5 travel insurance mistakes that could cost you thousands
Summary
Travel insurance can help cover unexpected costs, but policies have exclusions, deadlines and reimbursement limits. The article warns travelers to buy coverage soon after their first nonrefundable payment, check which cancellation reasons qualify, and review medical and evacuation limits before they travel.Key Facts
- Some benefits, including pre-existing condition waivers and cancel-for-any-reason coverage, may require purchase within a set period after the initial trip deposit.
- Insurers generally do not reimburse cancellations for reasons such as deciding a trip is too expensive or inconvenient unless the policy includes a relevant benefit.
- Cancel-for-any-reason coverage is optional and typically reimburses 50% to 75% of eligible prepaid, nonrefundable expenses.
- Cancel-for-any-reason coverage has purchase and cancellation deadlines that travelers must meet.
- A hurricane, illness or other disruption that is already foreseeable when a policy is purchased typically will not be covered as a known event.
- The article cautions travelers to check medical coverage and evacuation limits; it notes that regular health insurance may offer limited international protection and Medicare generally does not cover medical t
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