You are the responsible traveler: you pack days in advance; you make a clear list of things to do before embarking on your trip; you check and double-check your itinerary and flight arrangements; you always remember to bring an extra memory card for your camera; and of course you always buy comprehensive travel insurance.
Would you be surprised to find out that you may be underinsured? It’s important for everyone to consider that they may just be paying too much for their travel insurance and not getting the coverage that they need in return.
It’s true! Many individuals purchase travel insurance without really reading the fine print, only to find themselves in a precarious - and expensive - situation while traveling.
The fact of the matter is that not having adequate travel insurance can cost you time, money and even your health.
An underinsured traveler may find him or herself:
- Paying out of pocket for emergency medical treatment - from emergency room treatment, to tests, blood work and hospital stays
- Paying out of pocket to return home unexpectedly - if your travel plans change and you must return home early, you may have to pay out of pocket for your flight and other travel arrangements
- Paying out of pocket for legal counsel overseas - if you find yourself in a situation where legal counsel is needed, such as a personal liability suit, you may need to secure legal counsel and pay for it out of your pocket
- Paying for an emergency medical evacuation
- Losing money from lost wages
It is because of this that you must read and re-read your travelers insurance policy carefully, particularly if you are traveling abroad. Being stuck in a foreign country without the money or insurance coverage to pay for medical expenses, legal expenses and travel expenses can be devastating, and can even inhibit an individual’s ability to return home.
Before you leave for your travel destination, take the time to read the fine print of your travel insurance policy and contact the insurance company if there is anything in the policy that you don’t understand. Remember that it is up to you to understand your policy and make sure that you are adequately insured. If you fail to make sure that you have secured the proper travel insurance you could end up in a difficult situation and without any money.
