You’re about to embark on a new adventure and you remember you need to buy travel insurance. The last thing you want is to buy an inadequate travel insurance policy. Unfortunately, fraudulent insurance providers are all around the world; meaning anyone can become victim to a travel insurance scam. Here are 5 tips to help you avoid fraudulent travel insurance providers and ensure that you have the best trip possible.
Although it may not be the most exciting part of your trip planning, it’s very important to research travel insurance before buying it (along with safety tips and the best tourist attractions)!
So, what is a fraudulent travel insurance provider?
It’s an insurance provider that gives you a policy that is not real or denies you of a benefit that is due. Some travel insurance providers aren’t properly insured, have misleading fine print, or sell fake policies. These insurance scams make you pay more money, with no benefits and the inability to actually use your travel insurance if you need to file a claim.
Accidents do happen, which is why it’s extremely important to take your time when filling out forms and make sure you understand what is covered so you get all the benefits from the policy you applied for.
4 tips to avoid fraudulent travel insurance providers:
Buy policies from well-known brokers or agents who are financially healthy
It’s important to do your research so you know which companies can provide you with the best coverage at the right price. If you buy a policy from an individual broker or travel agents selling in airports, lounges, pubs, or outside travel agencies, you may get caught with a fraudulent travel insurance policy. Of course, not all travel agents who sell this way are trying to scam you, which is why it’s important to gather as much information as you can about them.
Make sure the agent is licensed
As important as it is for your policy to be legitimate, the agent selling it has to be too. Travel insurance can be expensive, but a claim that’s not covered is even more expensive. So take your time before committing and make sure you have all the information you need about who you’re buying from and what you’re buying.
Check the policy names
Do your research while choosing your plan to make sure that it is a legitimate travel insurance policy. Some fraudulent travel insurance policies have misleading names. If you don’t know the difference between a protection plan and a travel insurance plan then it’s easy to be mistaken. It’s also helpful to know the difference between various types of travel insurance plans, such as trip cancellation, interruption, or baggage insurance.
Read and reread the policy
This is very important! Simply reading your policy can help you avoid a lot of hassles. Whether you submit the wrong information, leading to your claim being denied, or you don’t understand what’s actually covered, can lead to a travel insurance fraud. Many fraudulent insurers can sell you a policy that looks legitimate, but actually has clauses that ensure they won’t have to pay out for them.
Questions? Ask in the comments below!