- You have to pay two renewal fees should you renew the policies.
- It may be cumbersome to deal with different companies should you choose to buy from different insurance providers.
There are however many advantages of having separate policies. They are:
- Greater flexibility to buy different policies for each person depending on the specific needs of each. You may want pre-existing coverage for one, but not need it for the other. If their ages are significantly different, you may want to get a higher maximum coverage for the younger one that may not be available for the older one. All of these can only be achieved through separate insurance policies.
- One of your parents might want to return earlier, you can claim a refund for this individual policy which you cannot do if it is a combined policy.
- Likewise one of your parents might extend their stay. It will not be possible to extend the policy for only one person if it is a combined policy.
Remember that on a combined policy, all insured are limited to the maximums available for the oldest person and the travel dates must match. You must weight the advantages in your particular situation to determine what makes the most sense.