Upcoming Holiday or Vacation? Travel Insurance Mistakes to Avoid & Tips
Your trip is coming up and you just remembered you don’t have any travel insurance? Is it too late? Will the costs be high if you have a pre-existing condition? Should you skip the insurance? Don’t panic. You have time to set up a travel insurance policy. But, there are a few mistakes you want to avoid when setting up a new policy. Let’s look at travel insurance mistakes and tips on getting the best rates (so you can have the best time away!).
Mistakes to Avoid with Travel Insurance
Ready to get away, Globe Trotter? You’ll want to avoid higher costs with travel insurance and a few other hiccups, like inadequate coverage and claim denials. Here are a few mistakes to avoid:
Not Comparing Travel Insurance Prices Before Your Next Trip
You're ready to travel but instead of comparing travel insurance policies, you renew the last policy you had. Why this matters: Renewing a former policy is fine if you're pressed for time. But, you might miss out on discounts you didn't know about. A single comparison quote can save you up to 68 percent on coverage. Think you already have the best travel insurance price? Let's see how much you could have saved!
Rushing Through Paperwork or Stretching the Truth
Bob left for holiday and while away he had a heart attack. He never mentioned his diabetes and once his insurer found out, his claim was denied for the ER and hospital stay. His bill: $10,000. Coverage: Zero. Why this matters: Forgetting pre-existing medical conditions or lying on insurance applications are costly mistakes. Whether it was accidental or intentional, mistakes on insurance forms can lead to claim denials. What to do?
- List all pre-existing medical conditions. If one travel insurer denies you, compare quotes from others.
- Read the policy’s fine print for pre-existing medical conditions or consult an insurance broker. Some insurers require coverage a specific number of days prior to a trip.
- Use a comparison site to find the largest number of insurers. This saves time and money. You won't have to look them up individually and you can find the best rates.
- Never lie on insurance forms. This is considered insurance fraud. Your claim can be denied, you may face criminal charges and you may lose coverage on existing policies.
Not Signing Up for Multi-Trip Coverage If You Travel Often
Jen is a jet-setter who wants to explore the world. She signed up for single trip coverage instead of a multi-trip policy and has several trips throughout the year. Despite the higher upfront costs, she should have started a multi-trip policy. Why this matters:
- Depending on the number of trips, you might save more money with an annual policy.
- You won’t have to set up a new policy for every trip.
- You’re covered every time you leave your province.
- Last minute trips won’t have you rushing through the paperwork.
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Compare and Save on Insurance Rates
Not Getting Travel Insurance If You’re Over Age 55
Only half the Canadian residents who travel purchase travel insurance. But, most are over age 55 (snowbirds). And, if you're travelling to the U.S., healthcare is extremely expensive there. Only about 10 percent of coverage overseas is covered with provincial plans. Why this matters: Older people are categorized as more likely to have pre-existing conditions or physical illnesses. They are also more susceptible to an injury or illness and might need coverage. Insurers categorize age groups as those age 60 or under who pay lower fees. Anyone age 60-65 will pay slightly higher premiums. And, anyone age 75 or older will see significantly higher premiums. Steps to take:
- List all pre-existing medical conditions. These include cancer, diabetes, pregnancy, heart disease, high blood pressure and breathing problems. You’ll then fill out a survey to explain your medical history. If something happens while abroad, your insurance provider will pay the upfront expenses.
- If you’re older, don’t settle for the first quote you find. Compare travel insurance costs to lock in the best rates. You might be able to have your pre-existing condition waived for your trip. As an example, if you waive heart disease as a pre-existing condition and sprain an ankle while abroad, you’ll still receive full coverage.
Ready to Find the Best Travel Insurance Rates?
The best way to prepare for your trip is to get travel insurance. Be honest on forms and list all pre-existing medical conditions. Then compare insurers to find the best quote. For travel insurance questions, contact Kanetix.ca. With Kanetix.ca, travellers can compare quotes from several travel insurance brokers. Get the cheapest quote today!