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Cheap travel insurance-what pitfalls?

I'm going to Japan for two months over the summer. Being a skint student am naturally keen to cut down costs, so have used moneysupermarket to find the cheapest travel insurance. I got a quote from 24/7 travel for 35 pounds (compared to 87 pounds from STA travel!) I have looked at excesses and they seem ok. It also includes lost baggage, not extravagant (150 pounds max per item) but I'm not going to be carrying anything expensive anyway. Is there anything else I should look out for? What are the common pitfalls?
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