- Is the company recognized by the right organizations?
- Does the company have a “Free Look” period?
- Are you buying from a trusted source?
Is the company recognized by the right organizations?
The Better Business Bureau Online has listings for all different types of businesses, including travel insurance companies, and provides a good place to start. They will have a record of official complaints and how they were resolved.
A.M.Best is an insurance-specific database of companies and ratings, and they specialize in credit ratings and the financial ability of an insurance company to pay claims. All companies listed on this site are rated A- or better by A.M. Best.
You can also visit the US Travel Insurance Association, which is a national association of insurance carriers, third-party administrators, and insurance agencies involved in travel insurance. Anyone listed with the UStiA is considered a trusted travel insurance provider.
Does the company offer a “Free Look” period?
A ‘free look’ period allows a traveler to purchase a plan and have a certain amount of time to review it and, if desired, cancel the policy and receive a refund. This time period is typically 10-15 days, so it is plenty of time to read the plan and fully understand the coverage. Obviously, you cannot cancel for a refund after the trip starts or you file a claim.
This period essentially gives you a “money back guarantee” so you can review your purchase and cancel for a refund (minus a small administrative fee) if you wish. See canceling your policy for more information.
Are you buying travel insurance from a trusted source?
The easiest way to make sure you are buying from a good company is to use a travel insurance comparison tool.