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ST. PETERSBURG, Fla., June 12, 2014 /PRNewswire/ -- When it comes to buying insurance, travelers want to know how to get the most for their dollar. Squaremouth, America's fastest growing travel insurance comparison site, explains how travelers can save money on a policy without sacrificing coverage.
Can I Trust the Cheapest Policy?
Consumers have been trained to think "you get what you pay for", but the same isn't always true of a travel insurance policy. Depending on a traveler's needs, the least expensive policy may be the best choice.
The price of a policy isn't always indicative of its coverage. This is most evident by the trip cancellation benefit. Travelers who are looking for cancellation coverage will find that while the covered reasons of the policy may differ, the trip cancellation benefit amount is always 100% of the trip cost, regardless of the cost of the policy.
"When travelers are comparing multiple policies, we urge them to evaluate the benefits of the policy first, and disregard the price," advises Squaremouth co-founder and CEO, Chris Harvey. "Then, we recommend buying the least expensive policy that has all the benefits they need, even if it's the cheapest."
Why Do the Prices Vary So Wildly?
It is common for the cost of travel insurance policies to differ by hundreds or even thousands of dollars for the same trip. Often, the reason for this discrepancy comes down to the traveler's information, not necessarily the benefits within the policy.
Insurance providers market their products to different customers based on their demographics. Travelers who fall within a provider's target market may find a policy is priced competitively, while that same policy is more expensive for a traveler who does not.
"We call this the 'sweet spot'," says Megan Singh, Squaremouth Marketing Manager. "Travelers who want to find which 'sweet spot' they fall into should rely on third-party travel insurance websites to compare policies from several providers."
The lesson for travelers is to evaluate the benefits of an insurance policy, rather than the price, to help choose the plan that is right for them.
Squaremouth is an online company that compares travel insurance products from every major insurance provider in the US. Using Squaremouth's comparison engine and customer reviews, travelers can research and compare insurance products. More information: www.squaremouth.com.
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