Travel insurance can be a great way to protect yourself from unexpected expenses, but most people make the mistake of not reading the fine print carefully enough when purchasing their policy. 5 Biggest Mistakes People Make When Buying Travel Insurance
7 Types of Travel Insurance Policies You Need to Know About
Never Travel Abroad Without Insurance
Don’t risk your vacation: get travel insurance before you go
These five big mistakes can cost you when you’re on the road and can make your trip more stressful than it needs to be. By avoiding these mistakes, you’ll get the coverage you need without paying for anything you don’t want or need.
1) Not Reading The Fine Print
Once you purchase a travel insurance, you may think you’re set. But that’s not always true. Before signing up for an insurance policy, it is important to read through all of its details. If you do not do so, then there is a chance that your coverage will have certain clauses or restrictions in it that could render it useless in certain situations or for certain illnesses or injuries.
It is also important to take note of any pre-existing medical conditions that may disqualify your from getting some coverage. Failure to make these checks could leave you with an invalid policy if something happens during your travels and require expensive treatment later on.
Read over all documents carefully before purchasing a policy to avoid any costly mistakes down the road
2) Not Comparing Plans
Before purchasing travel insurance, carefully review your options. Don’t just assume you know how a plan works and what is covered and what isn’t—compare plans thoroughly before making a decision.
You may find that some plans offer more coverage than others or that certain benefits are only available in certain packages.
For example, if you’re traveling with a companion, check to see if their policy covers them as well as yourself or if they need their own policy.
Also make sure to check whether any pre-existing conditions will be covered and whether any existing medical conditions could result in additional costs for you during your trip.
3) Not Purchasing From The Right Company
Don’t just purchase travel insurance from anywhere; it’s important to buy from a reputable company. Many international travelers rely on their credit card companies for travel insurance, but that is almost never a good idea. Credit card companies generally only cover events beyond your control, such as terrorism or natural disasters.
To make sure you have comprehensive coverage for things like medical expenses and trip cancellation costs, look for a reputable insurer offering solid plan options.
You may be surprised by how much in-depth coverage you can find when shopping around!
4) Relying On Exclusions Rather Than Benefits
Many people focus on what’s not covered by their policy instead of thinking about what is. It’s easy to say, Oh, I don’t need life insurance; it doesn’t cover suicide. And I don’t need trip cancellation/interruption insurance because I have a credit card that reimburses me if my flight is canceled or delayed.
And my credit card doesn’t charge me foreign transaction fees. Oh, and my laptop is already insured.
5) Purchasing An Expensive Policy Instead Of One That Fits Your Needs
In most cases, purchasing travel insurance that’s more expensive than what you actually need will cost you. Look into policies that cover your exact travel itinerary and location(s).
The last thing you want is to spend an arm and a leg on a policy only to find out it doesn’t cover something, such as trip cancellation due to weather or natural disasters.