After Donna Andrews booked her vacation to London, she did what any self-respecting home economics teacher would: she found a sensible travel insurance policy — and she read the policy summary to the end. And that’s where she discovered that it pays to read the fine print.
“Imagine my surprise when, at the bottom of the seventh page, I read the words ‘Pays To Read,'” says Andrews, a high school teacher in Thomaston, Ga. The next paragraph explained that she’d won a contest through Squaremouth, a travel insurance site.
As the first person to read her policy to the end, Andrews would receive a $10,000 prize. It’s an effort by Squaremouth to improve travel insurance literacy by encouraging customers to review the entire policy. Squaremouth estimates that less than 1% of travelers who buy travel insurance read all of their policy information.
“We’re working to change that,” says Squaremouth CEO Chris Harvey.
Andrews’ story is remarkable on several levels. That’s because most people gloss over their contracts, particularly travel policies, where vacationers assume that they generally know the terms and conditions. They seldom do, which leads to unfortunate, and sometimes tragic, misunderstandings. I know because I run the unofficial complaints department through my consumer advocacy nonprofit organization. I could tell you stories. I will in just a moment.
Read the full Forbes article online here: https://www.forbes.com/sites/christopherelliott/2019/03/09/if-you-read-the-fine-print-this-could-happen-to-you/#229c4f50313f