More Expensive Doesn’t Mean Better
“Travelers have nothing to gain from spending too much on travel insurance coverage for their trip,” says Kasara Barto, a spokesperson for Squaremouth, a travel insurance provider. “Just because a policy is more expensive does not necessarily mean that it offers better coverage.”
At the same time, it makes sense to research the travel insurance company you are considering. Make sure it provides the promised services and promptly pays legitimate claims rather than giving clients the run-around when they submit a claim. Sometimes a slightly more expensive policy from a company with a good customer service track record is superior to a cheaper one from a less reputable firm.
Also, travel insurance companies like to present their products in terms of “good,” “better” and “best”—and who doesn’t want the best?
But look at the gold-plated insurance policies carefully. For example, a pricey “cancel for any reason policy” will often have many of the same coverage limits as a garden-variety named-perils policy. What makes it more expensive? The fact that you can cancel your trip for “any” reason and receive up to a 75% refund.
Read the full Forbes article online here: https://www.forbes.com/advisor/travel-insurance/overinsured/