How to find the best travel insurance in South Africa

When purchasing airline tickets, an exceptional credit card, such as a black card, can provide free travel insurance for up […]

When purchasing airline tickets, an exceptional credit card, such as a black card, can provide free travel insurance for up to a certain amount. However, not everyone banks privately, and even if you do bank privately, additional coverage may be required. Travel insurance provides many benefits that a credit card provider may not provide.

Purchasing travel insurance can be a wise decision, especially if you need a specific cover. Since a cover can be one-time or recurring, there are some questions you should ask before purchasing travel insurance. The first question you should ask yourself is what is covered by travel insurance. We go over travel insurance coverage in more detail below.

What is covered under travel insurance? 

Travel insurance covers a variety of occurrences; however, the most common occurrences covered by travel insurance include:

Medical Plan – When travelling, a travel medical plan covers medical emergencies that medical aid does not cover. This plan covers medical emergencies if the insured is injured or becomes ill while travelling.

Evacuation and repatriation – depending on customer preference, this service provides emergency transportation to the nearest hospital or flight home if the insured party is injured or sick while traveling. If necessary, a client can select the mode of transportation for evacuation.

Baggage and personal belongings insurance – this insurance covers personal belongings while traveling. If your personal belongings are stolen or damaged while traveling, you will be compensated.

Cancellation, interruption, and delay plan – the plan reimburses the insured party for covered reservations made prior to travel. The plan protects the insured if they become ill, have to leave a trip earlier than planned, or are delayed by an airline.

24 hour assistance plan – the service assists a traveler in locating a lawyer abroad if one is required.

Vehicle rental Collision insurance – the plan covers cars rented abroad. The policy protects you against an accidental collision with a rented car. This insurance product is frequently provided by a car rental company.

These are some of the travel insurance products to consider when traveling, and they all fall under travel insurance. Some insurers combine these insurance products to provide clients with more comprehensive travel coverage. Alternatively, clients can obtain these insurance products as a package deal with some add-ons.

Other factors should be considered when shopping for travel insurance. The underwriting factors that are considered under travel insurance are also items to consider when shopping for travel insurance. Below, we look at the factors that influence travel insurance.

What are the factors that affect travel insurance? 

The cost of insurance varies depending on the customer because insurers consider various factors when underwriting. When determining travel insurance for individuals, insurers consider the following factors:

Age of a traveller

When purchasing travel insurance, the age of the traveller is important because the risk of illness and injury is higher for those who are older. Due to their greater durability and immune system, younger children pay lower premiums for travel insurance.

Distance Travelled

When considering the premiums to be paid, the duration of a trip is taken into account. The higher the premiums will be if a trip takes too long and becomes too expensive.

Local medical costs

The cost of travel insurance can vary depending on the country to which one travels. Northern countries tend to charge more for medication, which can drive up medical costs, whereas southern countries charge less, which is likely to lower payable premiums.

Amount of coverage

The amount of coverage, as well as the other factors used to calculate travel insurance premiums, have an impact on the cost of travel insurance. Travellers want to be covered for a specific amount, and insurers use that amount, along with other factors, to calculate the payable premium for such a claim.

Medical conditions to be covered

The types of medical conditions to be covered will be considered when determining a premium payment depending on the type of travel insurance required. A traveller’s pre-existing medical conditions will raise the cost of a policy.

Now that you understand the different types of travel insurance and what factors insurers consider when issuing them, the final question to consider is whether you will be travelling for a long or short period of time.

Travelling for short or long term 

Short-term travellers are those who visit only one location. Short-term travel insurance is typically less expensive than long-term travel insurance. Travel insurance typically has a 90-day insurance cap as an expiry date and may require renewal.

Long-term travel insurance provides a more flexible package, allowing the insured to travel to multiple destinations. However, given the number of travel destinations, there may be time limits on how long one can be away from home for the coverage to remain active.

Anyone who does not want limited multiple-trip cover can opt for annual travel insurance. Cancellation and interruption coverage cannot be added to multi-trip or annual travel insurance policies.

What is the next step? 

After determining where they will stay, a traveller can decide what type of travel insurance is best for them. When purchasing an airline ticket with a credit card, most travel insurance plans are covered. Credit cards can cover most other types of travel insurance up to a certain amount; therefore, the cover amount can be increased if necessary.

Booking with a credit card provides many travel insurance benefits. For example, renting a car with a credit card provides coverage for car collision insurance.

Conclusion 

Travel insurance provides different types of coverage when travelling, and planning ahead of time is essential. Before shopping for travel insurance, see what travel benefits your credit card provides, as you may not need to purchase travel insurance. If you do not book with a credit card, tailor your travel insurance to your specific needs to save money on the payable premium.


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