ST. PETERSBURG FL July 6, 2017 — Many travelers overspend on travel insurance, under the impression that a more expensive policy is better. Leading travel insurance comparison site, Squaremouth, explains three mistakes travelers make that cause them to spend more than they need to on travel insurance.
Mistake 1: Not Capitalizing on Credit Card Insurance
Expert Tip: Only insure the trip costs that are not covered by your credit card. If your card covers $10,000 per trip, and your trip cost is $15,000, you can save money by only insuring the additional $5,000. A lower trip cost typically results in a less expensive policy, however, be aware that some providers require you to insure 100% of your trip cost.
Mistake 2: Over-Calculating Non-Refundable Trip Costs
Expert Tip: Insure only the trip cost you lose if you cancel. If you just pay a 50% penalty to cancel a hotel reservation, insure that amount rather than the full cost of the hotel to get a less expensive policy.
Mistake 3: Overlooking the Least Expensive Policies
Expert Tip: Pick the least expensive policy that meets the coverage you need. Squaremouth understands that travelers think the cheapest policy is inferior, however, every insurance company on squaremouth.com is vetted and complies with the Zero Complaint Guarantee. If you have a complaint during the claims process, Squaremouth will mediate with your provider on your behalf and remove them from squaremouth.com if the claim is not handled to Squaremouth’s satisfaction.