Harvey says he believes buying too much insurance often happens because of too little comparison shopping by travelers among the insurance policies and their rates.
“Travel insurers, like other companies, have target demographics,” he said, and much of this is based on age, so that the same provisions are likely to have different costs for different age groups — more so if a company happens to be aiming at an age group that does not match the shopper.
Generally, he said, the premiums will be between 4 and 10 percent of the basic investment in the trip.
With comparison engines such as Squaremouth, QuoteWrite.com and InsureMyTrip.com, shoppers can select a number of common options including price ranges for medical insurance.
“People will call us to ask why one company’s rate is so cheap,” recounts Harvey. Most likely it is because the shopper best matches the seller’s target demographic. Or as Harvey puts it, “You’ve hit the sweet spot.”
See the full article from the Tampa Bay Times: