Travel insurance has rapidly grown as a necessity for travellers because it provides compensation for accidents or loss of belongings, among others, that may occur during a trip. While most travellers are concerned with getting the best prices for accommodations, transportation, and travel packages, only few of them are aware that they can actually save a lot of money on this insurance.
If you are planning an adventure but on a tight budget, these tips will help you save on travel insurance and satisfy all your cover needs.
Don’t Buy From a Travel Agent or Airline
Buying travel insurance at the same time as you book your flights or holidays is undoubtedly the easiest and most convenient option. Unfortunately, it is also an expensive one. That is because travel agents and/or airlines add cumbersome commissions on top of the price of the policies they offer. As a result, you end up paying a whole lot more for cover than you really need to. In most cases, buying from them is three times more expensive than what is necessary. Your best course of action here is to buy directly from a travel insurer. Not only will you save tons of cash, you will also find it quick and easy to compare/choose policies.
Avoid Options You Don’t Really Need
When you buy travel insurance, it is possible that the cover you need or want is not included as standard. And to tailor a policy that will suit your trip, it may be necessary for you to add some optional covers, such as the following:
- Additional Rental Car Excess Cover
- Adventure Sports Cover
- Gold Cover
- High-Value Personal Items Cover
- Winter sports cover
Obviously, these options come with an additional premium. So, if you want to save on travel insurance, only add options that are essential for your holiday or trip.
Avoid Multi-Millions in Evacuation Coverage
Many travel insurance policies offer several millions of pounds when it comes to evacuation coverage, but it is just too much. Truth is it is very rare for an evacuation to cost more than a couple of hundred thousand, and that is already for extreme cases.
To be fair, evacuations are really expensive exercises and they are not something you want to put on your credit card. However, there is no benefit to being over-insured. It is only there to unnecessarily raise the price of your travel insurance premium. That is pretty much it.
Know Your Destination Details
Don’t you know that the destination you visit will have a huge impact on the cost of cover? Basically, where you go plays a part in determining the level of cover needed. For example, you are planning to go to the United States. A policy that covers unlimited overseas medical expenses is essential here, so you can pay for treatment in that country’s health system, which is quite expensive, so to speak. Of course, there are other countries around the world where you may not need the same high level of cover.
As long as you tailor your policy to your needs, there is no doubt you can save on travel insurance. You can avoid the burden of overpaying for insurance and save boatloads of cash on the total cost of your trip.