QuoteWright.com, one of the nation’s leading travel insurance companies, suggests that travelers compare insurance prices before making a purchase by using the company’s comparison website.
John Cook, president of QuoteWright.com and a 45-year travel insurance veteran, reminds travelers that “as an example, a 65-year-old taking a one week, $2,000 cruise to the Caribbean, may expect to see more than a 400% difference in the price of travel insurance for some of the most popular plans currently available. With plan prices starting a $90 and going as high as $375, it pays to compare,” he said.
Two factors impacting the pure cost of travel insurance are the frequency that an insurance company has to pay claims and the average amount that is paid. Fewer claims and/or lower average payments enable companies to offer lower rates. With plans offering trip cancellation/interruption coverage, companies achieve fewer claims by providing coverage for fewer covered reasons (perils), or by adding more exclusion, or doing both. With travel medical coverage, lower prices are usually obtained by smaller policy limits and more restrictive exclusions.
Cook recommends travelers concentrate on their areas of greatest financial concern and find a plan within their budget that will give them a higher sense of security.
“Many travelers find they can find a plan that fits their budget and provide them with the financial protection that they feel is important,” he said, pointing out that travel insurance prices are regulated by each state and cannot vary for the same plan, regardless of where they are quoted; whether directly from a travel insurance company or through an agent.