5 #TravelInsurance Mistakes to Avoid After Thomas Cook

#TravelInsurance Mistakes to Avoid: The sudden failure of fabled Thomas Cook underscores the need for travel insurance.  But finding your way through the thicket of competing policies can be hard. Here are our 5 updated tips.

#TravelInsurance Mistakes to Avoid:

Read the definitions/exclusions carefully.

Tip One:

Watch out for “known risks”. For example, what if you had a flight on British Air Sept. 2019 and read about the planned strike.  You rush out and buy travel insurance. You could not recover for the loss because you were aware of the risk when you bought the policy.

Tip Two:

Not all companion coverages are equal. Your claim can depend upon not just the relationship you have but also how his/her unavailability came about and when. (Aside from insurance claims, getting refunds from other prepaid fees can be hard. For example, Air B&B may have you jump through many hoops.  In one case, where emergency surgery caused a wedding to be cancelled, Air B&B  went back and forth seeking documentation.  One issue: The injured/ill guest was not listed on the reservation. Our tip: Put the name of all guests on the reservation. If you don’t, do be prepared to provide plane tickets/itineraries or other proof of travel plans.)

#TravelInsurance Mistakes to Avoid:

Payment is subject to the claims process upon return home.

Tip Three:

Be aware that insurers pay claims in arrears once you return. In a true emergency, be sure to have a credit card with enough extra available credit to get an advance while still on your trip.

Plane ticket costs can be tricky to recover in full.

Tip Four:

Read carefully when you buy a non-refundable plane ticket. Before you make a claim, see if you can reschedule your travel albeit with a penalty added. You will likely still have a loss but a more limited one than the full price of the plane ticket.

Consider multiple trip insurance for frequent travel and “CFAR” policies in uncertain times.

Tip Five:

If you are planning to travel many times in one year, compare prices and coverage for multiple trips in one year. In addition, if you are looking to travel in challenging times, consider a “CFAR” policy. They come at an added cost and have timing restrictions but allow for cancellations for any reason, including simply a fear of   This has been of increased interest after the COVID-19 pandemic and also during times of civil unrest or terrorist activity at a chosen destination.

For more information, please see our 7 Tips on Travel Insurance for Solo Travelers.

See also InsureMy Trip.  You should not overlook travel insurance for your upcoming trip. We have partnered with InsureMyTrip, because they are the best option to compare plans and find the right coverage for you. They have thousands of travel insurance plans and a one-of-a-kind recommendation engine to help travelers find the right plan. Most importantly, they will be there for you before, during and after your trip if you should need anything – especially help with a claim with the provider.

 

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