Renewal Of Travel Insurance Policies

 Renewing an existing travel insurance plan is more beneficial than purchasing a new one. When you renew a plan all the benefits, terms and conditions from the existing plan gets carried forward. On the other hand, if you buy a new travel insurance policy and there are medical conditions from the last duration of policy, they will be treated as pre-existing conditions and thus do not come under the periphery of your new travel insurance policy. Moreover, you have to pay all the deductibles, co-insurance, etc. over again to enjoy any benefits. Renew your travel insurance plan and your medical conditions coming from the last period is well covered and there are no extra expenses. As you can see, renewing a policy has a wide range of advantages and you should try and renew the policy whenever there is a scope for it.

When you want to renew a travel insurance policy there is sometimes a fee charged by the insurance providers. This is a situation which instigates some users to look around for new plans. They feel: the new plans do not charge anything extra, so why pay extra for renewal? Well, the fee charged from you by IMG for their Patriot Travel or HCCMIS for Atlas Travel is a processing fee. The money goes into printing and later sending all the documents associated with the policy. Further, the company also creates a new ID card for you and dispatches that to your address. These functions would truly justify the small price tag, won’t it?

Are you still thinking of purchasing a new travel insurance plan? Well, think again. May be you faced no health ordeal in the last coverage period, but what goes on in your body doesn’t often come to the fore unless it is worst. So, you might have used Liaison International plan from Seven Corners and had duration of three months. If you renew the plan and a health problem occurs (which is listed in the policy) which had started about a month back then you are covered. On the other hand, when you purchase a new policy and then see a doctor only to find that the ailment has been developing for the last one month, you do not get any coverage. This is why you should not think about the small extra fee and invest in renewing the policy.

There are some policy holders who ask us: why did the company charge them extra when they renewed the plan. This can happen for a couple of reasons. Firstly, you have aged over the last coverage period and now fall in a different age slab (e.g. 50-59, 60-64, etc.) Automatically the prices of the plan go up. If you use Patriot Travel plan with maximum coverage of $50,000 and happen to use five maximum limit options, then the coverage rates of one month of a person in the age slab of 40-49 is $59 while that of 50-59 is $96. As you can see the coverage sum is more, so automatically the pricing goes up. Second factor is plain and simple: the price of the product may have increased over your coverage period. So, the rates are higher for everyone.

There are many restrictions on the renewal of a travel insurance plan such as:

• You cannot change any features stated in your plan. Only changes you may make, is in regards to the contact details.

• You cannot decrease the minimum duration of the existing plan.

• If you have a combined insurance you cannot shorten the duration for one member and keep the other member’s duration intact. Both members will be covered for equal length of time.

• In case of a combined insurance you cannot renew for one person. You have to renew for both the members.

For Reviews, please visit this website - Travel Insurance Reviews. Though there are many restrictions on any travel insurance plan renewal yet it is more advantageous than purchasing a brand new one.

Article Source: http://www.streetarticles.com/travel/renewal-of-travel-insurance-policies

Share this

Unknown