Travel insurance policies involve a whole world of jargons and exclusions, which seem to be created to confuse you more and make you ask yourself, "Should I buy trip insurance despite all this jargon?" Here are five mistakes you can make when selecting a policy.
1. Sign up first, read the fine print later
Being busy is not an excuse to flip some pages or click on the Internet to read about the policy which you are eyeing to buy.
The fine print holds the key to knowing about the exceptions in your policy. Your travel insurance may cover medical expenses incurred due to sports activities, but the fine print will tell you that some plans do not include certain sports activities. The terms and conditions document holds all the information relevant to your coverage, such as the payout limits, the situations you're covered for (and their requirements), as well as the procedures you’ll have to follow to make a successful claim.
2. Paying for a reserved seat but opting out of travel insurance coverage
Did you know that the cheapest travel insurance coverage for domestic flights costs about ₱250? It's as cheap as a movie ticket and even less expensive than getting a reserved seat in a plane, which costs up to ₱400 if you sit near the lavatory or exit.
Possibly one of the worst mistakes of all is skipping on cheapest travel insurance to set yourself up for a disaster. With the chances of needing travel or medical-related assistance while overseas averaging at about 20% to 25%, not having the papers to back you up is a risk you just can’t afford to take.
3. Going on an adventure trip but excluding sports coverage
So you bought travel insurance but did not include insurance coverage on sports activities, even though your trip is all about trekking or swimming.
Although insurance plans in the Philippines expect travelers to behave responsibly by taking the least amount of risk possible and following the policy guidelines, some policyholders engage in activities not covered in their insurance. Drinking and/or consuming narcotics are also grounds to get your coverage terminated.
Providers of travel insurance in the Philippines have a lot of options for you to choose from including a package that would best you an adventure-seeker like you.
4. Last-minute buying
Some travelers make the mistake of waiting for the last second to get their travel insurance, often when they’re already in the airport or, in the worst-case scenario, in their holiday destination. Although getting an insurance policy at the airport may not be very complicated, the same doesn’t apply to get insurance once you're already abroad. Aside from this, such rash action leaves travelers prone to insurance fraud.
Post-departure coverage can be very tricky to find since most insurance companies in the Philippines will outright refuse to cover a trip after it has already begun. Those that do, usually charge a higher premium, as well as extra excess fees, which include a waiting period of about three days before the coverage can actually start.
5. Not taking the necessary precautions
Just like with the risk factor, travel insurance companies in the Philippines expect travelers to take all the necessary precautions to make sure that nothing will get in the way of their trip or put them in jeopardy. This includes situations such as declaring any pre-existing medical conditions, keeping a close eye on your personal belongings and documents, getting all the necessary vaccination when traveling to exotic countries, and also following the travel notices and warnings. We haven't even discussed the possibility of ending up victimized by insurance scams because of such carelessness.
6. Assuming that everything is covered
Standard travel insurance policies don’t include all the coverages that you need. In most cases, sports cover aren’t included, and you may want to add coverage for extreme sports like skiing, mountain climbing, motocross, and even snowboarding. Depending on your destination, you need to check if you can add more inclusions for your travel insurance package.
7. Buying a policy according to price
It is understandable that you may have already come up with a budget for your entire trip. Allotting a few hundreds of pesos for travel insurance can be something commendable, but if you buy insurance according to your budget, you might not maximize the benefits you can gain from it. Travelers like you should always consider the need above anything else. You can pay a policy for as low as Php200 that won’t even cover even the basic mishaps like trip cancellation and loss of baggage.
When buying travel insurance, consider your destination and the activities you want to engage in along with your budget. This way, you can pick the right package that could cover your needs and secure jour journey.
Don't make the same mistakes when planning a trip. Compare and find the best travel insurance coverage with GoBear today!
Read more about travel insurance:
* 5 ways to get paid for flight delays and cancellation
* Here’s Why Even Celebrities Are OK with Travel Insurance
* Why Singapore travel is the next big thing for Pinoy families