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Check Insurance Prices Carefully


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I was researching insurance for a cruise in March on Insurancemytrip.com. I have always used this site to compare and actually purchase insurance. I have used Travelex before and was getting ready to purchase it again, but for some reason, I went to the Travelex insurance website. The cost of the insurance was $704 for two persons on insuremytrip.com and the exact same policy was $473 on Travelex's website. I called Travelex to confirm that it

was the same coverage and policy, the agent did not know why there was a cost difference. I didn't call insurancemytrip.com. I have to assume that the higher price is an error.

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I was researching insurance for a cruise in March on Insurancemytrip.com. I have always used this site to compare and actually purchase insurance. I have used Travelex before and was getting ready to purchase it again, but for some reason, I went to the Travelex insurance website. The cost of the insurance was $704 for two persons on insuremytrip.com and the exact same policy was $473 on Travelex's website. I called Travelex to confirm that it

 

was the same coverage and policy, the agent did not know why there was a cost difference. I didn't call insurancemytrip.com. I have to assume that the higher price is an error.

 

 

 

Sites like insuremytrip are brokers. Even when a policy like Travelex "Traveler Select" may have the same price at a broker website and the Travelex (or other insurer) website, READ THE FINE PRINT. The broker policy may be a version of the same named policy that has different coverage limits and other specifics, which are usually not as favorable as is with the policy booked directly through the insurer.

 

 

 

 

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Sites like insuremytrip are brokers. Even when a policy like Travelex "Traveler Select" may have the same price at a broker website and the Travelex (or other insurer) website, READ THE FINE PRINT. The broker policy may be a version of the same named policy that has different coverage limits and other specifics, which are usually not as favorable as is with the policy booked directly through the insurer.

 

 

 

 

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One of the questions I asked Travelex was why there was a difference - the agent said that insuremytrip.com was a third party broker and they didn't have any control or idea of what they charge - A lesson learned !!! I had previously purchased insurance through insuremytrip.com because it was a better price than the insurance offered a through the cruise line. Your point about making sure to read the fine print is well taken!!!

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Whoever you spoke to at Travelex fed you a load of poppycock. Insurance is a regulated industry and the same policy for the same persons of the same age residing in the same state have to be the same price. There may be a minor (~$8) policy issue fee in addition to the policy premium.

 

A difference of the amount you describe is either because it was a similarly named but vastly different policy, or perhaps the amount of coverage on one form was per person and the other form was per Trip.

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Whoever you spoke to at Travelex fed you a load of poppycock. Insurance is a regulated industry and the same policy for the same persons of the same age residing in the same state have to be the same price. There may be a minor (~$8) policy issue fee in addition to the policy premium.

 

A difference of the amount you describe is either because it was a similarly named but vastly different policy, or perhaps the amount of coverage on one form was per person and the other form was per Trip.

 

 

Sort of correct. Some brokers have proprietary versions of an insurer's policy. A similar name may not speak to the fine print where total insurability limits and other restrictions/allowances may differ from the insurer's native policy. Price of the similarly named policy should be the same (at least, here in California). But, the terms of the actual contract will vary. Variations also depend on your state of residence.

 

 

 

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I checked the limitations, inclusions, and exclusions and they matched and they both were for two persons - The policy I purchased covered what I wanted and it made sense for me purchase it through the actual company.

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  • 4 weeks later...
I checked the limitations, inclusions, and exclusions and they matched and they both were for two persons - The policy I purchased covered what I wanted and it made sense for me purchase it through the actual company.

It would have been interesting to hear what Insuremytrip had to say when you asked them about the discrepancy. I am currently looking into buying an annual policy and spoke to the folks at TripInsuranceStore and the quote they sent directed me to the provider's website to make the purchase. They include their agent number in the link so they get their commission, but you're buying directly from the insurance company. They specifically say that you pay the same price that you would from the company themselves.

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