Are you in the market for travel insurance but unsure of what to consider before making a purchase? Look no further as we provide you with 5 pro tips to help you make an informed decision.
Don’t settle for the cheapest plan
While it may be tempting to opt for the lowest-priced policy, it’s important to assess the coverage and benefits provided. Cheap premiums may result in inadequate coverage, leaving you vulnerable to financial loss. Instead, consider what you would like to have insured for your trip and make a choice based on your needs and budget.
Take note of exceptions and restrictions
Most insurance contracts have restrictions that prevent you from filing a claim. The same applies to travel insurance plans, which may include cognitive, action, travel, and contextual limitations that restrict claims if you knowingly engage in dangerous behavior or undertake risky activities. Review the policy terms and conditions to ensure you fully understand what is and isn’t covered.
Read the policy before you travel
Before embarking on your trip, it’s essential to familiarize yourself with the policy to avoid any unpleasant surprises. If you plan to engage in adventure sports or other high-risk activities, ensure that they are covered in the policy. Some activities, such as horse riding or skiing, may require additional coverage at an extra cost.
Look for insolvency protection
If an airline or vacation provider goes out of business, you want to ensure that your flights or vacation are covered. However, insolvency coverage may not be included by default, so it’s important to check your policy carefully for this type of protection. We recommend keeping both physical and digital copies of your insurance records, along with emergency contact information, readily available while traveling.
Verify the coverage location
When purchasing travel insurance, be mindful of which areas are covered by the policy. Some African countries, such as Egypt and Morocco, may be included in European insurance but not the US or the Caribbean. If you’re traveling to multiple destinations or buying an annual plan, verify that all locations are covered.
By keeping these tips in mind, you’ll be able to make a more informed decision when purchasing travel insurance that provides adequate coverage and protects you financially. Don’t forget to keep copies of your policy and emergency contact information on hand for easy access while on your trip.
