Knowing a few key things about what to look for in a traveler's insurance policy can prevent you from purchasing a plan that just won't cover you in the event of an emergency. These fraudsters are becoming better at going about their business undetected until it is much too late, so arming yourself with things you can do to prevent being scammed is the best way to keep yourself from dealing with a mess. It is always much better to prepare yourself before the fact than to deal with it after, so, here are a few of the ways to make sure you're going for a ride but not being taken for one.
Is your travel agent licensed?
The first thing to look for is in your travel agent. Michael McRaith, the property and casualty committee chairman for the National Association of Insurance Commissioners says, "If you're unsure about the agent you're working with, stop before signing any paperwork or writing a check." Make sure that the agent you are working with is in fact licensed, first. You can research your agent usually through the state insurance commissioner found by visiting the NAIC Website.
A Rose By Any Other Name
In this case, is not a rose. Usually, someone running the scam will refer to the policy as insurance even if it isn't, so you have to read through your contract. Insurance is highly regulated by the state, while "protection plans" are not. Being really sure that you are reading the fine print and fully know what this is, rather than what you are told it is, may really save the day when it comes to signing and paying for "insurance" that may not cover all you hope it will. If in the contract it is not specifically referred to as "insurance", but by "protection plan" or "protection coverage" or any other variation, it may not cover everything that you hope or are being led to believe that it does.
Read It Through
Coming in on the heels of that last one, reading the contract is always a good idea, even if you know everything is above board. There may be clauses in the plan that may not make it everything you hope it to be, and being able to accurately check through this is very important. You cannot be covered for every situation but be sure you're covered in the way that you want to be, or as close to it as possible before you sign.
In the event that you do find yourself scammed, or caught with a fake policy, there are still a few things you can do. Firstly, call the Department of Insurance in your state and report it. If you did get it through an agent, report it to the appropriate agency in your state, as well as the Federal Trade Commission at crcmessages@ftc.gov or by phoning (877) FTC-HELP. You may also be able to take them to small claims court, but before doing that dispute the charges on your credit or bank card.
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