What are the 5 things consumers should evaluate when selecting a travel insurance policy?

Published by Chris Harvey July 18, 2007

List the main reasons you require insurance

You could save a lot of money buying policies that only provide the cover you need. If you do not require trip cancellation, enter zero for the trip cost. This will dramatically reduce the insurance premium.

Make sure the benefits meet your minimum requirements

Your requirements will vary depending on your destination, age or health. If you are young, healthy and going to the Caribbean, your medical requirements will be low. The opposite will apply if you are older or traveling to far flung countries.

99% of products provide the same cancellation cover so if you do not require any other coverage, choose the cheapest product.

Purchase the policy within the time limits to get maximum cover

If you require pre-existing medical cover you will need to purchase the policy within the time limits set by insurers. Most insurers provide this cover if you purchase within 14 to 21 days from the date of your first deposit. A few insurers provide cover so long as you purchase before your final trip payment. Squaremouth shows an icon next to each policy to easily identify when cover is available. We also show you the exact date you need to purchase by to qualify.

List reasons you could cancel and make sure the policy covers it

Most travelers have a possible event they would like cover for. It could be the illness or death of an elderly relative or worries about storms or terrorism. Make sure that cover is provided. If you cannot see it covered then consider purchasing a policy with any reason cancellation. Squaremouth has a benefit column that can be changed to show the benefit most important to you. You can also sort on the benefit to find the best policy for your needs.

Do not over insure

Many people mistakenly believe paying more for a product ensures a better policy or faster claim payment. The reality is that each company and product is aimed at a different demographic. If a product seems cheap you could be hitting the sweet spot. Squaremouth maintains a zero complaint policy so all companies on the site adhere to very strict standards, regardless of price, if a company has made it to Squaremouth, it will provide an excellent service to our clients.

Check the fine print

Most people do not check the fine print as it is way to time consuming and difficult to read. However it is very important to make sure there is nothing to restrict a claim. Squaremouth has easy drill downs for every benefit on every policy so you don’t have to wade through the certificate. The certificate is one click away at any time should you need it.