Avoid these travel insurance mistakes

Chris Carnicelli, CEO of Generali Global Assistance, said travel insurance can be a smart purchase for your next trip, but many travelers make mistakes when buying their coverage. “It’s still a foreign concept for many,” he said. “The most valuable piece of advice that I can give to travelers is to do a little research and avoid making assumptions about who and what is covered.”

Don’t wait to buy insurance: “It’s a good idea to get suitable trip insurance well before your travels,” said Rajeev Shrivastava, CEO of VisitorsCoverage, an insurance marketplace. For example, for some policies, you must buy travel insurance within 14 days of making your initial trip deposit to get coverage for a preexisting medical condition.

Don’t forget to read your policy:

Many travelers don’t know the common travel scenarios in which they qualify for reimbursements if they have travel insurance. “That includes flight delays and lost luggage,” said Lauren Gumport, a spokeswoman for Faye travel insurance. “Make sure to read your policy and if unclear, call your travel insurance provider pre-trip to find out.”

Read it all the way through. Lauren Gumport, a spokeswoman for Faye travel insurance, said her company has seen many customers who don’t understand their policy. “I’ve noticed that many travelers don’t know the common travel scenarios in which they qualify for reimbursements if they have travel insurance,” she said.

Don’t buy the cheapest insurance:

It can be tempting to either skip travel insurance or buy the cheapest policy for your holiday trip. “But by doing so, you’re putting yourself at risk of not having the right travel insurance when you need it,” warns Angela Borden, a product marketing strategist with Seven Corners. “During the holidays, when the chances of flight cancellations, lost luggage, and other unexpected events increase, protecting the money you spent for your trip becomes even more important.”