Traveling is often an adventure that’s full of excitement and discovery. However, without adequate protection, it can turn out to be a costly experience in more ways than one.

Travel insurance is designed to safeguard you from the unexpected when traveling.

Many people opt to purchase travel insurance to cover against unforeseen mishaps and emergencies. Unfortunately, there are several mistakes that some travel insurance customers make that could cost them dearly in the long run.

Here are five common mistakes to avoid when purchasing travel insurance:.

1. Not reading the policy fine print

Before choosing a travel insurance policy, it’s crucial to read the fine print thoroughly. Most individuals only skim through policy documents, which increases the likelihood of missing important details.

Ignoring fine print could lead to inadequate coverage and result in out-of-pocket expenses for the traveler.

When reading the policy document, ensure you understand what’s included in the coverage and what’s not. Check for important details such as policy limits, deductibles, and exclusions.

This information will help you compare policies and select the best-suited one for your needs.

2. Undervaluing the cost of belongings

When packing for travel, it’s essential to take an inventory of all the valuable items you’ll be carrying, such as cameras, laptops, phones, and other electronics.

Failure to adequately value these items could lead to under-insuring them or not insuring them at all. Also, it’s important to note that some items are excluded from the coverage.

Undervaluing the worth of your belongings could mean that, in the event of damage or loss, the payout you’ll receive won’t be sufficient to replace the item.

On the other hand, insuring items for more than their worth could result in higher insurance premiums.

3. Not disclosing pre-existing medical conditions

If you have an existing medical condition that requires regular treatment, make sure to declare it when purchasing travel insurance. Most insurers won’t cover pre-existing medical conditions unless they’re declared upfront.

Moreover, if you fail to declare a medical condition, and you need medical assistance while abroad, the insurance company may refuse to cover the medical expenses, leaving you with an enormous medical bill.

4. Missing deadlines for policy purchase and trip cancellation

One of the most common insurance mistakes is failing to purchase travel insurance on time. Many travel insurance policies require you to purchase coverage within a specific time frame of booking and making the initial payment.

Delaying your policy purchase could mean losing valuable benefits such as trip cancellation or interruption coverage.

Moreover, there are deadlines for canceling a trip and still receiving a refund. If you fail to notify the travel insurer before the deadline, you’ll lose your insurance premium and have to cover the full cost of the canceled trip out-of-pocket.

5. Not understanding coverage for extreme sports and activities

If you intend to participate in adventurous sports or activities, such as bungee jumping, skydiving, or cliff diving, make sure to understand your policy’s coverage for such activities.

Coverage for hazardous sports varies from one insurer to another, and some policies may specifically exclude such activities from coverage.

If your travel insurance policy doesn’t cover extreme sports, you may need to purchase additional insurance to cover such activities. Be sure to check coverage limits, deductibles, and exclusions before purchasing additional coverage.

Conclusion

Travel insurance is critical when traveling abroad. However, overlooking essential details, such as policy coverage, exclusions, and declaration of pre-existing medical conditions, can lead to inadequate coverage and inflated out-of-pocket expenses.

By avoiding these common mistakes, you can ensure that you have comprehensive coverage that protects you from the unexpected while traveling.