Free Look Period and Why It Matters

If you purchase a travel insurance plan, you’ll have between 10 and 15 days to review the plan and cancel it without having to pay penalties or surrender charges. This period of time is called the free-look period, and it can be a beneficial form of consumer protection.

Why A Free Look Period is Helpful

There are a variety of reasons that someone may decide to cancel their travel insurance policy within the first few days of receiving it. These include purchasing a plan to lock in a price and discovering it does not meet their needs, having a trip cancelled unexpectedly or finding a better offer.

Whatever the reason for the cancellation, it’s important that you are aware of a few key facts about free-look periods. Different companies often have different time frames for free-look periods, and free-look period start times may differ. Some companies may consider the period to start as soon as a purchase is made, but other organizations may not consider it to have begun until you receive your policy documentation. Be sure that you know exactly when your free-look period starts and ends.

Considerations

Another key fact about free-look periods for travel insurance is that they automatically end when you start your trip or you file a claim. Even if you are only five days into your policy, if either of these things has occurred, your free-look period is over.

It’s also essential that you look over your policy documentation during your free-look period. Disputes with insurance providers are most commonly caused by a lack of understanding of policy coverage. While reviewing policy documents, you may be surprised to find that coverage is not available in certain circumstances or that payouts are capped. Additionally, it is very common for certain types of coverage to require deductibles, and you’ll want to make sure that they are affordable and in line with your expectations.

While reviewing your policy documents, along with going over coverage types and amounts, it’s also a good idea to verify some details about your trip and trip insurance policy. This includes making sure that the dates for your trip are correct and that the per-person cost is what you’ve agreed upon.

These details can have a significant effect on how beneficial a travel insurance policy is for you. If you determine that you need a different policy or require modifications to be made to the one you’ve selected, the free-look period is the best time to figure this out.

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