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Trip Assured trouble continues-credit card companies cuts them off

October 12, 2006 By Damian Tysdal

The troubles continue for Trip Assured of Tennessee. The travel “protection” company has been banned from selling their products in 6 states, prompting Metavante Corp., who processes credit cards for the company, to suspend service.

I have followed this story from the beginning. There has been controversy regarding customer complaints, license issues, and even allegations of favoritism between Tennessee administration and Trip Assured owners.

Much of this stems from Trip Assured’s claim that they do not sell insurance, and therefore do not need an insurance license. Trip Assured sells protection plans for travelers. They collect payment for their product (a premium), and agree to pay for covered circumstances (claims). Sounds like insurance to me.

Trip Assured has been clever to design a site and brochures that imply insurance benefits without using insurance terms. It takes a moment to realize it while reading through their copy.

Why does all this matter?

If Trip Assured uses this loophole to sell “travel protection” without insurance licensing, they are not subject to State or Federal regulations. This might explain the number of consumer complaints, since there is no organization to regulate them.

It is important to purchase travel insurance from licensed, regulated, reputable organizations. You can have the best intentions in buying insurance, but buying from the wrong company can be very costly.

TravelInsuranceReview.net is a free and simple website that helps you pick the best travel insurance, get instant quotes, and sign up online.

Filed Under: Learning

About Damian Tysdal

Damian Tysdal is the founder of TravelInsuranceReview, and he believes travel insurance should be easier to understand. See more from Damian on Google+.

About this website

My name is Damian, and I started this website in 2006 to help travelers understand travel insurance.

The site features company reviews, guides, articles, and many blog posts to help you better understand travel insurance and pick the right plan for your trip (assuming you actually need travel insurance).

I am also a licensed travel insurance agent, and you can get a quote and purchase through this site as well.

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