majority of people find travelling more hectic and stressful. Most of us would agree that travelling is stressful, but it can be made hassle-free and simple if you have done proper planning for it.

How can your travelling be made smooth? It can be made smooth and seamless if you plan in advance, take care of all your travel necessities including your travel insurance policy. It should be your foremost priority to take care of your travel policy. With a good insurance, you can be in a more confident position to face any emergency situation that you may arise when you are away from your city or country. 

There are many situations or emergencies that can arise while you are travelling. It can be related to medical, losing your important documents including your passport or your trip cancellation.
Salient features of your Travel Insurance policy

A travel Policy should have good features in order to help you or your family during contingencies that may arise while you are travelling. You should spare some fruitful time and make a list of all the risks that are associated with your travelling. This is going to make your job easier. Make sure that your policy includes third party insurance. This is going to make your travel more safe and comfortable. Third party insurance is more beneficial for individuals who travel a lot. Along with that, your policy should also cover your medical expenses, loss of your baggage, personal liability and other emergencies that you may encounter due to robbery or theft. While dealing with an insurance company, you should look for all these features in the travel policy that you are choosing for your travel.
Bounties of third party Coverage feature in your travel insurance 

You should always opt for a travel insurance plan with third party insurance if you have to drive a lot during your travel. It is going to help you cover all associated risks. With this feature, you can have peace of mind when you are travelling in a distant land, or you have hired a vehicle in any location outside your country. It would be a great help when meet an emergency accident. Third party insurance is very helpful in accidents where the personal belongings of the other driver are damaged. If you do not have third party coverage, you may end up paying lots of money as compensation. Not only you are going to end up paying huge money as compensation, you are also going to lose your peace of mind. So, it really makes a lot of sense to have third party insurance in your travel insurance.

Ask your insurance service provider for third party coverage feature 

All travel insurance plans do not have third party coverage feature. You need to ask your insurance service provider to let you know more about the plans that come with this feature. They would help choose the best travel plan according to your needs and the risks that are associated with your travel. Your service provider would also help you choose one that fits your budget and your needs. You should also calculate the Premium that you need to pay when you opt for any travel plan. They would guide you on that too even.

Hopefully, you have all the relevant information that you need about third party cover feature in a travel insurance policy. If you want more information about these policies, you should visit online resources that provide vast information on them. There are dozens of websites that offer plenty of information about these policies. Compare the features and their pricing before you opt for any particular travel plan.

how to stay fit and pay less for insurance premium?

  • Easypolicy
  • 04 Mar 2014

To avail discounts from insurance companies, you need to be in the pink of your health. The healthier you are, the more discounts the companies will give you and you are able to save on insurance premiums. Especially, when it comes to Term cover, insurance companies offer lucrative discounts which these companies might not be able to offer on health covers. When you compare insurance premium, you would be able to get the optimum returns on your investment.

When you compare online insurance, you will find that women and non-smokers are charged lower premiums. When the insurance companies calculate premiums, there are many factors that are considered. The most critical factor is how healthy the person is. If the person is obese, with high blood pressure or diabetes, he/she  is bound to pay a higher amount of Premium when compared to someone who is healthier. In short, staying fit and healthy is the key to obtain lower premiums.
There are some policies for which blood tests are a requisite. These do not have very low premiums but these can be availed by the healthy people with no lifestyle diseases. As a proof to your sound heath, you need to submit the reports of your tests to the insurance company.

Some insurance companies offer better rates to the High Network Individuals (HNIs). This is usually given as many companies have assumed that HNI’s nowadays have lower mortality rates and lead better lifestyles with more health care facilities available to them. The HNI’s are also classified as smokers and non smokers which also has an impact on the premium they pay.

It is advisable that before you compare and buy insurance, you should ensure that you do not have any unhealthy lifestyle habit. To get the best possible discounts on insurance policies, you need to tweak your habits like smoking and drinking. Smokers need to shell out higher premiums. People suffering from obesity or any other diseases like diabetes, High B.P etc. have to bear the high costs of insurance premiums.

If you plan to buy the insurance Policy online, make sure you compare the Coverage and premium rates of different insurance providers. Group policies cost you relatively less as there are more people who are covered and henceforth insurance companies offer discounts. So, you can consider going in for group policies, if saving money on premiums is your priority.

rising inflation: how much cover is enough?

  • Easypolicy
  • 01 Mar 2014

People buy life insurance with an objective to ensure financial security and comfort of their family in their absence. Ideally, the Insured would want a cover that is big enough to help their dependents pursue the same quality of life as they are doing today. Most people tend to decide the required sum Assured or insurance cover based on the current cost of living for their family, but what they forget to incorporate in their calculation is the impact of inflation. As a result, many of us are under insured and though we may have brought a life insurance policy, but it really is not fully serving the objective.

Inflation is a monster which deteriorates the value of money with time. Over the last few years we have witnessed how rising Inflation can not only deteriorate the value of your savings, but also your ability to save. Inflation as measured by the consumer price index, commonly known as CPI was 10.9% in 2013 and 9.9% in 2012. This implies that basket of consumer goods/services which were available at INR 100 in 2011 will now cost you about INR 121. The other way to look at it is the value of your money has eroded to the extent of 21% over two years.

Hence, while determining the amount of money that your family would need in your absence, be sure to incorporate the impact of inflation. If your family needs INR 4 lakhs today for maintaining a quality of life you would aspire for them, you would then need to plan for a cover that should assure them a significantly higher amount than 4 lakhs, because inflation will eat away a lot of value as the amount of services and goods that you can look to buy with INR 4 lakhs today will not be the same in the future. You would be able to afford much less.

To determine the ideal Sum Assured of your insurance plan, you need to know how inflation would shape up over the next few years. The best way to do so is take the historic inflation numbers as guidance for the future. If historically, the inflation in the country has averaged at around 6%, you may apply this factor on your estimated cost of living and determine the amount of sum assured that would be enough for your family.

Once you know the right cover you need for your family, it is time for you to compare insurance online to know which Policy offers you the desired sum assured at the lowest insurance Premium cost. Once you have zeroed in a policy, you can also buy online insurance.